EAST SYDNEY

Nelson Evening Mail, Volume LXIV, 19 February 1931, Page 7

EAST SYDNEY

ELECTION CAMPAIGN OPENED LABOUR POLICY EXPOUNDED FIERCE ATTACK ON BANKS (United Press Association—Bv Electrio Telegraph—Copyright) SYDNEY. 18th February. The East- Sydney by-election campaign was opened to-night. Mr Beasley, Assistant Minister of Labour in the Federal Ministry, expounded the Labour policy at Paddington Town Hall before a huge audience. The keynote of his address was a fierce attack on banks and financial institutions which he declared were throttling Australia. He said it was impossible to meet interest demands and at the same time maintain principles for which Labour stood. The banks had brought failure in business and restriction in the home market. Naturally the people were asking who is governing. There was only one power. Whatever methods the Scullin Government had adopted to meet the present ci’isis had been at the dictation of the banks, including the Commonwealth Bank, which seemed to think that they could with impunity grind the people down to the lowest level, destroy social legislation built by Labour, and then start off afresh after amply safeguarding their own assets and creating a state of affairs similar do that in backward countries.

Mr Beasley commended Mr Lang’s financial plan to the electors, and emphasised chat 'he proposal, at the Premiers’ Conference at Canberra last week approving of the idea of taxing Commonwealth and State loans was nothing more nor less'than repudiation.

NATIONALIST CANDIDATE WARNING AGAINST REPUDIATION Mr H. S. Gailiett, Deputy Leader of the Federal Opposition, opened the Nationalist campaign on behalf of their nominee, Mr Courtenay, at Darlinghurst. He discussed the complete failure of the Scullin Government to fulfil the multitude of pre-election promises and said that Labour was to speak with two voices at East Sydney. The State executive would advocate direct repudiation. and the Federal executive, working for the same end through nationalisation of banking, was for the Theodore plan. He warned electors that if repudiation were carried out no Australian Government would be able to borrow another within -the lives of the present generation.