AURTRALIAN FINANCE

Manawatu Standard, Volume LI, Issue 66, 17 February 1931, Page 7

AURTRALIAN FINANCE

PROTEST AGAINST REPUDIATION.

AIEETING ENDS IN RIOT,

WORK OF EXTREAIISTS

(United Press Association—By Electric Telegraph—Copyright.) Received February 17, 9.5 a.m. SYDNEY, Feb. 16. A widely advertised meeting, held in the Sydney Town Hall to-night to protest against the proposals of the New South Wales Government for the repudiation of national obligations, was completely broken up by Communists and others who had apparently deliberately organised to that end and distributed themselves in various parts of the huge hall, where the iiolice were unable to deal promptly with them. Riotous scenes such as have never before been witnessed nearly caused a panic. On several occasions fights occurred in tho body of the hall and on the platform. The police were kept busy throwing the disturbers out. One young man attempted to assist an official to eject a well-known Communist, when he was set upon and punched unmercifully. Women screamed and rushed to the exits. Free fights went oil among the audience, and the rioters invaded the platform and counted Air Bavin out. They called for cheers for Air Lang and created the utmost pandemonium. The meeting had to be closed long before it was intended and when only one resolution of protest had actually been carried. This resolution deplored that the name of tho State should be officially associated with a policy which was morally disgraceful and financially disastrous. Over 2000 citizens were present, and hundreds who were unable to gain admission regarded themselves as extremely lucky.

AIR LANG’S NEW SCHEME. CONVERSION OF SAVINGS BANK. SYDNEY, Feb. 16. The State Alinistry, at Air Lang’s request, is considering a new scheme under which the New South Wales Government Savings Bank will be converted into a trading bank to which would bo diverted Government revenues amounting to between £40,000,000 and £45,000,000 yearly from the Commercial Bank, Sydney, and the Bank of New South Wales.

This is a corollary to the Premier’s new financial proposals for the reduction of interest payments on all New South Wales Government bonds to three per cent. Labour leaders expect the change to bring support to Air Lang from both the Federal and the State parties, and that if the Savings Bank Commissioners raise objections the Premier has adequate powers to deal with them as he did recently with the Railway Commissioners. RUAIOUR DENIED. SYDNEY, Feb. IG. Air Lang to-night declared that there was no truth in the statement published this afternoon in the press concerning the conversion of the State Government Savings Bank into a trading bank. He described it as propaganda pure and simple with tire intention of damaging the Government bank.

PREFERENCE TO UNIONISTS. GOVERNMENT’S DIRECTION. ■ Received February 17, 8.30 a.m. SYDNEY, Feb. 17. The Premier, Mr Lang, announces that Cabinet has decided that it shall be compulsory for those undertaking Government contracts to insist that only bona fide unionists shall be employed on a basis of a 44 hours week. EAST SYDNEY BY-ELECTION. < SYDNEY. Feb. 16. The Federal executive of the Australian Labour Party sitting in Sydney has decided that the East Sydney byelection shall be opened by the Prime Minister and that the campaign shall be fought according to the Federal Labour platform and policy. The executive approved of Mr Theodore’s readmission to the Federal Cabinet and instructed the Government to submit certain demands to the banks to facilitate the operation of Mr Theodore’s financial policy. Failing compliance, the Government is urged to give effect to the party’s plank, namely nationalisation of banking. WAR DEBT NEGOTIATIONS - QUESTIONS FOR MR SNOWDEN. Received February 17, 10.30 a.m. LONDON, Feb. 16. Several questions will be put to Mr Philip Snowden, Chancellor of the Exchequer, in the House of Commons to-morrow regarding the proposed Australian war debt reduction on the application of Sir Kingsley Wood. He will be asked whether any statement is to be made of the Government’s intentions, what negotiations are occurring and the present position.