AUSTRALIA’S PLIGHT

Manawatu Standard, Volume L, Issue 253, 20 September 1930, Page 9

AUSTRALIA’S PLIGHT

UNCERTAINTY* OF OUTLOOK. NECESSITY FOR ECONOMY, FEDERAL COMMITTEE’S INDECISION. (United Press Association—By Electric Telegraph.—Copyright.) Received September 20, 11.0 a.m. MELBOURNE, Sept. 20. Mr J. E. Fenton, acting Prime Minister, again stated to-day that increased taxation was inevitable. “Even with all our reductions there must be further taxation. We are not going to put any extra burden on industry,” he said. The board of the Commonwealth Bank expressed the opinion to-day that progress had been made by some States in balancing their Budgets, but the Federal position was regarded as entirely unsatisfactory. The uncertainty of the outlook is accentuating the depression in business circles, and in some influential circles the opinion is held that the indecision of the Federal Cabinet committee, which is exploring the situation, is unwittingly working up all the elements of a serious crisis. It is felt that if action is not taken shortly to inagurate fair measures of economy, steps of a drastic nature may have to be taken to prevent the national financial position drifting further into chaos. MR SCULLIN AT TOULON. STILL FAR FROM WELL. MARSEILLES, Sept. 19. The Orama arrived at Toulon at midnight. Mr J. H. Scullin, Prime Minister of Australia, who is on board, is still far from well. He said in an interview that, owing to his illness he had not received many communications from Mr Fenton (acting Prime Minister), but he was confident that Mr Fenton and his colleagues j would take proper steps to meet the critical situation. • , “We have decided to balance the Budget,” Mr Scullin added. “If necessary additional action will be taken, and Parliament reassembled before the financial year is far advanced.” Asked whether lie would make any reply to the demand of the’’ Australian Council of Trade Unions for a reduction of interest on the war debt, etc., Mr Scullin answered that there were many questions to b© discussed with the British Government, arid, he could not anticipate the discussions. LONDON PAPER’S COMMENT. LONDON, Sept. 19. The Financial Times states: It would seem that the fall in Australian Government securities had well-nigh reached bottom. Considerable P&J" cels of stock have been sold during the past few days bv people uneasy about the political and financial' outlook in the Commonwealth. “Unless it be supposed that Australia is actually on the brink of a crash, then it must be admitted that the quotations aTe extremely low. Mr Scullin will doubtless mak© a statement when he arrives in London. There has been a lot of hot-air talk lately, but it must be remembered that extremists usually receive more than their fair share of advertisement". N.S.W. PARLIAMENT,. , PREPARING FOR THE ELECTIONS. Received September 20, 10.5,a.m. SYDNEY, Sept. 20.. A proclamation has been issued dissolving the Legislative .Assembly. Writs for the general election will be issued on Monday.