AUSTRALIA’S FINANCES

Wanganui Chronicle, Volume 73, Issue 360, 3 September 1930, Page 7

AUSTRALIA’S FINANCES

FEDERAL REVENUE FALLS LOWER WAGES INEVITABLE [By Telegraph—Press Association—Copyright] CANBERRA, Sept. 2. The Federal revenue for July and August shows an alarming decrease which if continued for the remainder of the financial year would mean a Budget deficit of £9,000,000. The Federal Cabinet will hold a meeting to consider the situation and it is expected that a special session of the Federal Parliament will be convened early in October to deal with finances. In Federal circles wage reduction is regarded as inevitable. It is stated that the pledge given by the Govern ment at the Melbourne Conference to balance the Budget may lead to tho resignation of Mr Beasley (AssistantMinister of Labour and Industry) from tho Ministry, as the Australian labour and industrial section of the Labour Party has called upon the Federal Ministers to repudiate the Conference understanding.

THE METAL TRADES THOUSANDS UNEMPLOYED SYDNEY, Sept. 2. It is estimated that 15,000 men engaged in the metal trades and industry are idle. The average working week of those still in employment is .three and a half days. STATE MINISTER’S APPEAL EVERYBODY’S PROBLEM REPUDIATION CONDEMNED SYDNEY, Sept. 2. Appealing to the Constitutional Association, Mr Farrar (State Minister of Labour) reviewed the steps being taken to deal with the existing depression. He said that the people were realising that this was not a Govern-

ment problem alone. It was everyone’s problem. AH must face tho position and take their share of the burden. Some people talked of repudiation, but this would mean that the small men would suffer mostly, not the wealthy capitalists. The Premiers’ Conference decisions at Melbourne had practically ratified tho proposals formulated by tho Bavin Government months ago to deal with the economic situation. With national co-operation, Australia should come through the troublous times with advantage and steer clear of pitfalls in the future.

Mr Makin (Speaker of tho House of Representatives), speaking at Broken Hill, declared that Australia could not seek to evade her responsibilities by repudiation, an infamous policy worthy only of the strongest condemnation. The financial crisis was not wholly responsible for the present depression, which was partly due to the fact that public men and leaders of industry had been slow to recognise the change from the old industrial system to the new and they had been caught unprepared for the transition period. Meanwhile, the Trades Hall is militant and is proceeding with its campaign for the repudiation of war debts and is organising a mass mooting at tho Town Hall on Monday to discuss this and other subjects.

TASMANIAN RAILWAYS.

RATIONING REFUSED. HOBART, Sept. 2. The Railways Commissioner met representatives of the .ailway unions at Launceston for tho discussion of rationing work. Tho men stated that they wore advised by their executives not to agree to rationing. The Commissioner replied that no course remained for him but to proceed immediately with a scheme of retrenchment in all of the branches. WAGES OR INTEREST RATES? WHICH SHOULD BE LOWERED? MELBOURNE, Sept. 2. Sir Otto Niemeyer and Mr Kershaw, of the Bank of England, had an interview with the president of the Australasian Council of Trade Unions (Mr Duggan) and other representatives, with the object of discussing the general effects of the financial proposals and the stop it is proposed to take to moot Australia’s obligations. The unionists said that they resented stronglv the attacks that are being made on the standards of living of the worker*. They urged a reduction in interest, both on deposits and advances, together with a reduction of interest of externa] loans and rates of exchange, which would bring about financial savings without adversely affecting the wage standards.

Sir Otto suggested a conference between representatives of the unions and employers with a view to agreeing upon a percentage reduction of wages and prices. Sir Otto Niemeyer and Mr Kershaw leave Sydney on Thursday for New Zealand.