NO DECISION

Nelson Evening Mail, Volume LXIV, 23 February 1931, Page 5

NO DECISION

CONFERENCE AT MELBOURNE MINISTERS AND BANKERS MR THEODORE’S PLAN (United Presß Association—By Electric Tolegraph—Copyright) MELBOURNE, 22nd February. After a discussion lasting three and a half hours oil Saturday afternoon, the conference of Ministers and representatives of the Commonwealth and other banks adjourned till Monday without reaching a decision oil the financial situation. Mr Scullin and Mr Theodore refused to comment. It is understood tlie whole time was occupied with Mr Theodore’s plan for the release of credits for Government and industrial purposes and the restoration of 192 S price levels.

GENERAL STRIKE PROPOSAL DEFEATED SYDNEY, 22nd February. The Australian Council of Trades Unions at its final sitting rejected by :> substantial majority the proposal for a general strike against the 10 per cent, wage cut, recently ordered by the Federal Arbitration Court.

LABOUR SPLIT FUTILE~MEETINGS SYDNEY, 22nd February. The week’s meetings of the Federal executive of the Labour Party and also the Australian Council of Trades Unions, were practically futile. Mr Kenneallv, president of the Federal executive, said there would be a State-wide conference of the Labour movement within a month to try to heal the breach. He added that the time had arrived when Labour should speak with one voice.

FADING FROM PICTURE SCULLIN AND THEODORE LONDON, 21st February. The “Observer” gives prominence to a cable and article totalling two columns from its Sydney correspondent, saying that Mr Scullin and Mr Theodore are fading from the picture. Mr Scullin cut a pitiful figure at a caucus meeting. Mr Lang may be ejected from the Federal Labour movement. The alternatives are that Mr Lyons will replace Mr Scullin as leader, or dissolution, probably the latter.

AUSTRALIAN PAYMENTS A FAVOURABLE IMPRESSION IN LONDON LONDON, 20th February. The announcement that the Common wealth is paying off short-term five millions Treasury hills on 2nd March, has created a most favourable impression in the city. It is considered to he a welcome gesture against the repudiation ists and also a useful tonic to investors, who were fearing that a default was imminent. There is the strictest secrecy ns to where they are obtaining the money. Most guess the Bank of England. ' Tlie effect on the Stock Exchange is very satisfactory, and not only checked * a decline m Australian stocks, but several showed an appreciable recovery. Dealings in 'Commonwealth fives were recorded, ranging from 64 to 661, and sixes 70 to 74. Victorian fives are at 61, and New South Wales threes at 50 to 57 and five-and-a-qunrtcrs at 75 to 76. I. "Though the constructive part ot the work of rehabilitation in Australia remains to be done,” says the Statist, “we can derive satisfaction from the check administered to the forces of destruction. The decision to repay the five million sterling Treasury bills maturing on 2nd March is wise, as a more opportune moment to renew could not be chosen ” SYDNEY, 22nd February. Commonwealth Treasury officials confirm the announcement that arrangements have been made to meet -Australian obligations in respect to £5,000,001) short term indebtedness falling due on 3rd March. A portion of this amount represents State indebtedness. The New South Wales Treasury announces that there will bo no difficulty in meeting State interest falling due at the end of this month of £IOO,OOO, also at the end of March totalling £300,000.

AMERICAN MARKET RECOVERY OF AUSTRALIAN STOCKS NEW YORK, 21st February. Continuing their recovery after slumping to the lowest price in recent years, Australian Government loans were buoyant on the bond market today. Two 5 per cent, issues advanced 3^'points and 4jr per cent, were up two points. Queensland State 6 per cent, advanced seven points and 7 per cent, rallied two points.

FALL IMMINENT? SCULLIN CABINET (Received 23rd February, 10.10 a.m.) SYDNEY, This Day. The “Telegraph” says Mr Scullin has summoned a special Cabinet meeting for this afternoon. All Ministers except- Mr Beasley, who was not invited, responded. _ Mr Beasley remains in Sydney. Little is known as to the significance of Mr Beasley’s exclusion, but it is learned he is determined not to tender his resignation voluntarily. Observers, according to the f, e e i graph,” are of opinion that the lull ot the Scullin Cabinet is imminent. the State Australian Labour Party president, -Mr Graves, says lie is in the dark, but the State executive stands firmly behind Mr Beasley in bis efforts to advance the Australian Labour Party policy in connection with the East Sydney bv-eloction. 'lt is stated that two courses may be open for JJr Scullin, firstly to ask the Caucus to instruct him to reconstruct the Cabinet without Mr Beasley; secondly, to act independently, return Ins commission, and ask the, Governor-Gen-eral to commission him to form a fresh Ministry. Tn the latter case Messrs A list,BV and Blakeley would be dropped as well as Mr Beasley. , The “Herald” says the led era 1 Caucus proposes that a meeting be held

in Sydney before tlie East Sydney byelection at which Messrs Scullin. and Theodore would define the Federal Government’s financial policy in order to counter the serious effects of the State Australian Labour Party’s support for the Lang proposals. A Federal executive member declared last night that tlie Federal Government would welcome Ward’s defeat at EastSydney, whoreas his election signifying approval of the Lang plan would mean an early General Election.

NATIONAL EMERGENCY FEDERAL CABINET’S POWERS SYDNEY, 22nd February. The Trades Union delegation which visited Canberra asking the Government to declare a state of national emergency, presented its report to the A.C.T.U. Congress to-day. Mr W. Dun'gan, chairman, said that the Federal Government assured tlie delegation that it had no power to declare a state of national emergency unless some hostile action was taken warranting extreme measures. Moreover if the Labour Government adopted Ibis course and thereby established a precedent there was nothing to prevent their opponents when, in power from acting in a similar manner. The Government had information that a sort of Fascist movement was already operating, and steps would be taken' to suppress it.

AUSTRALIAN CURRENCY

REFUSED AT COLOMBO (Received 23rd February, 11.20 a.m.) ADELAIDE, This Day. A iocal resident who returned from a visit to England states that the natives at Colombo refuse to accept Australian currency. The sum of 27s 6d is obtainable for the English pound note, but goods are not purchaseablo with Australian money.