DEBT BURDEN

Wanganui Chronicle, Volume 75, Issue 90, 16 April 1932, Page 7

DEBT BURDEN

PAYMENTS OVERSEAS MR. LANG’S ADVOCACY THE CONFERENCE OF PREMIERS « Received April 15, 11.25 p.m. MELBOURNE, April 15. At tho Premiers’ Conference the Premiers of Western Australia and Queensland, whilst desirous of making the rehabilitation plan a success, ex pressed opposition to the flat rate re duction of wages, which they con tended was likely to lead to further hardship. The keynote of Mr. Lang’s speech was the need for suspension of over sea interest payments. He said tha’ in our present desperate straits it was not an unfair request to make. He had beer reliably informed that it made it would bo granted. “I warn the Governments in all seriousness that if they attempt to pul this wage cut plan into operation they will continue as Governments only with the aid of the policeman 's baton,” said Mr. Lang. “Twelve months ago the experts told us that their plan would be the salvation of Australia. I questioned their prediction and here we are to-day as badly off as ever, and debating another plan which aims at doing the same thing Twelve months hence probably another plan will ha trotted out to correct more unexpected factors, and so the farce will continue indefinitely. The Labour movement in New South Wales will have nothing to do with this gyp s J mode of living.” Air. Lang emphasised that £36.900, 900, which was ordinarily sent abroad for interest, should be kept here to provide jobs for the workless, whos* desperate plight was being used to smash wages, industrial conditions and the federation. FIGHT FOR FUNDS A “NO TOTE” ORDER POSITION AT MOOR FIELD Received April 15. 10 p.m. SYDNEY, April 15. The Premier’s office to-day notified the Moorfield Racing Club that the totalisafor must not be used for to morrow’s races. This prevents the Commonwealth obtaining revenue from this quarter AUSTRALIAN PREMIERS MELBOURNE CONFERENCE MR. LANG’S SILENCE MELBOURNE, April 15. Mr. Lyons made it plain that the £10,000,000 loan would be subject, to all of the States giving a definite guarantee that the terms of the Premiers’ Plan and the Expert Committee’s proposals would be carried out. Mr. Lyons said that the Government approved of the recommendation of the committee that the State Gov ernments should compel a reduction in the rates of interest paid by private individuals as contemplated in tho Premiers’ Plan. Cabinet approved of the proposal to set up an honorary Federal Employ ment Council and six similar Councils in tho States The Federal Government agreed with Hie recommendation that tho exchange should he increased tn bridge part of the. gap between costs and prices. It also agreed that the exchange rate be controlled bv the Commonwealth Bank free from political control. The Pro miers’ Plan had stipulated that the Government deficits for 1931-32 would ho £13.900.000. but they actually would amount to £18.000.000. Mr. Lang listened attentively to the Prime Minister’s speech. He asked no ouestions and took no part in the debate. Later Mr. Lang stated that ho would oppose tho proposal to reduce wages. TRADING BANK RETURNS INTERESTING STATISTICS SYDNEY, April 15. The quarterly abstracts issued by the Australian trading banks show that over the period of one year de posits in New South Wales decreased by £6,691,927, while in Victoria they increased by £20,676,537. Tho Telegraph says: “It is clear evidence of many owners having transferred their funds front this State to Victoria. This has been done with the single aim of placing the funds beyond any possible interference from Mr. Lang and his extreme followers.’’ VICTORIAN ASSEMBLY DISSOLUTION UNEXPECTED MELBOURNE, April 15. The decision of the Lieutenant-Gov ernor to dissolve the Victorian Assembly had the approval of the Leader of the Opposition (Sir Stanley Argyle) and the Leader of the United Country Party (Mr. Allan-). However, few people expected a dissolution, which course was recommended by the Acting-Premier owing to his failure to wiit back certain members of the Labour Party, who are determined not to repudiate’ the financial rehabilitation plan. PRIVY COUNCIL APPEAL COUNSEL’S LONG ADDRESS LONDON. April 14. The New South Wales Government’s appeal to the Privy Council has resumed. Mr Cripps had not finished after being on his feet for nine hours altogether.