URGE GOLD LOAN

Wanganui Chronicle, Volume 74, Issue 144, 20 June 1931, Page 9

URGE GOLD LOAN

OFFER TO AUSTRALIA?J LONDON FINANCIERS’ MOVE SCULLIN NOT ENTHUSIASTIC HAS NO COMMENT TO MAKE [By Telegraph—Preu Association —Copy right J Received Juno 19, ILS p.m. SYDNEY, Juno 19. A group of financiers in London, through a Sydney agency, is reported to havo offered a £15,000,000 loan in gold for a long term nt market interest to the Commonwealth Government, tho bullion to be paid for by bonds with a currency of 40 years at four per cent. the Prime Minister has declined to comment, but displays no enthusiasm about the offer. Some of his colleagues express the opinion that the lenders must bo very well disposed to Australia, having regard to her financial plight, and more profiitablo field elsewhere. STATE SAVING SBANK PROSPECTS FUR RE OPENING Received June 19, 11.10 p.m. SYDNEY, June 19. Negotiations are proceeding at Canberra for the re opening of the New South Wales Government Savinge Bank. Recently a strong desire has been evidenced that the proposed mergei with the Commonwealth Bank should not. be completed. It is understood that the latter bank is not anxious to absorb the State Bank owing to its vast ramifications. Official circles, however, are extremely optimistic that the GovernniC’ • savings bank will soon be re opened. THE GOLD SHIPMENT FINANCIAL NEWS COMMENT Received Juno 19, 7.53 p.m. LONDON, June 19. The Financial News says: “The rapidity with which the gold shipment measure was passed, demonstrates that Australia can move swiftly when the occasion demands. It is clear evidence of the fulfilment of the vow of politicians to pull together. The gold shipment disposes of Australia’s most urgent problem. >l N.S.W. TRANSPORT BILL. MR LANG’S FORECAST. SYDNEY, June 19. Mr Lang made a forecast in the Assembly when he gave his second reading speech on the Transport Bill that the Act would in a great measure remedy the position into which the finances of tho State had drifted. Drastic steps were needed, he pointed out, to balance the Budget of the railways, but he was confident that when the whole of tho State’s transport services had been coordinated the huge deficits in this department would be eliminated and owners of private cars would be iu no way affected by the Bill.

i x UPPER HUNTER SEAT. j NATIONALIST DEFEATED, t ’ SYDNEY, Juno 19. lhe Lpper Hunter by-election resultr ed in a win for Mr Malcolm Brown (Independent Country Party). Mr A. Me- ’ Mullen (Nationalist) polled over 1100 more primary votes than Mr Brown, but ’ tho latter secured 90 per cent, of Mr Forsyth’s (Labour) second preferences. The by-election was the result of the death df Mr Cameron (Nationalist) The final figures are:— Brown 5922 McMullen 5494 ’ PREMIERS' CONFERENCE PLAN LABOUR EXECUTIVE SUPPORT THE LESSER OF TWO EVILS Received June 19, 7.15 p.m. CANBERRA, June 19. Tho Federal executive of tho Australian Labour Party, which has held a' series of meetings, concluded its deliberations on the Premiers’ conference plan, and resolved to approve the Prime Minister’s and Mr Theodore’s actions in giving Parliamentary effect thereto. At the same time the executive expressed its strongest objection to the principle of reducing wages, pensions and social services. The executive pointed out that as the Government’s monetary policy had been thwarted by the banks and the reactionary Senate, the only alternative to the present plan was a. Nationalist Government which would give the workers an infinitely worse <leal. It was, therefore, of the greatest importance that the Labour Government should remain in office, as an election at, tho present moment would bo dangerous to the workers’ in[crests.