AUSTRALIAN FINANCES

Wanganui Chronicle, Volume 73, Issue 423, 14 November 1930, Page 7

AUSTRALIAN FINANCES

STATEMENT IN PARLIAMENT MR LATHAM’S CRITICISM CANBERRA, Nov. 13. On the formal motion of the House that the Acting-Treasurer’s financial statement be printed, Mr Latham (Loader of the Opposition) condemned the proposals which, if given effect to, would involve a policy of inflation and repudiation and increase unemployment. The country’s credit had never been lower. The income tax proposal was unjust. A personal exertion income of £4OO, which last year paid £6 4s, would have to pay £l3 12s nnd the tax on the same income from property would be increased from £lO 10s to £53 6s A personal cvertion income of £2OO would he exempt but the sam o income from property would pay £2l 4s. Mr Curtin (West Australia) explaining the financial policy of his scc.tion of the party said that Labour was more concerned about the welfare of people than interest on internal debts. The State and Commonwealth Parliaments should contemplate at least a threeyear’s period to restore the financial equilibrium and the Commonwealth Bank should restore the note issue to the per capita required by the Australian people. Mr Fenton in moving the adjournment said that the reason he was unable to reply to the various questions regarding Sir Otto Niemeyer’s visit w’as that he was awaiting word from Sir Otto Niemeyer on the subject of certain information in cable messages that had passed between him and the Government. If Sir Otto did not desire that the messages be made public Mr Fenton said that he, would be unable to make a statement. MR SCULLIN’S STATEMENT CONFIDENCE IN HIS APPEAL LONDON, Nov. 12. Mr Scullin, in a statement said: “I join my colleagues and other leaders in an appeal to Austrana for the success of the conversion loan in December and I am confident that the appeal will not be in vain. The Labour Party’s unanimous declaration supporting the faithful discharge of all lawful obligations will be approved by every section throughout Australia. With united effort she will win through and she will face and surmount all her difficulties. IMPROVEMENT IN STOCKS. LONDON, Nov. 12. There was a further recovery of Australain Government stocks and dealings in Commonwealth 5 per cent, ranged from 81 4 to 844, 6 per cents., 91 1-9. Several of the State stocks also improved. ANOTHER STRONG ADVANCE Received Nov. 13/11.30 p.m. MELBOURNE, Nov. 13. There -was another strong advance in Commonwealth securities on the Stock Exchange, following the announcement of the loan conversion arrangements. Prices rose 5 to 20 shillings.