AUSTRALIAN CRISIS.

Waikato Times, Volume 108, Issue 18165, 1 November 1930, Page 7

AUSTRALIAN CRISIS.

LABOUR CONFIDENCE. DOUBLE DISSOLUTION PLANNED. CHALLENGE TO TH£ BANKS. L'nlted Press Assn.—Elec. Tel. Copyright. CANBERRA, October 31. The Labour Party is reported to be full of confidence, and that it will now go straight ahead for a double dissolution and general election. The main issues will be the creation of credit and the challenge to the banks which are alleged to be “holding up the country and starving industry.” The only obstacle to the party’s progress is the Senate, which is largely anti-Labour. Sir George Pearce, Leader of the Opposition In the Senate, has issued a statement on this subject. * Sir George assured the thrifty citizens of Australia that the Senate could be relied upon to safeguard their savings from legislative spoliation, and that the Senate would not be deterred by threats of a double dissolution. He pointed out that more than 4,000,000 of Australians had £200,000,000 deposited 'in the savings banks, apart from thousands who had deposits in the trading banks and savings in insurance compapies. In addition to the new. taxation proposals already announced, the caucus agreed to a 5 per cent, increase in taxation on incomes from personal exertion exceeding £SOO a year, which is expected to yield £175,000. Bond and share prices rose sharply on the Stock Exchange to-day. The market developed considerable strength and a more optimistic tone prevailed, as a result of the Federal Government’s compromise on the measures to deal with the financial drift. NEW YORK, October 30.

On the Stock Exchange to-day. Commonwealth 5 per cents., 1955, closed at £75,105, a fall of 1£ from yesterday and for 1957 there was no sale yesterday. New South Wales 5 per cents., 1957, had no sale. Yesterday the price was £74 7s 6d. Queensland 6 per cents, had no sale and yesterday there yvas no sale. The 7 per cents, were at 90, a fall of two points. LATER. TRANSFER OF MONEY. AUSTRALIA TO NEW ZEALAND. BIG INCREASE IN RATES. nited Press Assn. —Elec. Tel. Copyright. (Received Nov. 1, 10.40 a.m.) SYDNEY, Nov. 1. From to-day the transfer of money from Sydney to New Zealand will cost £4 7s 6d per £IOO. So now to place £IOO in New Zealand requires the payment of £lO4 7s Gd in Sydney. This is an addition of £2 10s to the previous rate. For ordinary trade transactions the cost remains unaltered at 5s per cent. The alteration has been made with the object of preventing Australians transferring money to New Zealand for t.he purpose of buying London exchange in New Zealand to the disadvantage of New Zealand importers, also to check the sending of funds from Australia to New Zealand for investment.