AUSTRALIAN CRISIS.

Waikato Times, Volume 108, Issue 18164, 31 October 1930, Page 7

AUSTRALIAN CRISIS.

LABOUR PARTY DIVIDED. INCIDENTS IN PARLIAMENT. DECISIVE STAGE APPROACHING. United Press Assn.—Elec. Tel. Copyright. CANBERRA, October 30. Speaking to the motion of the actingPrime Minister fop the adjournment of the House of Representatives to-day, Mr. J. G. Latham, Leader of the Opposition, severely criticised the Government for its “ shilly-shallying ” and said the Commonwealth was drifting at a rate of £30,000 a day. The result,of the New South Wales eleclion, on which the Government had been waiting, had greatly aggravated the position and never had there been such an exhibition of incapacity as this by any Government. Mr. Fenton was in the act of replying when, to the amazement ot everybody, Mr. E. C. Riley, a junior member of the Labour' Party, who represent C6ok, moved the closure. Pandemonium prevailed and Mr. Fenton turned to Mr. Riley and requested him to call the division off Opposition members shouted: “ You are gagging your own leader.” The division was then taken and a further ' sensation followed when Mr. J. A. Lyons, Acting-Treasurer, also a private .Labour member,-Mr. J.’A. Guy (Bass) crossed the floor of the House and. voted' with the Opposition. The motion that the question be put was carried by 38 votes to 28. Mr. Lyons’ attitude has accentuated the division in the Labour Party’s ranks and very grave political developments are expected. After feeling reference had been made to the, deaths of two former Ministers, Sir Neville Howse and Sir James McCay, the House adjourned until Wednesday. The Senate, which had also met formally, was adjourned until November 12. "' '

LONDON, October 30. The Financial News says authorities in close touch with events in Australia believe that matters are rapidly approaching a decisive stage. The policy. of releasing credits, to help industry means bluntly Inflation, which can only lead to disaster. It is becoming clearer every day that Mr. J. H. Scullin’s personal influence must be exerted to the utmost if victory is to be secured for the principles of .sound finance.

INFLUENCE IN UNITED STATES.

DEPRESSION ON EXCHANGE,

A SLIGHT RECOVERY,

United Press Assn. —Elec. Tel. Copyright. (Received Uctober 31, 8.30 a.m.) new' York; October 30.

.'The New South Wales election news, which has been a factor in the general depressive influence- on Australian stocks, is radiated almost daily. There have been ’ pessimistic dispatches'printed in this country concerning disputes in the Labour Party over Sir Otto Niemeyer’s plan, and New South Wales stocks have receded about a point during the past three days, but it is interesting to note that Tuesday's prices showed factional gains over Monday’s Quotations. All Australian issuds lost approximately a point during this period with the exception of Queensland 7 percent., which have lost six points, selling yesterday at 92. Well-informed brokers declare that there is no logical reason why Queensland should be singled out for hammering, save perhaps that high-price issues usually suffer the greatest losses in a general recession. ' The foreign bond market here has been consistently weak, and therefore ready to reflect “bear” news. Commonwealth issues 'have been made to suffer no more than other European and American countries under the economic depression. The bond lists day by day reflect a world picture.

LATER.

LABOUR CAUCUS DECISIONS. COMPROMISE REACHED. SUPER-TAX ON SALARIESUnited Press Assn.—Elec. Tel. Copyright. (Received Oct. 31, 9.40 a.rh.) CANBERRA, Oct. 31. . The Federal Labour caucus has concluded its sittings. It has agreed that persons in receipt of a regular salary from the Commonwealth Government shall he subject to a special super-tax. This amount wilt be 10 per cent, in the case of those whose salaries are between £750 and £IOOO a year and 15 per cent, in the case of those in receipt of more than £IOOO. j , Another means of assisting 1 to halanee the Budget will be the adjustment of certain Federal accounts in order lo effect substantial savings. The caucus decisions represent a compromise between the original proposals as submitted by lion. J. A. Lyons and the demands of the militant sebtion of the Labour Party.