AUSTRALIAN NEWS.

Hokitika Guardian, 6 October 1927, Page 3

AUSTRALIAN NEWS.

(By Telegraph—Per Press Association. STATE BANKS. CANBERRA, Oct. 5. In the Federal House of Representatives, the first reading was carried of on amending Hank Bill, which is a preliminary to a Commonwealth Housing Bill, which latter will enable tho Common wealth Bank to finance persons having incomes not exceeding £C24 yearly, to make advances to them up to ninety per cent of the value of the houses which they wish to purchase. The object of the amending Bank Bill is to separate the Savings Bank operations of the Commonwealth Bank from its general banking activities, and is primarily for the purpose of financing the Federal housing scheme.

LARGE WAR LOAN CONVERSION CANBERRA, Oct. G.

The Federal Treasurer, Dr Earle Page, announces the Commonwealth War Conversion Loan of £30,000,(MX) carrying interest at 5\ P CI ' rent., and issuing at 9SJ will he opened to-day. The loan was originally £39,000,000, hut three millions were redeemed, being cancelled bv the use of the National Debt Sinking Fund. FAILURE OF CUSTOMS PROTECTION. (Received this day at 11.0 a.m.) CANBERRA, Oct. G.

In the annual report which the Tariff Board presented to the House of Representatives, the admission is made that the imposition of the increased tariffs on certain classes of imports, which wore designed to improve the position of several important industries in the Commonwealth, merely resulted in the stagnation of those industries. In other words, the report states, it is apparent protection is failing to protect. The Board gives a warning that there is a danger of the tariff being used to holster up an everincreasing cost in the production, irrespective of any consideration to the ever widening gaps between the standard maintained within the Commonwealth and the United Kingdom. The disparity in wages is not only (lie effect on the industries using materials which are wholly the product of Australia, such as iron and steel industries, hut experience has shown that even the industries using, appreciable proportions of imported materials, are placed at a serious disadvantage with pro-

ducts from tho overseas. The Board regrets being obliged to place on record its conclusion that there is in the Commonwealth a prevailing tendency calculated to abuse tho protective syster by forcing the pace under tlie disadvantageous conditions to endanger the efficiency of the system. The ten-

dency is, it is declared, not confined to one section, hut is common to the industrial unions of the secondary and primary producers. The Board is profoundly convinced if Australia’s industry is to he maintained and safeguarded, it is essential the leaders of the industrial unions should recognise

tho serious menace arising out of the costs of production. The situation is regarded by tho Board ns too critical to waste time on trumped up charges of bias The Board calls for the serious attention of all parties, otherwise there can he nothing hut disaster ahead.

ELECTION LIBEL WRITS. (Received this day nt 10.15 a.m.) SYDNEY, Oct. 6. Another election writ for alleged libel has been issued in the Supreme Court, bringing the total amount claimed to £91,000. COSTLY CONSTRUCTION. CANBERRA, Oct. G. In the House of Representatives, Prime Minister Bruce stated a new seaplane carrier was now being built at Cockatoo dockyard at a cost of £1,325,250. This was about £400,000 above the contract price,' owing to increased charges for armament and ammunition due to the operation of the forty-four hour week and Workers’ Compensation Act in New South Wales. COMMERCIAL. MELBOURNE, Oct. G. It is estimated this season’s wheat harvest yield will be 42,500,000 bushels, representing fourteen bushels to the acre.