AUSTRALIAN FINANCES

Otago Daily Times, Issue 21578, 25 February 1932, Page 9

AUSTRALIAN FINANCES

ENFORCING THE AGREEMENT WARNING TO MR LANG (United Press Association.) (By Electric Telegraph—Copyright.) CANBERRA, February 24. (Received Feb. 24, at 11 p.m.) Tbe Prime Minister, in replying to Mr Lang, said that Mr Bruce was in no way responsible for the Financial Agreement Enforcement Bill which was now before the Federal Parliament. The measure was part of the election campaign, for which the Federal Government has a definite mandate. Mr Bruce was then in England. Mr Lyons warned Mr Lang that he could not defeat the measure, by any methods outlined in his speech yesterday. In making a long explanation of his attitude in failing to meet the State’s interest obligations Mr Lang attacked Mr Bruce, Assistant Federal Treasurer, declaring that he was responsible for a war on New South Wales, resulting in the Federal Government introducing legislation for the confiscation of another Government's moneys and property. Mr Lang exclaimed; “If it is war they want they will get it, and my Government will win because its cause is right. We are not going to allow this State to become the chopping block for biased people like Mr Bruce and the Melbourne coterie which is running the Commonwealth Government. My Government has adopted the broad principle of debt postponement, for if everybody during the period of deflation is called upon to pay their debts then bankruptcy is inevitable. Thus we are going in for a policy of debt suspension to enable the people with assets to retrieve the position when better times arrive.” OPPOSITION TO BILL. CANBERRA, February 24. (Received Feb. 25, at,0.15 a.m.) Mr Scull in, the Leader of the Opposition, intimated that the Labour forces would oppose the Financial Agreement Enforcement Bill, largely on the ground that it contained dangerous principles affecting the States’ rights. MR LANG’S INSURANCE BILL. INEFFECTIVENESS POINTED OUT. CANBERRA, February 24. The Attorney-general (Mr J. G. Latham) explained that even if Mr Lang rushed his Insurance Bill through the State Parliament before the Federal measure becomes law he would be powerless to seize the securities from the insurance companies, as the Commonwealth Bill now before the Senate specifically prevented any State from doing this, whether its Act was passed before or after the Federal one.