HOW MR LANG WILL FIX THE RATES OF INTEREST.

Star (Christchurch), Volume XLIV, Issue 65, 18 March 1931, Page 1

HOW MR LANG WILL FIX THE RATES OF INTEREST.

Member Threatens That Labour Is Ready To Resort To Armed Force. (United Press Association.—By Electric Telegraph.—Copyright.) (Received March 18, 10.5 a.m.) SYDNEY, March 18. Explaining the Interest Reduction Bill, Mr Lang said it fixed the rates of private borrowing at live per cent for first mortgage, six for second or subsequent mortgage, five on the hire purchase of goods, or land buying on the nstalment system. Deposit rates would be: Call money me and a half per cent, three months two per cent, six nonths two and a half per cent and one to two years two nd three-quarter per cent. The Bill does not apply to agreements covering payment of interest outside the State to other than a resident >/ New South Wolfes. Agreements and other obligations 'ntered into with \the Crown or the State Savings Bank ire also exempt. Mr Stevens feared the Bill would destroy the existing system of finance and dissipate the little confidence remaining in industry. Mr Booth (Labour), supporting the measure, attacked the Legislative Council, which, he said, had determined on the defeat of the Bill at all costs. " We.will take up the challenge and will fight with every ounce of energy we possess,”’ he said. ‘‘lf the opposition members try to meet the position with armed force we will meet them with armed force and beat them.” The Speaker intervened, calling Mr Booth to order. The Bill was read a first time and the second reading was set down for to-day.

PROPOSALS TO AVOID NATIONAL BANKRUPTCY. SYDNEY, March 17. Introducing the Interest Bill in the Assembly, Mr Lang said that they were confronted with inevitable repudiation by the different Governments of Australia. They must realise that it was their duty to formulate proposals which would avoid national bankruptcy. The Bill, said the Premier, was one of a number and formed part of a proposal to reconstruct the affairs of the State and deal with the present in New South Wales. A crowded meeting was held at

Adyar Hall to protest against Mr Lang’s Arbitration Bill. Mr J. C. Watson, former Labour Prime Minister, described the measure as a delusion, a deceit and a fraud. He referred to Mr Justice Piddington as a theorist who lacked the practical qualifications necessary for the control of industry. The meeting, which was held under the auspices of the Chamber of Manufacturers, protested against the Bill because “it deprives manufacturers and employers of the management and control of their businesses, will seriously interfere with the carrying on and development of existing' industries, will prevent the establishment of new industries, will drive the trade from this State and will seriously increase unemployment.”