STOPPING THE DRIFT

Otago Daily Times, Issue 21366, 20 June 1931, Page 11

STOPPING THE DRIFT

AUSTRALIAN FINANCE PREMIERS’ CONFERENCE PLAN APPROVED BY LABOUR PARTY '(United Preae Association.) (By Electric- -Telegraph—Copyright.) - N CANBERRA, June 19. (Received June 19, at 8 p.m.) The Federal Executive of the Australian Labour Party, which has held a series of meetings, -has'concluded its deliberations on the Premiers’ Conference plan and it was resolved to approve the action of' the Prihie Minister and Mr Theodore in ‘ giving parliamentary effect Thereto. At tho same time the executive expressed .the strongest objection to the principle of reducing wages, pensions, and social services. The executive pointed out that as the Government’s monetary policy had been thwarted by the banks and a reactionary Senate the only alternative to the present plan was a Nationalist Government, which would give the workers an infinitely worse deal. It was therefore of the greatest importance that the Labour' Government should remain, in office as an election at the present moment would be dangerous, to the workers’ interests. • ---NEW SOUTH WALES BUDGET. •’ HUGE DEFICIT ON RAILWAYS. • SYDNEY, June 19.; ' ' The-Premier ■ (Mr J. T. La'ng) made a forecast, in tho. Assembly when he’ gave his second reading speech on the Transport. He expressed the opinion that the Art would, in a great meastire remedy the.;position into- which the finances of the State had drifted. Drastic steps were needed, he pointed out, to balance the Budget of the railways, but he was confident that'when the whole of the. State’s transport services were co-ordinated , thd huge' deficits in this: department would , be eliminated. He added.that the owners : «f private • cars, would in ■no way be affected by the BilL -•• , .. ‘, •: . - --——— ;■ UPPER HUNTER BY-ELECTION, SEAT WON BY COUNTRY PARTY. SYDNEY, June 17. The Upper Hunter by-election resulted in a win for Mr Malcolm Brown (Independent Country Party).' Mr:A. M’MiilJen. (Nationalist) polled over 1100’more , primary votes that Mr Brown, but the ; latter secured 90 , per cent, of the. seqopd ■ preferences of - the Labour candidate, (Mr.,Forsyth). The by-election, was the: result of the death of Mr Cameron (Nation-* alist). The final figures-were:. Brown, 5922; M’Muffen, 5494. ' V.'" '

• THE GOLD SHIPMENT. COMMENT BYFINANCIAL NEWS. Vi' . XONbON, .Jtinfe .Tp. , - , (Received-June 19, .at- 9 papa.) U The Financial; News says ‘ The v rapidity with "wlridi 'the- gold -‘Shipmentmeasure was pasted demonstrates- that; -; Australia can move swiftly when ; the occasion demands, and it is clear evidence of the fulfilment of the vow of politicians to pull together. The gold shipment disposes, .of Australia’s most urgent problem:?’ • : t . j;* ! OFFER FROM LONDON GROUP. LOAnOf’ w <3 -j /SYDNEY* r June> 19. (Received June 19, at 10 p.m.) . v A group of financiers in London, through a Sydney agency, is reported to have .offered a v .f15,000,000 loan jn gold for a long term at market interest to me Commonwealth 'Government, the bullion to be paid for by bonds with, a currency of 40 years at. 4 per cent. j The Prime Minister declined to niake any comment, but he displays-, no | en L . thusiasm . about - the offer. Some of’his ■ colleagues express -the. opinion that;the lenders must be very well disposed to . Australia, having regard to her financial plight and the more profitable field elsewhere." r-V. ; V • —— THE CLOSED SAVINGS -BANK. NEGOTIATIONS FOR REOPENING ■ •- . : T BY, June 19. ■n • ■ (Received June 19, at 10. p.m.) | Negotiations are proceeding at Canberra for the reopenirig of the New South Wales Government Savings Bank, - and recently there has been a strong desire that the proposed merger with the Commonwealth Bank should not be completed. It is understood that the latter bank is not anxious to absorb the State Bank .owing to its, vast ramifications. Official circles are extremely optimistic that, the. Government Savings Bank will soon be reopened.