LABOUR HOSTILE

Taranaki Daily News, 19 June 1931, Page 7

LABOUR HOSTILE

SCHEME OF THE PREMIERS FINANCIAL REHABILITATION ITS ADOPTION NOT CERTAIN DISSOLUTION CONSIDERED OBJECTION TO WAGES CUTS By Telegraph—Press Assn.—Copyright. Rec. 8.30 p.m. Sydney, June 18. It is not by any meaps certain that the Premiers’ conference plan for the financial rehabilitation of Australia will be adopted. Recent events disclose a growing opposition on the part of Labour organisations in the eastern States to the plan, despite an earnest appeal by the Prime Minister to let it go through and his references to the danger of default and the coinplcte stoppage of credit. It is asserted privately that a majority of the delegates to the special meeting, of the Federal Labour Executive now sitting at Canberra is distinctly hostile to any reductions in salaries or pensions and intend to urge a double dissolution on the fiduciary currency issue. On the other hand, an unofficial statement was made in Canberra tb-day that the Federal Government will in no circumstances deviate from its -intention to give full effect to the Melbourne conference plan. Complete endorsement of the plan hah already been given By the Governments of New South Wales, Queensland, South Australia and Tasipania. Business on the Stock Exchange has been entirely restricted for the past few days and a marketedly cautious attitude has been adopted. Commonwealth bonds are displaying a tendency to drift and investors are disinclined to operate in the absence of details of the conversion loan.. Banks have reacted from the recently improved levels but most of the better class industrial shares continue steady. NO CREDIT IN LONDON MR. SCULLIN REVIEWS POSITION. GREAT COST OF UNEAIPLOYMENT. Rec. 10.30 p.m.. Canberra, June 18. The Prime Miriiteer, Mr. J. H. Scullin, iri moving the second reading of the Bill to approve the Premiers’ conference financial agreement, which covers ' the conversion plan, reviewed the whole history of Australian indebtedness. He said Australia had had no credit in London since Septum; ber last, and whatever new expenditure had arisen had been caused by world conditions. For example, adverse exchange was costing £10,000,000 a year. The unemployed in Australia now numbered 360,000, the cost of whose sustenance and relief was £9,000,000 a year, while if no action were; taken to cope with the drift this cost would be swollen to £13,000,000 a year. The debate has not concluded.

CRITICISM OF N.S.W. BUDGET. ATTITUDE OF THE OPPOSITION. Sydney, June 18. Discussing the New South Wales Budget, the leader of the Opposition, Mr. T. R. Bavin, said that the deficit had been increased by the introduction of party policy legislation, such ap the 44-hour -week. The Opposition -would support the Government if it carried out the policy adopted at the Premiers’ Conference and abandoned the Lang plan.