NEW PARTY PLANNED

Stratford Evening Post, Volume I, Issue 94, 30 March 1931, Page 5

NEW PARTY PLANNED

FUTURE OF, AUSTRALIA ; MR. LYONS IN LIMELIGHT INVITATION TO LEADERS ORDER OuTof THE CHAOS SYDNEY, March 29. pVIr Lyons has invited the leaders of) all political parties and ordinary citizens to sink their differences and united to form a true Commonwealth Party to restore the internal credit iby re-establishing the integrity of the Government. His finance poiicy includes no indirect repudiation of national obligations by a debasing of the ■currency, but a preservation of the •currency from political control and the restoration of a balanced Budget on a basis of equality of sacrifice, to be progrcssingly effected as the* financial capacity of the community permits. His policy also provides for a reduction of Government expenditure to a reasonable level with the fall in the national income, tariff preference to Britain and inter-Dorninion reciprocity, encouragement of productive enterprise securing the re-employment of the people, and immediate assistance to the man on the land with real money. Mr Lyoi»s said: “My mates and I have been always Labour men. We have no party to-day as conscience has impelled us to transfer our allegiance from the party we have long served to the people of Australia because so many of them are in dire and dreadful need.” *

Bankers and others approve of the policy. Mr S. M. Bruce, former Federal Prime Minister, welcomes the proposals and promises his assistance. Ho addi that, the people must concentrate on returning men of character to Parliament to give effect to such a policy. All for Australia Leagua Eight hundred delegates attended the "All for Australia" League convention at the Town Hall, representing all classes of the ,eity and country people. Unusual precauations were taken to prevent the entry of any bent upon wrecking the proceedings, which were marked by free-spoken criticisms on the failure of past and present political parties to give the best service to the country. The convention was asked to determine whether" the League should accept, political responsibility by supporting individual candidates arguing its aims, or establish its own political movement. A wide divergence of views on those points was apparent. A suggestion that the League should meet Mr Lyons and the Nationalist and Country Party leaders to discuss a united policy to retrieve Australia’s position, was not received with any great favour.

The convention passed a resolution by 598 votes to 40 to create its own political movement. The provisional president, Mr A. J. Gibson, forecasting the possible future of the League, thought that steps should bo taken to revise the State and Federal constitutions and bring them into conformity with present-day requirements. They must consider how the power of the State could be curbed to prevent the repudiation of national finance, tariffs, and the Arbitration Court. These things were of outstanding importance, causing a division among the people which must be remedied. The League was not a Fascist organisation but a watchdog of the nation’s interests. New Labour Party. The Federal Labour Conference, in planning a new Labour Party for New South Wales, will not recognise any branch that fails to fall in behind Mr Scullin. A rumour is current that Mr Seulliii

contemplates suggesting to the Federal Labour Conference a referendum on the aboltion of the State Parliaments. Details are kept secret but it is believed that Mr Scullin and Mr Theodore are anxious to find something likely to appeal to the electors if their votes are to be sought at an early date. STOCKS AT NEW YORK. NEW YORK, March 2S. Although Commonwealth stocks gained one or t.wo points and New South Wales issues rose from a-half to one and a-half, Queensland issues were fractionally lower and Sydney oi per cents, declined a half. Commonwealth fives aro both 66 and 4J per cents. 62. ■New. South Wales, both issues, are 584. Queensland sevens are 87 7-8 and sixes 19J. Sydney 54 per cents, are 66. Commonwealth stocks for the week showed losses ranging from 4J to 64 points, New South Wales from 3 3-8 to 4j. Queensland 2| to 6 3-8, Sydney 54 points, reaching a new low point for the year. Brisbane stocks dropped four to six .points. The New York Times’ financial editor says: " Although there is no general opinion on the subject of what price on a given foreign bond issue indicates probable default, it has been noted in recent months that when the issue goes below 50 default is taken for granted. The belief is current iu Wall Street that the 1929 agreement providing for the use of Commonwealth funds to prevent a New South Wales "default in interest covers the present situation.’’

Further advice from New York states that the market on Saturday for issues of Australian Commonwealth Government and New South Wales stocks, recovered further on the reports that the former would assume the liabilities of the latter and that the interest on dollar bonds of the Federal Government probably would not be defaulted. Queensland sixes and sevens and City of Sydney live and a-half bonds lost ground on a few sales.