BOOM AND BUST

Taranaki Daily News, 24 September 1930, Page 7

BOOM AND BUST

POLICY OF MR. J. T. LANG PROMISES TO AUSTRALIANS N.S.W. LABOUR INTENTIONS WOULD COST £200,000,000 WIDESPREAD CRITICISMS i By Telegraph—Press Assn.—Copyright. Sydney, Sept. 22. “Sir Otto Niemeyer lectured and castigated the Premiers of all the States as though they were a lot of schoolboys and, to show his contempt for the Australian people, told them that he did not come to Australia as a representative of the British people or the British Government but as the representative of the Bank of England to which" Australia did not owe so much as a bent sixpence.” These aiid similar observations were made by Mr. J. T. 'Lang, Leader of the State Labour .Party, in the course of his policy speech at Auburn to-night.

Mr. Lang added that Sir Otto told the Premiers’ conference that unless Australia reduced the tariff and lowered the standard of living London financial interests would take advantage of Australia’s temporary embarrassment to squeeze the country off the London market. >

“Then followed an unholy scramble b the Premiere to obey his dictates,” added Mr. Lang. The Labour Party, Mr. Lang declared. 'would insist on an amendment of the financial agreement and the dissolution of the Loan Council. This State must continue to borrow for many years. There was sufficient money here to finance public works and he would undertake to get it in order to complete them. Labour would ,if returned, break up large estates and encourage closer settlement,’ stimulate agriculture and fodder conservation, co-oper-ate with the Federal Government in providing a wheat guarantee, and embark upon proposals for agricultural research. Mr. Lang said he would abolish the State Governorship and the Legislative Council, and reduce the membership of the Assembly. t The trade balance was. purely a Federal affair, which was being corrected by Mr. Scullin. The loan difficulty could be overcome by giving the Government a mandate to amend the financial agreement. Among other promises, Mr. Lang assured the workers that he would restore the 44-hour week, maintain wages at the original levels, and would provide legislation which would regulate interest rates on mortgages. Mr. Lang’s programme, which the Guardian estimates would cost £200,000,000 to put into effect, includes, in addition to the points cabled, borrowing enough money to build roads and new railways, finance hydro-electric power schemes, erect schools, guarantee wheat prices, relieve soldier settlers, complete bulk wheat handling schemes and build agricultural colleges. Simultaneously, Mr. Lang promised to make railways and tramways pay, abolish the rationing of work, solve unemployment and maintain wages. The Herald adds: “Can Mr. Lang borrow the necessary money when Mr. Theodore said it was and would continue to be impossible to do so ?” The Treasurer, Mr. B. S. B. Stevens, referring to Mr. Lang’s policy speech, said: “It is obvious from the general) tone of the speech that Mr. Lang does' not understand or appreciate the gravity of the crisis through which Australia is passing. Should, he be returned to power and proceed to carry out the policy he has outlined, he will find before many weeks have passed that he will be unable to finance the services of the State, aud ho .will plunge the whole community into financial chaos.”

Leading business men express amazement at Mr. Lang’s promises and assert his policy is impossible of achievement. The keynote of the comment is that Mr. Lang either does not appreciate the real gravity of Australia’s position or he deliberately desires to hoodwink the electbin an editorial headed “Birdlime” the Evening News expresses the opinion that Mr. Lang must have a low opinion of the electors, for whom he has spread the cheapest quality of birdlime. His policy summed up in three words amounts to “boom, borrow, bust.”