ELECTION NOW

Nelson Evening Mail, Volume LXIV, 20 June 1931, Page 7

ELECTION NOW

“DANGEROUS TO WORKERS’

INTERESTS”

LABOUR EXECUTIVE DECISION MR SCULUX'S ACTION APPROVED (United Press Association—By Electric Telegraph—Copyright) CANBERRA, 19th June. The Federal executive of the Australian Labour Party, which held ft series of meetings, concluded its deliberations on the Premiers’ Conference plan, and resolved to approve of the Prime .Minister's and Mr Theodore’s actions ill giving Parliamentary effect thereto. At the same time the executive expressed the strongest objection to the principle of reducing wages, pensions, and social services. The executive pointed out that as the Government’s monetary policy had been thwarted by banks and a reactionary Senate the only alternative to the present plan was a Nationalist Government winch would give workers an infinitely worse deal. It was therefore of tho 'greatest importance that the Labour Government should remain in office, as an election at the present moment would be dangerous to workers’ interests.

SHIPMENT OF GOLD LONDON, 19tli June. The. “Financial News” says the rapidity with which the gold shipment measure was passed demonstrates that Australia can move swiftly when the occasion demands. Tt is clear evidence of the fulfilment of the vow of politicians to pull together. The gold sdiipment disposes of Australia’s most urgent problem.

LOAN OF £15,000,000

REPORTED OFFER FROM LONDON

SYDNEY, 19th June. A group of financiers in London through Sydney agency is reported to have offered a £15,000,000 loan in gold for a long term at market interest to the Commonwealth Government, the bullion to be paid for by bonds with a currency of 40 years at 4 per cent. The Prime Minister declined to comment but displayed no enthusiasm about the offer. Some of his colleagues express the opinion that the lenders must bo very well disposed to Australia having regard to her financial plight and the more profitable field elsewhere.

N.S. WALES SAVINGS BANK

NEGOTIATIONS FOR REOPENING

SYDNEY, 19th June. Negotiations are proceeding at Canberra for the re-opening of the New South Wales Government Savings Bank. A strong desire was recently evidenced that tho proposed merger with the Commonwealth Bank should not be completed. It is understood that the latter bank is 'not anxious to absorb the State bank owing to its vast ramifications. Official circles are extremely optimistic that the Government Savings Bank will soon he re-opened.