FEDERAL CRISIS.

Waikato Times, Volume 109, Issue 18344, 2 June 1931, Page 7

FEDERAL CRISIS.

PREMIERS’ CONFERENCE. PROPOSED CONVERSION LOAN. OPPOSITION LETTER “RECEIVED.’’ United Press Assn.—Elec. Tel. Copyright. (Reoeived June 2, 12.30 p.m.) MELBOURNE, June 2. The Premiers’ Conference decided that the currenoy of the proposed conversion loan be divided into ten maturing periods of from seven to 30 years, with a provision for large holders to take a proportionate sum in each case. After Mr Scullin had read a letter from Mr Lyons and Mr Latham (on behalf of the Federal Opposition) criticising the compulsory aspect of the proposed loan, the conference decided merely to receive it and proceed with the business of solving the general plan. Several Premiers suggested that the opposition might be called in when the plan is nearer completion. PREMIERS’ PROPOSALS. APPROVED IN LONDON. RE-ESTABLISHING CONFIDENCE United Press Assn.—Elec. Tel. Copyright. LONDON, May 31. The Times publishes a long leading article setting out the proposals of the Australian Premiers. It says the conversion is only part of the programme. Retrenchment is equally important and unless the Commonwealth and the States undertake drastic reductions in expenditure the conversion will have no chance of success. If ithe full programme is carried out, says the paper, it will be possible to raise a substantial loan in London. It is equally certain that a hugo voluntary conversion as part of a great national effort to restore the credit of Australia would have a great effect in re-establishing confidence in Australian finance.