Banks’ Altitude

Wanganui Chronicle, Volume 74, Issue 180, 1 August 1931, Page 7

Banks’ Altitude

AUSTRALIAN REHABILITATION COMMENT BY MR. SCULLIN [By Telegraph—Press Association—Copy.ightJ Received July 31, 9.20 p.m. CANBERRA, July 31. The Sun representative says that inquiries aniOLg senators hi/.* die. a ted the information that the Opposition majority in the Senate is not ex[ccted T .o insist on a three montus limit to supply when the Appropriation Bill is under discussion, and t iers is good reason for statmg that a compromise will be reach-? 1 ami an elec-ti.-ti avoided. The Prime Minister is particularly anxious that the Senate slioulc’ pass the Appropriation Bill, also that the associated trading banks should stato definite!) that they are prepared io convert their holdings in Government stocks into the national conversion loan and also that they will announce their intention to redace the rates of interest fei advance? by at -.east one per cent, as contemplated at the Melbourne conference. Mr Scullin explains that the obdurate attitude of the banks is reacting unfavourably on the rehabilitation plan, and it is essential that there should be closer unity between the banks and the Government to ensure the full benefit of the plan. He added that with the exception of rhe Bank of New South Wales, there was a growing feeling that the banks are unwilling to accept their share of the national sacrifices. N.S.W. SALARIES BILL THE SECOND READING SYDNEY, July 3.1. The Salaries Reductions Bill passed the second reading in the Assembly. MEASURE PASSES ASSEMBLY. Received July 31, 10.20 p.m. SYDNEY, July 31. The Public Service Salaries Reduction Bill passed the Assembly and is now before the Legislative Council, where the Leader of the Council addressed members on behalf of the Crown Employees’ Defence Association, express ing uncompromising hostility to the measure. TASMANIAN GOVERNMENT. WAGES BILL REJECTED. HOBART, July 31. The Government suffered a reverse in the Assembly when eight of its members voted with the Opposition against the Wages Board Bill which sought to reduce all wages prescribed by the Wages Board by ten per cent., making the figure at June 30, 1930, as the basis. A motion for shelving the Bill for six months was carried.