OVERSEA OBLIGATIONS.

Press, Volume LXVII, Issue 20170, 24 February 1931, Page 9

OVERSEA OBLIGATIONS.

N.S.W. GOVERNMENTS ATTITUDE. PAYMENT OF INTEREST; . CHARGES. ' ; tTOWSD PBESB ABSOCIATJOK—ST SLMTHO MtiatGBAPH—OOPSBiaST.) (Received February 54th, 1.10 kin.) , j SYDNEY, Pebrnary 23. f < The New South Wales" Government 'a attitude ' towards ita overseas obligations was recapitulated by the Premier, Mr J. T. Lang, in a statement of policy before the East Sydney electors to-* night at Paddington-Town HalL -VOu*' plan is a complete scaling all interest charges, and until; such: time as oversea financial interests ■■; extend to AuatWilia conditions of repayment lar to those given by the united Stated to England, we sh&l.make no further payment of interest. Could anything.' be,more than. the eonfinnous meeting- of Australian, Premiers . from which nothing ever resultsl It is'time that the Australian Governments fprgot 1 London and began- to' think oft Ana* tralia. *' , ' y Mr Lang added that it was wrong to' say that thp Commonwealth Government would have to pay the' debts of New South "Wales if the State. Govern* mtot defaulted. , Apart from /the i'act that,the Commnbwealth could not pay its own debts,, be .reminded his hearer* that New South' Wales paid its interest debts through its/fcwn bank, direct td tbe Westminster Sank at London, while interest cheques' for local loans wer'd paid direct from the' State Treasury to the bondholder. ' The second" in the New' South, Wales financial policy, .said Mr -Was to. redttefe interest - on .'Australian loans to per cent., whereby bond-a holders vyould making: anadeqnate and equitable • distribution;,, to tfce Coutotry vrhen most "needed, .and oiice . the .rate t ', of » C, inter(Bfet v 'was -brought', t J would be forced down by the Government. If necessary, these two features could tie put into effect withonfc ihe con-' cuiTefiaevofi the Tapper House..' The Gov>awo .prbpopea to' alter lthe «uir frency ,&nd, a-gptfite, standard. • The jPMnf* weep ilast Sydney to give • a 'lead to the r and' other matter of radical financial reform. ' The crowd Cheered' MrXiang enthuse -