Says Australia Is At The Crossroads

Northern Advocate, 18 October 1947, Page 7

Says Australia Is At The Crossroads

(Received 11 a.m.) DETAILS of the Banking Bill confirmed fears that the Government desired to set up a financial dictatorship, said the Federal secretary of the Associated Chambers of Commerce (Mr The methods to be adopted, he said, followed the pattern of a totalitarian design, including the lowest political practice of the bludgeon and the bribe, abrogation of citizens right to the protection of the courts and establishment of specially selected tribunals.

The bill went so far that it probably infringed many sections of the Constitution. It marked a crossroads for Australia. One road led to socialistic regimentation of the individual and destruction of free enterprise; the other led to a free, democratic form of Government with respect for human personality and liberty and progress under free enterprise. Nationalisation of banks would be a major step towards an all-powerful socialistic state. It would be followed by socialisation of the means of production, distribution and exchange. The Constitution notwithstanding, what industries were next on the list for socialisation—insurance, heavy industries. newspapers, radio broadcasting, shipping some aspect of distribution, aslced Mr Wilkins. ,

Such uncertainty on the future of free enterprise in Australia, which was responsible for 80 per cent of the national income, could only result in harm to economic progress.

,ion of the individual and destruction The decision to nationalise all Aus)f free enterprise; the other led to a tralian banks has put the London Tee. democratic form of Government market for these shares in a very ,vith respect for human personality and uncertain frame of mind, says Reuters iberty and progress under free enter- financial correspondent. 3rise \ .... , , , , . „ Prices still are quoted but with a Nationalisation °| : , ba^ s ~ , , good deal less freedom than formerly najor step towaids , and, in most cases, brokers are called socialistic state. It would , 0 n to state whether buyer or seller. iy socialisation of the means ol pioiuction, distribution and exchange. It is generally anticipated that negoThe Constitution notwithstanding, tiations for taking over the banks will vhaF industries were next on the list be long drawn-out, but it is expected 'or socialisation—insurance, heavy in- that when the final decision to pay is iustries. newspapers, radio broadcast- made the sum to be dispersed among tig, shipping ■‘‘or some aspect of shareholders will exceed the value on distribution, aslced Mr Wilkins. , present price levels.