AUSTRALIA’S CREDIT

Otago Daily Times, Issue 21196, 29 November 1930, Page 13

AUSTRALIA’S CREDIT

' DAMAGED BY EXTREMISTS. ADVANTAGES OF INFLATION. .■ A., - - ' ' • OUTWEIGHED .BY AFTERMATH. \" ‘ . (United Press Association.)

■ißy. Electric Telegraph—Copyright.)

• MELBOURNE, November 28. The manager of the Comptoir National .Descompte de ; Paris and yice-president ~ of the French Chamber of Commerce, M. - -• A._ Spitzer, has arrived in Sydney. He said that-Australia had bright' prospects ■ ■■. of .raising money abroad when Mr Scullin arrived in England, but the actions of . the. extreme wing of the party had done I much to destroy the country’s credit.* France had, learnt her lesson regarding inflation. The advantages did not last, very long, then country would find itself in a worse state than before; NEW SOUTH WALES FINANCE. SUPPLY BILL PASSED. , SYDNEY, November 28. - (Received Nov. 28, at 11.30 p.m.)’ In the Legislative Assembly the Supply Bill for £13,246,000. was--passed. BENEVOLENT SOCIETY APPEAL. - ’SYDNEY, November 28.. The director of the Benevolent Society of New‘ South Wales told the Minister of Health (Mr J, M'Girr) that the society was facing a serious financial- crisis, ..■*■ with aq overdraft of nearly £30,000, - which lie bank, was demanding to be reduced. They' asked the Government to pay £79os,'which the society should nor- - mally have re.ceived last July. TAX ON WINNING BETS. • LABOUR CAUCUS APPROVAL. ■, j SYDNEY, November 28. • * (Received Nov. 29, at 0.30 a.m.j ' The New South Wales . Labour caucus to-day., approved, of plans, to-impose a . tax of 10 per cent, on winning bets and to raise tEe, wages tax for unemployment from 3d, to Is in the £. It is estimated , thafthe betting-tax,will yield an annual revenue of £2,000,000, which is to be deduncted by bookmakers from the sums ..payable tp clients. A similar deduction* ■ r /'will bo'made from totalisator dividends. CENTRAL RESERVE BANK BILL, DENOUNCED BY COMMITTEE. ■ -CANBERRA,.November 28/ ■ (Received Not, 29, at 0.30 a.m.) v In " the House of Representatives the Income Tax Assessment Bill was passed. The report' of, the' Senate ■ Select Committee'on the Central Reserve Bank Bill, sponsored by Mr Theodore; denounces / the measure as making possible the exeicise of -'undue political influence and ■ the ;; adoption ■' of- unsound practices. Drastic amendments are recommended by the committee. .. ■ ■ ■ ' ■ •' "' v ' ... * REAPING THE. WHIRLWIND.” . . STATEMENT BY. MR BROOKES.. ■■ ’NEW YORK/November;2B. r(Received'Nov. 28, p.m.) Mjp; H. E. 1 Brookes • (Commissioner-, general, "for Australia), in a ■ farewell statement in the' 'New York Times, ■ stated; “ Though Australia cannot afford the luxury of -aCommisaioner-general, the retiring’ incumbent of that office • he cannot leave America withOut indulging in the luxury of a -few homely observations of what it la that draws the British Empire and 5 the , United States ’closer together- in - love, peaceand cultural interests, yet pulls them-apart in conflict on the viewpoints - ,on international economic and' political co-operation. My wife, and I are not likely to forget the friends we have made . in the United Slates. - We -understand ; ■ and love the spirit of America. While being'-deeply loyal to the Empire and the throne/ we consider that the United States is our spiritual home, and .for this reason we consider every manifestation unworthy of America as not Ameri- • can and long, for the day when she will' - hold true leadership in the world, a leadership., that will ease the burdens' ; . of the‘ world. There is talk of a policy of trying to extricate yourselves. by ' ‘ becoming more self-contained, than ever and retaining the high standards of . the past by living on your own kidney fat. 'Such is the advice'of some politicians,/,. Australia ’is undergoing probably the most serious depression ,in the country’s history. . We are suffering arid ... are to suffer more,-but I cannot stress ;, too much. the._ fact that the seriousness is for the Australian people .themselves, and not for those who invested in the ‘ ■country's future by purchasing Government securjties. Australia will carry •; on.” . \ Mr Brookes warned readers ■of the news reports ; from Australia;, that the affairs depicted therein were family disputes and-not an indication of a depletion, of the country’s resources. He asserted that Australians will build the, future on an ideal plan.. “ Shall I tell you what is wrong with AustralianAmerican affairs and American-British , 1 - affairs? ” he asked. - “There is, first, in America a political isolationist force, which is'nationally minded and exclu- . 1 sionist, ,and there is another force which is internationally minded and inclusionist. ; The first builds America’s ‘ tariffs, hems her in on all sides by harriers,' and seek to make her too narrowly , self-contained. The other group Aids itself restricted and, held back by the first. It is the ‘little’ ■ • America who, by means of internal inflation and the closing of American < markets to foreign goods, is in a considerable degree responsible for the con'ditions present world-wide depression. We in' Australia should be the last-'to cast a stone, since our house is built in a great measure of brittle glass, . We lifted prices* in the same way andf / maintained; prices by borrowed capital 12 years ago. Both countries stayed off the inevitable, but Australia-has for some time been reaping the whirlwind. V 1 , The United States is really only beginning to feel the effects of her violations of economic laws.” -