SECESSION TALK

Taranaki Daily News, 13 February 1931, Page 7

SECESSION TALK

UMG POLICY DENOUMCED

REPUDIATION IDEA RESENTED

APPEAL TO BRITISH PUBLIC

INVESTORS’ HELP SOUGHT

DEFENCE OF MR THEODORE

By Telegraph—Press Assn.—Copyright

Rec. 9.30 p.m. Canberra, Feb. 12. Mr. J. T. Lang’s repudiation plan was denounced to-day by Mr. E. J. Hogan Premier of Victoria, and Mr. L. L. Hill, Premier of South Australia. Mr. Hogan said he foresaw a move by the States for secession if Mr. Lang continued to try to evade the responsibilities of his State (New South Wales).

Sir James Mitchell, Premier of Western Australia, has sent a cablegram to London for publication in the newspapers appealing to British investors for assistance for the Commonwealth. The appeal emphasises that repudiation talk in Australia is resented by 80 per Cerit. of the citizens. “We are in a tight corner, having 1,500,000 unemployed, due to the sudden drop in export values,” says the appeal. “We are British people who are holding Australia for the Empire. We feel we have a right to ask for help from you, especially when Britain is lending freely to other countries which are not more British apd are not offering better security.” “The Commonwealth has already been forced to pay New South Wales’ interest bill,” says the Pictorial News, “and now it is stated that the Federal Government will shortly have to pay New South Walep’ public servants’ salaries too. Certainly Mr. Lang has sown the seeds of disruption of the Commonwealth. If he ha© his way the other States will rebel.’’ I

His action in seeking the return of Mr. E. G. Theodore to the position of Federal Treasurer Was defended by the Prime Minister, Mr. J. H. Scullin, at Richmond last night. He said: “I arii convinced that Mr. Theodore has riot had a fair deal from the Queensland Nationalists. It would have been easier for rile to have taken other but I believe in the innocence of the man, and Australia needed his services.

“I have been charged with, ingratitude and the betrayal of Ministers who served me so loyally. I have betrayed no one. I have iriy limitations, arid I recognise them only too well, but as long as I am physically well will fight anyone who. dares to oppope the dictates of my conscience.” Referring to the fact that the Federal expenditure exceeded the revenue by £11,487,000, Mr. Scullin said this did not represent the real financial position, and he pointed out that practically all the, receipts from the income and land taxes were still to come in, and he hoped that the revenue from the sales tax would ipr prove in the next few months.

ANY INFLATION OPPOSED COMMONWEALTH BANK ATTITUDE TREASURER CONFERS WITH BOARD Rec. 1 a.m. Sydney, Feb. 1?. Further conversations on the financial proposals evolved by the Federal 'Treasurer, Mr. E. G. Theodore, which were discussed early this week at Canberra were conducted yesterday and to-day in Sydney. Mr. Theodore conferred with the Commonwealth Bank Board, which is understood to have resisted any measure of inflation as a remedy of the national financial ills. Mr. Theodore ha? again departed for Canberra in order to present his report upon the subject of his mission.

N.S.W. BANK SHARES DROP

DOMINION HOLDERS PENALISED.

QUOTATIONS AT CHRISTCHURCH.-

By Telecraph.—Press Assoeiation. Christchurch, Lash Night. The local branch of the Bank of New South Wales to.day advised the Christchurch Stock Exchange that the bank had declared an interim dividend of 9s per share in Australian currency at the date of payment, February 26. Immediately on receipt., of this iriformatioh local buyers who had offered £26 dropped their bids to £22. The effect of thi? method of payment is that shareholders bn New Zealand arid English registers are heavily penalised, those on the New ZeaUnd. register to the extent of approximately 16° 6d jier share on to-day’s exchange rates.

INVESTORS VAINLY AWAIT LEAD.

N.S.W. BANKS RISE AT SYDNEY

Rcc. 8.30 p.m. Sydney, Feb. 12. Values of Commonwealth seciirities are Slightly weaker than lk?t week owing to tlie failure of the politicians to •five the lead ter which investors are waiting. Bonds of all descriptions show a slight fall all round. Banking' securities are practically neglected excepting the Bank of New South Wales, whicn rose ss, following the. declaration of an interim quarterly dividend at the rate of 9 per cent.

STOCKS IRREGULAR AT LONDON.

MORATORIUM PREDICTED.

London, Feb. 11.

Australian stocks are irregular. Some are further marked down and others are slightly higher. Dealings recorded are: Conimohwealtli 5 per cents, range from £6B to £72, 6 per cents. £7B 10s, Victorian 5 per cents. £63 10s, 4| per cents. £57; New South Wales 3J per cfents. £42 to £45, 4f per cent. £72 to £7B, 6J per cents. £73 to £75, 6 per cents £65 to £|s; Queensland 5 per cents- £aS io £62,-6 per refits. £77; South Australia 3 per cCnts £3's; Tasmania 3J per cents. £52 to £6O, 6J per c_ents. £79 j West Australia 6 per cents- £74. Though to-day’s messages from A us " tralia persist that Mr. Scullin is negotiating for'a reduction in war debt? interest the Australian Press discloses that a moratorium is a more favoured course. This was confirmed, in Dominions’ Office circles where jt i? admitted

that discussions are proceeding. It is understood that the term of years has hot been settled though as much as five has been mentioned.

FEDERAL IN SYDNEY

PREMIER POSSIBLE CANDIDATE

Rec. 12.58 a.m. - Sydney, Feo. I 1?. Whether the East Sydney Federal seat which was formerly a Labour stronghold can be won from Labour as was Parkes is to be put to the t?st by the National Party, whose nominee for the bytelection, Mr. L. C. Courtnay, formerly a aty aiderman, was selected to-night from 15 aspirants, including Sir Keith Smith, the well-kjiowy aviator. The late member for East Sydney was Mr. John West, a most popular Labour veteran. He was unbeatable while lie lived. Labour’s nominee will be selected to-morrow 1 night. It is rumoured the Premier, Mr. J- T. Lang, is a likely candidate.