VICTORIAN CRISIS
MINISTRY BACKS DOWN REDUCTION OF INTEREST QUESTION MELBOURNE, Nov. 20. Whispering, "I will ne’er consent," the Argyle Ministry lias consented. After vowing throughout weeks of protracted negotiation with the Country Party that it would never compromise upon the vital principle of including new or renewed mortgages within the scope of t'ho legislation arbitrarily reducing interest, it has climbed down jgnominiously and completely. The first stage in its downward progress from its lofty moral pedestal was its offer of a compromise to the Country .Party, which, in itself, involved a substantial abandonment- of 'principle. When the Country Party refused to accept this compromise, and with the aid of the Labor Party defeated the Ministry repeatedly in the House, the Ministry tamely accepted the situation.
In a speech explaining the Ministry’s position subsequent to its series of defeats, the Premier, Sir Stanley Argyle, explained with much earnestness that his personal inclination had been to resign, but that the Cabinet felt that it was its duty to carry on its work of rehabilitating the finances in accordance with the xicoplo’s mandate.
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Bibliographic details
Poverty Bay Herald, Volume LIX, Issue 17955, 6 December 1932, Page 10
Word Count
180VICTORIAN CRISIS Poverty Bay Herald, Volume LIX, Issue 17955, 6 December 1932, Page 10
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