Economy the Keynote

Sun (Auckland), Volume IV, Issue 1081, 19 September 1930, Page 9

Economy the Keynote

ELECTION BATTLE BEGINS

Mr. Bavin’s Policy Speech N.’S.W. STATE WARNED OF HIGH COSTS ECONOMY of expenditure, reduced costs of production and lower commodity prices form the keynote of the policy speech of Mr. T. R. Bavin, Premier of New South Wales, who hag opened the campaign of his party for the State iMeetions next month. Accompanying a warning against soaring costs was a promise of money at a low Fate of interest and further unemployment relief.

United I*.A. —By Telegraph—Copyright SYDNEY, Thursday. Tlio Premier of New South Wales, Mr. r. R. Bavin, this evening delivered his policy speech before a crowded audience at Killara, a suburb of Sydney. It embodied all the points cabled yesterday. Mr. Bavin said his Government sought approval of I the financial agreement reached at the Premiers’ Conference. He warned the electors that if that agreement w ere repudiated by any or all of the States there would be no escape from disaster. Therefore they were fighting in this State the battle of the whole of Australia. t “I have undertaken on 'behalf of New South Wales to balance our Budget,” said the Premier, “and now I ask for a free hand to do so. We shall aim at equality of sacrifice, relief of unemployment, reduced cost of the public services, the maintenance of the highest standard of living the economic conditions will permit. Wo shall insist that reduced costs of production shall be accompanied by a corresponding reduction * n «<** le cos * s °f commodities. "We shall do our utmost to meet our obligations by economy rather

than by taxation. We shall provide loans at low rates of interest for primary producers who are prepared to give employment and we shall continue our efforts for the relief of unemployment. We will give relief to mortgagors of property who cannot meet their obligations.” Mr. Bavin reviewed the finances of the State and Commonwealth, pointing out that the national income had diminished by £ 50,000,000. He estimated that the total deficit of the Commonwealth and States for the current year, unless expenditure were drastically cut down, would amount to £20,000,000. Australia’s difficulties were only postponed, not removed. But If it should be apparent that they were making a genuine effort to honour their obligations they would be able to convert loans as they fell due at a lower rate of Interest. Before next June they had to raise £49,000,000 from the Australian market for the conversion of Internal loans. COMPETITORS ABOLISHED BLOW TO BUS SERVICES Reed 9.20 a.m. SYDNEY, Today. Tho Transport Trust has decided that all taxi and bus services which are competing with the trams must be abolished.