AUSTRALIAN FINANCE.

Taranaki Daily News, 30 April 1931, Page 6

AUSTRALIAN FINANCE.

The financial debacle in New South Wales is so complete that a further default or two in the payment of interest due is apparently neither here nor there to the Labour Premier, Air. J. T. Lang, and his followers. Air. Lang’s attempt to place the responsibility for the failure of the State Savings Bank upon his political opponents was characteristic. Unfortunately vituperation is not sound argument, and what the unfortunate depositors are quite clear about is that the bank has closed its doors and has done so within a few hours of the time when Labour leaders were castigating in public those who ventured to say that the bank's prospects were serious. The Premier spoke of his opponents’ being tried at the bar of public opinion for their “traitorous” conduct. His actions however, make it clear that to bring his foes to that trial is the last thing Air. Lang is likely to do, and the prospects of an early election are quite remote. In tlie Federal Parliament the Prime Alinister appealed to the Opposition to show the Government a better way of dealing with th’e financial crisis than by the modified inflation of currency proposed by the AlinTstry. He was met with the rejoinder that the way to recovery lay in economy and lessened expenditure in private and public affairs. This would involve reduction of wages and an alteration in conditions of working for members of trade unions, and that is sufficient to condemn the policy in the eyes of any Labour Ministry. So the financial drift continues, and even the gold held as security for the note issue is being depleted for shipmant to London in order to pay debts there. How long the policy of putting off the evil day will continue is difficult to forecast, but that the penalty will be greater seems only too obvious, and it is the workers who support the Labour Party who will be most adversely affected when the day of reckoning arrives.