AUSTRALIAN FINANCE

Otago Daily Times, Issue 21258, 12 February 1931, Page 9

AUSTRALIAN FINANCE

THE INFLATION PROPOSAL. DISHONEST AND DISLOYAL. AN ARCHBISHOP’S OPINION. (United Press Association.) (By Electric Telegraph—Copyright.) MELBOURNE, February 11. Archbishop Head, in an address to the Anglican Provincial Synod, said: “ I view with profound concern the reappointment to the Government of a Minister who is still awaiting the decision of the court of law on a serious charge. Until the stain on his character is removed I have no choice but to declare that the moral standard of public life had been seriously lowered by his inclusion in the Federal Cabinet.” Referring to inflation, Archbishop Head said: “It is dishonest, because it pretends to bring wealth to the working classes, when in reality it will lessen the real worth of their wages. It is disloyal, for we shall be deliberately paying less than we promised to those who laid down their lives for us in the Great War for the maintenance of their widows and children and the disabled. I shall use any influence that I may have to prevent this misguided hoax being perpetrated on Australian citizens.” THE CANBERRA CONFERENCE. CANBERRA, February 11. Pending the result of the conference between Mr Theodore and the Commonwealth Bank Board, the financial conference is proceeding with other business. The conference discussed a proposal for the abolition of Agents-general, and ,- e substitution of officers representative of each State under the High Commissioner at Australia House. A motion that the Commonwealth pay to the States for roads a sum equal to 2}d per gallon on all petrol cleared through the Customs for home consumption was agreed to unanimously. “BEARING” STOCKS. POSSIBILITY OF CONSPIRACY. SYDNEY, February 11. Declaring in the Legislative Council that he would draw attention to the great financial danger to Australia, Majorgeneral Macarthur-Onslow, after calling Mr Lang “ a liar," suggested the possibility of a conspiracy between the public men in this country and speculators abroad to “ bear ” Australian stocks to profit themselves. There was a great chance, he said, for politicians to have accomplices abroad to make big money at the expense of Australia’s reputation and credit. The attention of the public should be drawn to the sayings and doings of certain men. A charge was made in Parliament last week by the Premier (Mr Lang) that Sir Norman Kater and Sir Henry Braddon, being “ members of bank boards, were exploiting the farmers for political purposes.” After Sir Norman Kater and Sir Henry Braddon had contradicted this statement Major-general MacarthurOnslow rose and said: “ Now the honourable members have proved the Premier of the State a liar.” He was ordered to withdraw, then he made the foregoing remarks. FEDERAL EXPENDITURE. FIGURES FOR SEVEN MONTHS. CANBERRA, February 11. The Commonwealth expenditure in the first seven months of the current year amounted to £45,179,000, being £11,487,000 more than the revenue. NEW SOUTH WALES RETURNS. SYDNEY, February 11. The State’s expenditure for the seven months of the financial year exceeded the revenue by £6,073,655. The revenue totalled £23,410,733, and the expenditure £28,484,388. ' AUSTRALIAN STOCKS. DEALINGS IN LONDON. LONDON, February 10. (Received Feb. 11, at 5.5 p.m.) Australian stocks were mostly further marked down to-day with wide margins, Commonwealth s’s ranging from £65 to £7l, 6’s from £BO to £B4; Victorian B’s £47, s’s £6l to £62;'New South Wales 4’s £77, 3’s £6O to £64, 3J’s are slightly better at £44 to £SO, sJ’s from £76 to £79, 6i’a £73 to £7B, 6’s £76 to £7B; Queensland s’s £6O to £65, 6’s £75; South Australian 3J’s £63; Tasmanian 6J’s £7B; West Australian 6’s £76 to £7B. A BRITISH CHARACTERISTIC. TO DO THE RIGHT THING. LONDON, February 10. (Received Feb. 11, at 8 p.m.) Speaking at the Canada Club Mr J. H. Thomas deplored the.tendency to exploit trouble in the dominions. The situation should not be harshly judged. It was true that there was talk of repudiation in Australia, but in difficult times they should keep a sense of proportion. The character and determination of British people, whether in Canada or Australia, meant that in the end they would play their parts and do the right thing. A LOAN FOR FARMERS. NEXT CROP AS SECURITY. SYDNEY, February 11. (Received Feb. 11, at 11.30 p.m.) Tile Farmers and Settlers’ Association of New South Wales approved of a proposal to float a loan of £1,000,000, to be raised locally, the security being next season’s wheat crop. Government sanction is now required. AUSTRALIA’S WAR DEBTS. REDUCTION SOUGHT. LONDON, February 10. (Received Feb. 11, at 10 p.m.) The Australian Press Association’s inquiries tend to confirm press cable messages from Australia stating that Mr Scullin is negotiating to obtain a reduction of Australia’s war indebtedness to Britain. Both Dominions Office and Australia House refuse to deny or confirm the reports, from which it is inferred that the negotiations are at a delicate stage. NEED OF THE HOUR. A COURAGEOUS GOVERNMENT. LONDON, February 11. (Received Feb. 11, at 11 p.m.) The Daily Telegraph’s city editor says there is little doubt that a government •which had the courage to implement Sir Otto Niemeyer’s recommendations in Australia would meet adequate financial help from here.

MR THEODORE AND MR LANG. RIVAL FINANCIAL POLICIES. SYDNEY, February 11. (Received Feb. 12, at 0.30 a.m.) The scene of the financial wrangle has shifted from Canberra to Melbourne. The Federal Executive of the Labour Party assembled there to-day to deal with the differences of policies which have arisen between the Labour leaders. The Prime Minister and the Premiers of Victoria and South Australia attended, but Mr Lang, although invited, was not present. The rival financial policies of Mr Theodore and Mr Lang arc now under consideration. WESTERN AUSTRALIA. JEALOUS OF ITS HONOUR. SYDNEY, February 11. (Received Feb. 12, at 0.30 a.m.) Interviewed at Canberra to-day, Sir James Mitchell, the Premier of Western Australia, said his State would have to reconsider its position in the Commonwealth if a policy of wholesale inflation was resorted to by the Federal Government, either with or without the cooperation of the other States. “ Our bond with the Commonwealth is not insoluble,” he said. “ Our destiny is not to be decided by Mr Theodore or Mr Lang, and we cannot recognise the right of any other Government to impugn the honour of Western Australia.” RENEWAL OF MATURING LOANS. NO ARRANGEMENTS YET. LONDON, February 11. (Received Feb. 12, at 0.30 a.m.) The city editor of The Times states that while there is little change in Australian securities, the market remained apprehensive in regard to the events of the next few weeks. Arrangements have not yet been made to renew the heavy Australian liabilities which are shortly maturing in London.—Times Cable.