N.S. WALES POLITICS

Otago Daily Times, Issue 19980, 23 December 1926, Page 11

N.S. WALES POLITICS

REVISION OF LOAN POLICY. AN IMPORTANT DEPARTURE (Press Association—By Telegraph—Copyright.) SYDNEY, December 22. (Received Dec. 22, at 9.30 p.m.) In the Assembly, after a short discussion and amid -strong protests from the Opposition, the Budget debate was closed by Mr Lang moving the closure. This ,was carried by 45 votes to 41, and the Estimates were then rushed through, the Opposition not attempting to discuss them.

In committee Mr Bavin described the proceeding# as mere futility.

Notices of intention to introduce the Newspaper Tax Bill, the Main Roads Amendment Bill, and the Loan Bill were given.

In introducing the Loan Bill, which provides for £11,317,000 for public worfcs, Mr Lang said that the measure marked two important departures—namely, the right to raise loans in such countries or cities as the Governor might direct, and the establishment of a Sinking Fund. Up to the present the State’s borrowings had been restricted to London. Between now and June the Government would require to raise some £10,000,000 for loan conversion. It was clear that the London money market was not as sympathetic as it might be to any dominion or colonial borrowing. Until the market was somewhat easier the Government waqtcd the right to go elsewhere. He desired to stick as closely as possible to the London market, but he was not prepared to pay excessive charges. The Premier hinted at the possibility of going into the American market. Mr Bavin attacked the Premier for refusing to give information regarding loan expenditure, and declared that Mr Lang must borrow in the American market, because he could not get the money elsewhere. The London market was practically closed to him, not because of any political antagonisms, but because of the position of the State. Mr Bavin approved of the creation of a Sinking Fund. TAX ON NEWSPAPERS. STRONG OPPOSITION ENCOUNTERED. ‘ SYDNEY, December 22. (Received Dec. 22, at 11.50 p.m.) The Assembly passed the Estimates, which total £42,000,000. Mr Lang, in explaining the Bill levying a tax of Id per copy on newspapers with a circulation of over 10,000 (religious publications being exempted), which will be operative from January 1, described it as “a simple little matter’ which would not interfere with the freedom of the press or the circulation of the newspapers. Mr Bavin described the Bill as disgraceful, saying that it. was aimed at the metropolitan newspapers because they opposed the Government. The country papers were allowed to go free in order to secure their support. The tax would add another burden to the cost of living. Other members strongly opposed the Bill, and the debate was adjourned.