NO HELP FROM BANKS.

Press, Volume LXVII, Issue 20178, 5 March 1931, Page 9

NO HELP FROM BANKS.

FEDERAL FINANCIAL PLAN, THE CHAIRMAN'S ANNOUNCE- . MENT.. ' '• ({JHITfID ABSOOIATIOIf —BT BLISCTBtC TPLtfORAfH-r-COBYRIGBT.) (Received March 4th, 9.50 p.m.) MELBOURNE, March 4. The chairman of the Associated Banks, Mr C. H. Tranter, has announced that as the Federal Government's financial plan is a definite form of inflation, the Federal Treasurer cannot look to the banks for support, MR THEODORE'S EXPULSION ORDERED. —. ■■■ v LABOUR EXECUTIVE ANNOYED WITH HIM. (Received March sth, 1.5 a.m.) SYDNEY, March 4., Mr Theodore's condemnation of Mr Lang's policy hag so annoyed the State Labour executive that it has given instructions to the Dalley Labour Council, which endorsed . Mr 'Theodore's candidature, to expel him from the movement on the ground of disloyalty.

INTEREST" UNPAID. bank commissioners REQUEST SETTLEMENT. (Received March 4th, 9.50 p.m.) SYDNEY, March 4. Tito "Sun" says tlint the Ivnhg Government is most seriously embarrassed fitianpiallyi The paper discloses that £682,000 4uq to the (state Savings Dunk as interest is unpaid, and the . commissioners of the bank have written to Mr Lang saying that they would appreciate payment. FEDERAL HOUSE RESUMES. RESOLUTIONS OF SYMPATHY. (Received March 4th, 9.50 p.m.) CANBERRA, March 4. The House of Representatives reassembled tc-day, Messrs Anstey, BeasJey, Fenton. Lyonsi and Guy being among the absentees. The proceedings were brief. ' . ' Resolutions of sympathy wore carried in silonoe following the deaths of the Princess Royal, Dame Nellie . Melba, and Mr John.West, member for East Sydney. Feeling reference was also made to tlio New Zealand earthquako sufferers. . The' House adjourned until to-mor-row. REDUCTION OF INTEREST y . RATES. BILLS DRAFTED, , r , * I ' i '• 5 4 (Received March 4th, 0,50 p.m.) SYDNEY, March 4. In the Legislative Assembly the Premier, Mr J. T. Lang, replying to a question, said that legislation- Would 1)0 introduced as Boon its passible to-re-dan® the interest rnfcea, The necessary Bills were now being drafted.. , IMi;- Latig added that cheap" interest wr?< desired by everybody and that high interest wa* regarded as the ourse of the community, MR LANG'S POLICY, f j J b (' wWL TREASURERS

CONDEMNATION. CASfBEUBA, M&rch 4, ' The Natiotoalista have decided to launch a censure motion 04 the ~ Gov--eminent in the shape of a comprshen» nlre of Labours policy in the,past 17 months, and to make the Theodore issue subsidiary to the main lattftck. Jsr P, Q, JtoGratli (labour) hat so :U,t' failed to tondfer his resignatiita at Ohsiitoi&n of • Five riiotki. qj the "Jjarig faction" have left Dafcb&nfy and will, not return, tjntil ftftw tha Bast Sydney by-sle<jtio»,' It \t stated that Mr 3. B, Sattllih (t'rioie ItfltiUt&r) fefttyed to sebd a mfla»ag6 6| to the Labouf datididate, . Mr'E, Q, Theodore (iFed&ntl tirer) ftbs tobed & statement condemn* Mir J. tf. hang** policy. "Apart from the ethical question involved in voluttt&ty, tmfl deliberate act of repudi* atioii by »/(J«tVejrnmeiit," he nays. «ij| Una been ' poikted oat that Mij* policy edit QijeompUßh nothing t£Wfit<i jroliOvitog th? distressed worked, or creating employment.. hi» taction prevents immediate ffcligt being grahted tt> the distressed vrhfeat-gtowers, and his refusal to meet interest payments will prevent his Government ob. tabling MJy farther loan mohey from atfy source. A deliberate voluntary de« 'fault will result in financial panic, and probably a rOn on the New ' South '' Wales Government Savings Bank, which wjll .be unable to. meet all the demand* tmlbtt the Cbmt&prifre&ltli Bank' 001404 tp the resQiiei" 'M* l Thopd6re adfled that Jf t{jfe Go#« JitfhWeftlth Qovetaiheflt!< plan: had been by the tyhole, Labour'movement aftd the Stats ' L&bdUif-. 1 mfehts its .wohld havd been as-, surtfl, ! _ BAStC WAGJS IN WEST AUSTRALIA. ' PERTjB, March 4. The State Arbitration Ctjnft bis , nniiounced tha new rates of tha basic Wjvge * Males—Metropolitan £3 18s, com- ; pared wtth JC4'os previously.? general £8 17b, previously £4 SS. >: : 4?2 2i 2d; general 42 la ,84. dOVBRNOJt ;OF QUEENSLAND'S \ 1 OFFER. ' BBtSBAKE/Mwfeh-4. The Governor, Si| John Goodwin, has decjLded voluntarily to forgo 10 per' cent. o*'his Sftlafy. . " '