HOUSE OF COMMONS.

Hokitika Guardian, 7 August 1925, Page 2

HOUSE OF COMMONS.

[Australia & N.Z. Cable Association.]

UNEMPLOYMENT DEBATE. LONDON, August o. Jn the House of Commons on tho second reading of the Consolidated Fund Bill, Mr J. B. Clynes (Labour) called attention to the Government’s weak and ineffective handling of unemployment. There was less excuse for it than for the previous Governments, because there had been no strikes until the present Yorkshire woollen dispute. There are 1.221.000 unemployed in tho country, of whom 127,000 wore not receiving the unemployment benefit, no urged a resumption of trade with Rus-

The debate on unemployment in tho House of Commons was remarkable for the outspoken speeches made by several young Conservatives. Mr Victor C'azelet, a wealthy Tory backbencher, who recently was a captain in the Household Cavalry, advocated that the Cabinet memlters and me ill Ik* r s ot Parliament should voluntarily sacrifice five (ter cent of tlieir own salaries, and that those earning more Ilian one hundred per cent above the pre-war standard, should sacrifice ton per cent, hut that this cut should not he applied to tho miners and agricultural workers, who were paid far too little. He declared that dividends should ho limited to live or six por (out. on the present price of the shares, and that the additional profit should he devoted to the development of the country. Mr Cazclet supported Mr .T. Rdynes in a sharp attack upon luxury spending, hut he recalled tho fact that an unfortunate man with five or six unmarried daughters may find it economical, and not a luxury, to give a party.

THE BOLD STANDARD. T.ONDON, August 5. The House of Commons, after a vigorous defence of the gold standard by Mr Churchill, read the second time tho Appropriation Bill. Mr H. B. Lee-Smith (Lnlxmritc) attacked the return to the gold standard as having been premature. He blamed it for the increasing unemployment. He complained that there had been no decrease in internal prices to correspond with the increase in external prices. Mr Lee-Smith added: “Everybody knows that the Australian Government were told to raise their money in Now York, and not here.” Mr Churchill said that no responsible party challenged the principle of tho gold standard. “If we had not taken this action,” he said, “the rest of the Empire would have taken it without us, and the outcome would have been a gold standard, not of the pound sterling, hut of the dollar.” Among solid and remarkable factors to bo considered as consequences of the gold standard, Mr Churchill mentioned that the capital (loan) issues for domestic purposes during the first six months of 1923 exceeded bv more than double the similar issues during the first six months of 1921. Sterling had recovered partly with the gold dollar, It had established an equilibrium of the Australian and South African currencies. The Bank of England’s gold had increased hv from eight to nine millions.. The general money rate had eased. The general tendency of foreign countries towards stabilisation had increased. For instance, India could now consider a sterling rate at wliicli to stabilise the rupee. Mr Churchill added that the coal subside was very objectionable, but it was greatly preferable to a veiled subsidy on exports.