MR. LANG FAILS

Taranaki Daily News, 23 April 1932, Page 5

MR. LANG FAILS

applications rejected DECISIONS OF HIGH COURT; POWER OE .COMMONWEALTH POLICY OF. COMPULSION seizure, oe revenues By Telegraph—Press Assn.—Copyright. Rec. 7 P- m - Sydney, April. 22. Only Mr. Justice Evatt favoured the New South Wales Government’s application for leave to appeal to the Privy Council against the High Court’s decision that the Financial Agreement Enforcement Act was valid. On the New South Wales application to restrain the banks from paying the State moneys to the Commonwealth the Chief Justice and Mr. Justice Evatt favoured upholding it, but Justices Starke, Rich, Dixon and Mc'Tiernan opposed it. Therefore both applications were refused and the New South Wales Government was ordered to pay the costs. \

The High Court’s refusal to order the restoration of banking facilities for the'State Government brings the Lang administration face to face with an im- - mediate crisis as the Governor may ask the Premier to carry out the provisions of the Audit Act.

Mr. Lang may ask that the position be left as it, is until he can consult Parliament next week. In the meantime no endowment payments are being made, and there is a possibility that that department may be closed, affecting 460 permanent and temporary employees.

Commenting on the High Court’s decision, the Prime Minister, Mr. J. A. Lyons, said the Federal Government was now pushing ahead with the policy of compelling Mr. Lang to meet his obligations. It would first compel him to make available the income tax files, which so far were inaccessible.

effect on stock exchange.

REACTION TO COURT JUDGMENT.

Rec. 8.30 p.m. Sydney, April 22. The Stock Exchange market responded briskly to the High Court’s rejection of Mr. Lang’s applications against the Commonwealth and the banks, and a much healthier tone was in evidence today. Sales were: Four per cents., 1938, £95 10s; 1941, £94 2s 6d; 1944, £9l ss; 1947, £9l; 1959, £9O 7s 6d; 195'5, £9O 18s 9d; Commercial i Bank ; .of Sydney, £l5 10s; Colonial Sugar, £43 ss; Burns Philp, 40s; Australian Provincial Assurance, 4s 3d; Huddart Parker, 25 s; British Tobacco, 30s 3d; British Tobacco, pref., 245; Dunlop Perdriau, Ils 3d; Dunlop Perdriau, pref., 255; Goldsbrough Mort, 24s lOJd; Toohey’s, 16s 104 d; Tooth’s, 26s 3d; South Broken Hill, 425.

■. Sales on the Melbourne Exchange were: National Bank (£5 paid), £108; Metropolitan Gas, £lO 4s; Broken Hill proprietary, l ! ss 9d; Dunlop Perdriau, Ils 2d; South Broken Hill, 42s 6d; Electrolytic Zinc, 13s; Mt. Lyell, 20s 6d. -