TOST BALANCE SUBSETS’

Taranaki Daily News, 27 August 1930, Page 9

TOST BALANCE SUBSETS’

WARNING- TO AUSTRALIANS REDUCING INTEREST RATES LIMIT DEMAND FOR MONEY By Telegraph—Press Assn.—Copyright. Rec. 10.20 p.m. Adelaide, Aug. 26. Sir Otto Niemeyer in a speech here today said the resolutions at the Melbourne Premiers’ conference, which had been received satisfactorily in London, were merely the scaffolding upon which to build in the future. The Governments of Australia must balance their Budgets and keep them balanced. It was essential that all maturing debts should be met regularly. Sir Otto emphasised that if the rates of interest to Australia were to be decreased gradually it could be done only by limiting other demands for money and arranging the Budgets so they did not unduly encroach on private industry. The basis had to be on the side of reduction of expenditure rather than increased taxation. Care would have to be exercised not to over-provide public utilities, giving commerce and . industry more than they really needed. It was announced to-day that Sir Otto Niemeyer will visit Queensland next and will depart for London within three weeks. CONFIDENCE IN COMMONWEALTH. . ACTING-PREMIER’S APPEAL. Ree. 8 p.m, Sydney, August 26. Mr. J. E. Fenton, Acting-Prime Minister, stated to-day that he was confident the negotiations now in progress would enable the Commonwealth to meet the £5,000,000 in Treasury bills maturing in Ixmdon on September 2. He appealed to the people to pull their weight and have confidence in the recuperative powers of the country. He particularly urged private capitalists to release their purse strings. An issue of £5,000,000 Commonwealth Treasury bills to meet those maturing on September 2 will he placed by tender next week, closing September 4. LABOUR CONFERENCE VIEW CANCELLATION OF WAR DEBTS. CONTINUED AWARD RATES URGED. By Telegraph—Press Assn.—Copyright. Rec. 1.25 a.m. Sydney, August 26. The industrial and political wings of the New South Wales Labour movement conference decided to-night to recommend the Federal Labour members of Parliament that the financial agreement reached by the recent Premiers’ conference at Melbourne should be repudiated, and that any member who refused to obey should be expelled from the party as “an enemy of the working classes.”

It was also recommended that the Government should cancel the war debts and declare a five years’ moratorium of interest payable on overseas Commonwealth loans, that. there should be a mobilisation of credit to provide work and sustenance for the unemployed, and that award rates of pay should be maintained regardless of. the financial situation.

These recommendations arc to be submitted to Labour organisations throughout Australia for approval and. ratification.