AUSTRALIAN CRISIS.

Waikato Times, Volume 111, Issue 18625, 3 May 1932, Page 7

AUSTRALIAN CRISIS.

COMMONWEALTH PAYS FURTHER STATE DEFAULT. DOCUMENTS HANDED OVER. United Press Assn.—Elec. Tel. Copywgh*. SYDNEY, May 2. [The Federal Government’s demand for access to the New South Wales income-tax documents was complied with as far as possible to-day by the State Taxation Commissioner, Mr E. .T. McMahon. He indicated that he was handing over only those documents which he was able to produce within the time limit allowed by the Commonwealth. A message from Canberra says the New South Wales Government ha,s defaulted on overseas interest to the extent of £833,793. The Commonwealth Government has remitted the full amount, plus exchange. The total amount now paid out on behalf of New South Wales by the Commonwealth is £3,058,993.

LATER. TRUST FUNDS SEQUESTRATED. FEDERAL PREMIER’S STATEMENT. WITHDRAWN FROM BANKS. United'Press Assn.—Elec. Tel. Copyright (Received May 3, 11.30 a.m.) SYDNEY, May 3. Mr J. A. Lyons (Federal Premier), in a message to the Teachers’ Federation and Public Service Association of New South Wales, states that no State Trust Funds will come into the possession of the Commonwealth Government. On April 4 the banlcs held only £85,000 for the New South Wales Government which previously had withdrawn £1,000,000 in cash. Mr Lyons says that the money included in the withdrawals must he the amounts due to the trust funds.

ASSESSMENT DOCUMENTS. (i . STILL MORE AVAILABLE. United Press Assn.—Elec. Tel. Copyright (Received May 3, 12.30 p.m.) SYDNEY, May 3. Other taxation documents will be made available to the Commonwealth to-day. The notice served on Mr McMahon requiring the production of all assessment notices does not expire until May 12. It is understood the State Government will not refuse to hand over these documents.

STATE PAYMENTS. MET BY THE COMMONWEALTH. United Press Assn.—fiiec. Tel. Copyright. (Received May 3. 9.45 a.m.) LONDON, May 2. The Commonwealth has paid £655,086, being the interest due on May 1 on the New South Wales 5f per cent, loan maturing on November 1 and 6 per cent, loan maturing in 1930-40. LABOUR LEADER’S THREATS. IF APPEAL UPHELD. A HINT OF SPOLIATION. United Press Assn.—Elec. Tel. Copyright. (Received May 3, 9.30 a.m.) SYDNEY, May 3. Speaking at Gabramatta, Mr Concannon, leader of the Labour Party in the Upper House, said: "If Mr Lang enters Federal politics as he may soon if things get worse, 1 hope Mr J. McGirr will be the new Premier.” Referring to the payment of overseas interest Mr Conoannon said if the Privy Council decision favoured the State Government, the Upper House would go almost immediately. "We will then give these big business men and wealthy people who are crying about non-payment an opportunity to pay that interest themselves. We will see how they act.”