RESTORATION OF FINANCE

Taranaki Daily News, 14 November 1930, Page 7

RESTORATION OF FINANCE

PROPOSALS IN AUSTRALIA ATTACK BY THE OPPOSITION “A POLICY OF INFLATION P PROPOSED NEW TAXATION By Telegraph—Press Assn. —Copyright. • Canberra, Nov. 13. On the formal motion in the House that the acting-Trcasurer’s financial statement be printed, Mr. Latham (Leader of the Opposition) condemned the proposals which, he said, if given effect to would involve a policy of inflation and repudiation and increase unemployment. The country’s credit had never been lower, continued Mr. Latham. The income tax proposal was unjust. An income from personal exertion of £lOO, which last year paid £6 4s, would have to pay £l3 2s, and the tax on the same income from property would be increased from £lO 10s to £56 6s. An income from personal exertion of £2OO was exempt, but the same income from property paid £2l 4s. Mr. Curtin (West Australia), explaining the financial policy of a section o'f the party, said that Labour was more concerned about the welfare of the people than interest on internal debts. The State and Commonwealth Parliaments should contemplate at least a three years’ period to restore financial equilibrium, and the Commonwealth Bank should restore the note issue to the per capita amount required by the Australian people. Mr. Fenton, moving the adjournment, said that the reason he was unable to reply to the various questions regardinc Sir Otto Niemeyer’s visit was that he° was awaiting word from Sir Otto on the subject of certain information Hn the cable messages that passed between him and the Government. If Sir Otto did not desire the messages to be made public Mr. Fenton said he would be unable to make the statement. “WILL NOT APPEAL IN VAIN.” PRIME MINISTER CONFIDENT. London, Nov. 12. “I join my colleagues and other leaders in an appeal to Australia for the success of the conversion loan in December, and I am confident that the appeal will not be in vain,” said the Australian Prime Minister, Mr. J. H. Scullin, to-day. “The Labour Party’s unanimous declaration supporting ‘the faithful discharge of all lawful obligations’ will be approved by every section throughout Australia. With a united effort she will win through and will face and surmount all difficulties.” There has been a further recovery in Australian Government stocks. Dealings in Commonwealth 5 per cents, ranged from 81} to 84}, and in 6 per cents to 91 1-9. Several State stocks also improved. A Melbourne message says there was another strong advance in Commonwealth securities on the Stock Exchange to-day. Following the announcement of the loan conversion arrangements, prices rose by 5s to 20s. /