POSITION IN AUSTRALIA.

Otago Witness, Issue 4041, 25 August 1931, Page 26

POSITION IN AUSTRALIA.

THE LOAN CONVERSION SATISFACTORY PROGRESS. SYDNEY, August 22. The total conversions in the Commonwealth conversion loan amount to £207,284,99(5. The promised conversions increase the figure to £2(54.000,000. THE CLOSED SAVINGS BANK. BILL FOR REOPENING. • SYDNEY, August 19. A Bill to provide for the reopening of the State Savings Bank has been approved by the Parliamentary Labour Party, and will be introduced in the Assembly to-day. It was announced to the caucus that the following are expected to accept the Government’s offer of appointment as trustees of the bank:—Sir Hugh Denison (chairman), Sir Clifton Love, Sir William Vicars, and Air O’Malley Wood. The name of Air F. E. Bryant was given as likely to be the fifth trustee.

BILL IN THE ASSEMBLY. SYDNEY, .August 20.

The Savings Bank Bill was read a first time. It provides for the retirement of the present commissioners and the appointment of five trustees to be nominated by a majority of th? judges of the Supreme Court, one commissioner to hold office for seven years, two for five years, and two for three years. The Governor will fill the vacancies. All the deposits at present in the bank together with interest credited at July 1 1-ist, are to be deemed capitalised and will be repayable only at the option of the commissioners. Repayments are to be made by crediting the depositor with the amount in his account in the new business division.

The commissioners are empowered to give preference to the following e’nsses of depositors :■ —School savings bank accounts, special thrift accounts, accounts opened on behalf of friendly charitable, or other societies or institutions, including trades unions, ami to depositors whose deposits do not exceed £2O. The Premier and Treasurer (Mr J. T. Lang, in introducing the Bill, made a strong point of the fact that the commissioners will be absolutely free from political control. A BARRIER TO PROGRESS. SYDNEY, August 19. Air C. A. Jaques, when speaking at the annual meeting of Australian Securities, Ltd., condemned the staggering taxation. He said that the whole idea seemed to be to tax the thrifty in order to provide free services for those who neither toil nor spin. The difficulties of the thrifty were accentuated by that execrable thing called class consciousness, which prevents people from working side by side for the common good. NEW SOUTH WALES CHAOS SUGGESTION FROAI AIR BAVIN. SYDNEY, August 21. Tn a speech at Cronulla, Air T. R. Bavin (Opposition Leader) adyoeated the formation of a non-party Government from all the parties in the House, in order to solve the State’s financial and industrial problems. He said he was prepared to stand aside or to take any position allotted to him. He stipulated that Air Lang must not be allowed to be in such a Government.

The position, Air Bavin added, was absolutely critical. “ It is unfortunately true that no Government of which Air Lang is a member can command the confidence of this community, or the Loan Council, or of the outside world.”