N.S.W. FINANCE

Manawatu Standard, Volume LII, Issue 72, 24 February 1932, Page 7

N.S.W. FINANCE

INTEREST OBLIGATIONS. ME J. T. LANG’S POLICY. ATTACK ON MR BRUCE. (United Press Association—By Electric Telegraph.—Copyright.) SYDNEY, Feb. 23. When the State ( Parliament reassembled tp-day, tho Premier, Mr J. T. Lang, made a long explanation of his attitude in failing to meet the State’s interest obligations. He attacked Mr,Stanley Bruce, the Assistant Federal Treasurer, declaring that he was responsible tor a war on New South Wales, resulting in the Federal Government introducing legislation for the confiscation of another Government’s money and property. Mr Lang exclaimed: “If it is war they want, thev will get it. My Government will win because its cause is right. We are not going to allow this State to become the choppingblock for biased people like Mr Bruce and the Melbourne coterie which is running the Commonwealth Government.

“My Government has adopted the broad principle of debt postponement, for if everybody during this period of deflation is called upon to pay debts then bankruptcy is inevitable. Thus we are going in for a policy of debt suspension to enable people with assets to retrieve their position when better ,times arrive. “If the Commonwealth -Government is intent on extracting £3,000,000 in interest from New South Wales by legal processes, then there is only one section of the community from whom it can be taken—the commercial and mortgagee classes. “It is their problem solely. If they*say the money must be paid, then I am prepared to provide them with the machinery requisite to pay it. At any rate, the Commonwealth can bank on this State taking any and every step to dqfeat this mad policy of the destruction of wage conditions and social services designed to alleviate the poor and needy of this State.” !. Mr Lang predicted during his speech that every Premier in Australia would have to default in his interest payments within four montlis unless the banks paid it for them; also that the Commonwealth Government itself, within a few months must ask for ft suspension of interest payments. PROPOSED LEGISLATION. Received February 24, 9.55 a.m’. SYDNEY, Feb. 24. The State Government has decided to introduce legislation to reduce the endowment to the Sydney University and other educational bodies. The Government has drafted a Bill to provide for a restriction of the profits of gas and electricity companies. MR LANG’S INSURANCE BILL, Received February 24, 10.0 a.m. CANBERRA, Feb. 24. The Attorney-General, Mr J. G, Latham, explained to-day that even if Mr Lang rushed his Insurance Bill through the State Parliament before the Federal measures became law tho New South Wales Premier would be powerless to seize securities from the insurance companies. “The Common, wealth Bill now before the Senate specifically prevents any State doing this whether its Act is, passed before or after the Federal one,” Mr Latham added.