FEDERAL FINANCE

Wairarapa Daily Times, 19 June 1931, Page 5

FEDERAL FINANCE

PREMIERS’ PLAN TO BE CARRIED OUT. Press Association Electric Telegraph—Copyright SYDNEY, Thursday. It is not by any means certain that the Premiers’ Conference plan for the financial rehabilitation of Australia tvill bo adopted. Recent events disclose a growing opposition to the plan on the part of the Labour organisations in the eastern States. This opposition is manifest despite an earnest appeal by the Prime Minister, Mr J. 11. S'cullin, to let it go through, and the danger of default and a complete stoppage of credit. It is asserted privately that the majority of delegates to a special meeting of the Federal Labour Executive now sitting at Canberra are distinctly hostile to any reductions in salaries or pensions, and intend to urge a double dissolution on the fiduciary currency issue.

On the other hand, according to an unofficial statement made in Canberra to-day, the Federal GoA r ernmcnt Avill in no circumstances’ deY-iate from its intention to give ppl] effect to (he Melbourne conference j?]?.”. Complete endorsement of the plait already has been given by the Governments of New South Wales, Queensland, South Australia and Tasmania. COST OF UNEMPLOYMENT. ■CANBERRA, Thursday. The Prime Minister, Mr J. 11. Seullin, in moving the second reading of a Bill to approve of the Premiers’ Conference financial agreement, Avhieli coA'ers the conversion plan, re viewed the AA-hole history of Australian indebtedness. He said that Australia had had no credit in London since September last, and Avhatever iicav expenditure had arisen had been caused by Avorld conditions. For example, the adverse exchange Avas costing £10,000,000 a year. The unemployed in Australia now numbered 360,000, and the cost of their sustenance and relief Avas £9,000,000 a year, AA'hile, if no action Avere taken to cope Avith the drift, this cost AA T ould be SAvollen to £13,000,000 a year. The debate Avas concluded.