FEDERAL ELECTIONS

Hokitika Guardian, 17 October 1929, Page 6

FEDERAL ELECTIONS

“MORNING POST’S” VIEWS. (United Press Association—By Electric Telegraph.—Copyright.) LONDON, October 16. The “Morning Post” in a leading article, states: Socialists in Australia seem to resemble our Socialists here. They are said to be respectable peole who may be trusted not to put principles into practice. They have begun however, with an innovation which the British Labour Party dare not impose on Mr Ramsay MacDonald. The Ministerial list is to be decided by ballot, and the proposals of the Cabinet will be submitted to the Labour Party’s caucus before being brought up in Parliament. Thus the Movement in Australia evidently intends to keep its thumb upon its leaders. No man must be allowed to be bigger than the Movement. How (far these restrictions will force Mr Scullin and his colleagues to go further than their responsibility suggests or their resources allow, remains to be seen. Labour’s programme nibbles at rather expensive projects of State Socialism, and there is a fear that such proposals may do something. It is notable that there is depression in Australian securities, of which our financial editor gives an account. Exchange is running against Australia, and a good deal of debt will mature shortly. Thus Mr Scullin is likely to be forced forward by the Caucus and kept back by the Treasury, until it is seen whether the devil or the baker is the stronger in the tug df war. There must be nervousness in financial circles. • Undoubtedly the heaviest drag on progress in Australia is its artificial system by which wages and labour conditions are regulated. The result of the Federal elections will be to confirm these uneconomical conditions, unless they break down of their own weight, or by the common consent of employer and employed. The “ Morning Post’s ” City editor states: There is a contrast in the strong tone which has characterised all high class' investment securities during the past few days, owing to an improvement in the general monetary situation, and Australian stocks, which are heavy and dull, on the prospects of the Labour Government’s large majority. The fall in these stocks is not great. This is partly because general influences are favourably afFecting the investment markets, and partiy because the prices have already fallen to a low level; their present prices allowing the accrued interest to mean that premier stocks in Australia will give a yield of fully 107 s per cent, without allowing ifor redemption. Needless to say, the City is not concerned in Australia’s politics, but, unfortunately, evidence shows that excessive expenditure on the part of Australian States and the Commonwealth Government in the past can, for the most part, be directly traced to Labour policy and Labour agitations. The last Economic mission referred in no uncertain terms to the vicious circle of increased prices, due to the tariff and to increased costs of labour, due to the Arbitration awards. It is scarcely surprising that financial circles are concerned lest the tendencies that have been responsible for the unsatisfactory conditions olf Australian finance in the past year should receive a further impetus. It must be hoped that a recognition of the care that is needed to safeguard Australian credit will exert a moderating influence on the new Government. It is only fair to recognise that much of Australia’s borrowing has created valuable assets. The anxiety in the City centres rather on the tendencies which affect the costs of production.

LABO UR’S POLICY. MELBOURNE, October 11

lii a policy speech Mr J. H. Seullin, leader of the Labour Party, summarised its policy in the following terms: — The White Australia planli in the Labour platform is definitely reaffirmed. The Arbitration Act to be revised to provide for a system of sound, business-like arbitration, free from the entangling legalisms of the law court —a system framed on the lines of the Industrial Peace Act, to be handled by men of industrial experience, to ensure equitable, expeditious, and less costly methods of dealing with industrial matters. Loan moneys to be raised in Australia and to be spent only on developmental and reproductive works, Income tax to be equitably imposed and unfalteringly collected. Repeal of taxation on mutual life assurance companies. Breaches in the tariff wall to be repaired at once. Labour stands for the fullest possible protection of all industries—primary and secondary. The cotton bounty to be supplemented by effectively protecting the cotton yarn and piece goods that can be made from Australian-grown cotton. Cooperation with the States to assist in the development of existing gold mines with the object of placing the industry on a secure foundation. Where consumers can be safeguarded, complete protection will be given in guaranteeing the. Australian market to Australian industries. The Federal Labour Party stands for the continuance of the existing embargo on the importation olf sugar to protect growers from the product of black labour. Government ownership and control of wireless broadcasting. Unification of railway gauges will be placed at the forefront of a progressive works policy. Conversion of the Commonwealth Bank from a “ Banker’s Bank ” into a “People’s Bank,” which will be encouraged to extend its power and influence as 1 an important factor in national development, and a Common-