HOUSE IN ORDER

Wanganui Chronicle, Volume 75, Issue 41, 18 February 1932, Page 7

HOUSE IN ORDER

AUSTRALIA’S PLANS MEETING THE PRICE LEVELS NOT WAITING FOR RECOVERY OPENING OF PARLIAMENT Received Feb. 17, 8.22 p.m. CANBERRA, Feb. 17. The Australian .Parliament was opened to-day. Sir Isaac Isaacs, Governor-General, delivering his speech, said that though there was a healthier and brighter feeling in the community, there were no indications of a general upward trend of price levels such as to justify anticipations of an immediate recovery from the prevailing economic depression. The Government, therefore, propose to deal with immediate pressing problems without waiting for an improvement in world prices, which possibly would involve grave risk to the nation. Its energies would be directed to maintaining the soundness of finances and hastening conditions that would bring employment to the workless. It was hoped that tho Governments of Australia would faithfully pursue a common objective in adjusting their Budgetary expenditure to meet tho altered conditions. Tho speech made reference to the finances of New South Wales, emphasising that its deficit gravely affected the whole Budgetary position, threatening a general financial collapse. Equally serious was the failure of New South Wales to meet its public obligations. The Commonwealth Government felt impelled, in the interests of the credit of the nation, to honour the obligations of that Government and take such steps as would compel tho repayment of the moneys paid out on its behalf. Sir Isaac Isaacs added that it was deemed impossible to proceed with largo programmes of public works. The Government felt th t the great majority of wage-earners must necessarily depend on private enterprise for a livelihood. Future efforts would bo made to stimulate private industry by all the means within the Government’s power. Tariff Revision Sir Isaac Isaacs announced that the legislative programme would include a tariff revision. The Government would bo guided largely by the recommendations of the Tariff Board. It was considered that in view of the depressed condition, of industries generally, changes in duties should be made witn the utmost caution, but subject to preserving a satisfactory balance trade, the Government would review the existing special schedules of surcharges and prohibitions. Measures would be introduced dealing with unlawful associations, the regulation of work on the waterfront, radio broadcasting and the co-ordina-tion of transport services in Australia, in order to ensure mor! economical working. An efficiency bill would also be introduced to enable the insurance companies to make deposits with the Commonwealth in order to safeguard the interest of policy holders upon a uniform basis throughout Australia.' After the swearing in of the new members, Mr. G. H. Mackay, member for Lilley, Queensland, was elected Speaker unopposed. ENORMOUS LOSSES AUSTRALIAN RAILWAYS SYDNEY, Feb. 17. The accumulated losses since 1914 of combined railways of Australia have reached a total of £68,000,000, according to figures released by the conference of Railway Commissioners and transport authorities now examining all of the railway accounts. N.S.W. LABOUR PARTY SOCIALISATION PLANS GRADUAL METHODS FAVOURED SYDNEY, Feb. 17. The Metropolitan Conference of the State Labour Party rejected by 81 votes to 11 the Payne report, which favoured an immediate social revolution, and reaffirming its policy of socialisation to be achieved gradually through constitutional methods. INTEREST BEING PAD < BONDS RISE IN STOCK LONDON, Feb. 16. On reports that interest is being paid to-morrow, New South Wales 6j per cent, bonds rose four points. WHO DEFAULTED? LANG BLAMES LYONS Received Feb. 17, 11.55 p.m. SYDNEY, Feb. 17. The Premier, Mr J. T. Lang, has informed the Prime Minister that he still adheres to his original offer to provide £458,767 towards bondholders’ overdue interest of £958,763. Ho emphasises that tho default has been occasioned by the determination of tho Commonwealth Government to with-hold further financial accommodation from the New South Wales Government, and hus itself had defaulted, notwithstanding that it had granted financial aid to Western Australia and Tasmania.