FEDERAL FINANCE.

Wairarapa Daily Times, 7 April 1931, Page 5

FEDERAL FINANCE.

THE FIDUCIARY BILL. WILL BE REJECTED BY SENATE. Press Association Electric Telegraph— Copyright ■ (Received Tuesday, 9.30 a.m.) MELBOURNE, This Day. Commenting on Mr Seullin’s remarks, Mr Latham said: —“I do not doubt that the Senate will reject the Fiduciary Bill.”' (The Prime Minister, Mr J. 11. Seullin, in a speech at the Victorian Labour Conference, declared that the Ministry would appeal to the people if the Fiduciary Bill was rejected by the Senate. The announcement was received with applause. Mr Scullin added: “New uprisings are occurring in all parts of Australia with the idea of stirring the imagination of the people, but Labour is in the happy position of not having to search for a name, and to defeat it a combination of half a dozen parties, some, as yet unnamed, is necessary. It is remarkable that so many financial geniuses can be found since the country turned out the Bruce Government and Labour assumed, office. The country is full of financial saviours). LOST PEOPLE’S CONFIDENCE. (Received Tuesday, 9.30 a.m.) ITOBART, This Day. Mr Lyons, in an interview, stated: — “The sooner wc get to the country the better from our standpoint. We felt for a long time that the Government has absolutely lost the.confidence of the people of the Commonwealth.” LANG POLICY DENOUNCED. SYDNEY, Monday. The Federal Treasurer, Mr E. G. Theodore, summarises the effects of Mr .1. T. Lang’s policy as follows: — 1. Destruction of confidence in Government contracts.. 2. Encouragement of breaches of contract by private individuals. 3. Refusal of taxpayers to pay taxation, especially those affected by interest reductions. 4. Reduction of interest to savings bank depositors. 5. Transfer of money from New South Wales to other States. fi. Curtailment of credit adversely affecting all branches of business. 7. Inability to raise loans for public works. S. Possibilities of internal strife. AMERICAN VIEW OF LANG.

NEW YORK, Sunday. The “New York Times,” in a leader, headed “Australia Thinks Twice,” states: “In the strained domestic situation between the Commonwealth and New South Wales, it is strongly suspected that the latter is not so savage as might appear. One may conjecture that militant Mr Lang is pleased at heart that there is a Scullin to permit him the luxury of a great gesture of defiance without incurring the risk of untoward consequences. Would New South Wales have actually ventured to refuse to pay interest on her bonds in the hands of British owners if she had not known that the Commonwealth would intervene and assume the repudiated obligation? Beyond that Mr Lang must have known, as now appears, that the central Government has a means of reimbursing itself. Actually it may be said of the present situation in Australia that, compared with the outlook a few months ago, it is distinctly reassuring. Outwpighing the gesture of one 'State in dishonouring its obligations, is the decisive manner in which the Federal Government has spoken out and acted on the other side. To-day there is no question as to where Mr Scullin stands.”