MR. LANG AND LOANS.

New Zealand Herald, Volume LXVIII, Issue 20767, 9 January 1931, Page 10

MR. LANG AND LOANS.

Announcing that New South Wales will not be represented at any future meetings of the Federal Loan Council, Mr. Lang has given further proof of his irresponsible attitude to the financial situation in Australia. It can reasonably be taken for granted that the duty of every State, particularly the States concerned in maturing securities and consequently interested in the conversion loan, is to co-operate heartily in the combined effort to put public finance on a sure footing. A breathing space was gained last month by the conversion loan campaign, the loan being fully subscribed ; but it was nothing more than a breathing space. Serious difficulties have yet to be faced, and close collaboration is essential to success. As New South Wales is one of the States immediately concerned, its Government has a special share of responsibility for the decisions to be reached when the Federal Prime Minister returns. But the Premier of New South Wales prefers to see things differently and to remain aloof. What he has to gain by this, apart from adding to his reputation for freakish disregard of serious politics, it is impossible to understand. It is not as if he had made any alternative suggestion of constructive value. Since his return to office he has done nothing to redeem the glittering promises he made in his election speeches. Recently, when challenged to explain why he had not "delivered the goods," he had no reply beyond saying that after three years there would be a different story to tell. This was tantamount to an acknowledgment of bankruptcy in political ideas, and his abstaining from participation in the business of the Loan Council may prompt his critics to say that he is thereby depriving it of nothing in the way of sound counsel. But that scarcely does the situation justice. Withholding the co-opera-tion of New South Wales, he prevents the full operation of the scheme so far as it is yet framed and hampers its extension under approaching necessity. His attitude reflects discredit on his State and should intensify the determination to be rid of him.