AUSTRALIAN FINANCE

Otago Daily Times, Issue 21267, 23 February 1931, Page 7

AUSTRALIAN FINANCE

' MELBOURNE CONFERENCE. i THEODORE PLAN DISCUSSED. NO DECISION REACHED YET. (United Press (By Electric Telegraph—Copyright.) MELBOURNE, February 22. (Received Feb. 22, at 9 p.m.) After a discussion which lasted three lours and a-half on Saturday afternoon, the conference of representatives of the Commonwealth and the banks was adjourned till Monday without reaching a decision on the. financial situation. Mr Seullin and Mr Theodore refused to comment, but it is understood that the whole of the time was occupied with e discussion of Mr Theodore’s plan foi the release of credits < for the Government and industrial purposes, and restoration of the 1929 price levels. DECISION AWAITED IN LONDON. LONDON, February 20. The Daily Telegraph’s city editor eavs that the result of the conference between Mr Seullin, Mr Theodore, and representatives of the Australian Bank is being awaited with anxiety. The gulf between the parties appears unbridgeable. The attitude of the banks is not only comprehensible, but necessary, having regard to their obligations to their depositors. THE LANG PLAN. ENDORSED BY CAUCUS. SYDNEY, February 20. Mr J. M. Baddeley, Deputy-leader of the State Ministry, states that in the absence, of Mr Lang, who is ill, the Labour caucus endorsed the Lang financial' plan, which the Ministry hitherto approved. SHORT TERM INDEBTEDNESS. MEETING, OBLIGATIONS. SYDNEY, February 22. (Received Feb. 22, at 8 p.m.) Commonwealth Treasury officials confirm the announcement that arrangements have been made to meet Australian obligations in respect to £5 000,000 short term indebtedness, which falls due on March 3. A portion of this artfount represents State indebtedness. The New South Wales Treasury announces that there will be no difficulty in meeting State interest, which is falling due at the end of this month, of £IOO,OOO, and .a further £300,000 at * the end of March. AUSTRALIAN STOCKS. RECOVERING IN NEW YORK. NEW YORK, February 21. (Received Feb. 22, at 9 p.m.) Continuing a recovery after slumping to the lowest price of recent years Australian Government loans were buoyant on the bond market to-day. Two 5 per cent, issues advanced 3J points, and 4i’s were up two points. _ Queensland State 6’s advanced 7 points, and 7’s rallied 2 points. STATE OF NATIONAL EMERGENCY. THE TRADES UNIONS’ REQUEST. SYDNEY, February 22. (Received Feb. 22, at 9 p.m.) The trades union delegation which visited Canberra to ask the Government to declare a state of national emergency presented its report to the Australian Council of the Trades Unions Congress to-dav. Mr W. Duggan, the chairman, said ‘that the Federal Government assured the delegation that it had no power to declare a state of national emergency unless some hostile action was taken warranting extreme measures. Moreover, if the Labour Government adopted this course and thereby established a precedent, there was nothing to prevent their opponents when in power from acting in a similar manner. The Government had information that a sort of Fascist movement was already operating, and steps would be taken to suppress it. FEDERAL LABOUR MOVEMENT. MR LANG MAY BE EJECTED. LONDON, February -21. (Received Feb. 23, at 0.15 a.m.) The Observer gives prominence to a cable message and an article covering two columns from its Sydney correspondent saying that “ Mr Seullin and Mr Theodore are fading from the picture. Mr Seullin cut a pitiful picture at the caucus meeting, and Mr Lang may be ejected from the Federal Labour movement. The alternatives are the replacing of Mr Seullin as leader by Mr Lyons or a dissolution. It will probably be the latter.” BREACH IN LABOUR RANKS. FUTILE CONFERENCES. SYDNEY, February 22. (Received Feb. 23, at 0.30 a.m.) Last week’s meetings of the Federal Executive of the Labour Party and of the Australian Council of Trades Unions were practically futile. Mr Kenneally, president of the Federal Executive, reviewing Labour disunity, which is due to the defiant- attitude of the New South Wales Executive, said that there would be a State-wide conference of the Labour movement within a month to try to heal the breach. He added that the time had arrived when Labour should speak with one voice. STRIKE PROPOSAL REJECTED. SYDNEY, February 22. (Received Feb. 23, at 1.30 A.m.) The Australian Council of Trades’ Unions, at its final sitting, rejected by a substantial majority, the proposal for g a general strike against the 10 per cent, wage cut, which was recently ordered by the Federal Arbitration Court.