AUSTRALIAN DEBT

Hokitika Guardian, 28 August 1930, Page 6

AUSTRALIAN DEBT

THE liEP udi axing motion. . (United Press Association.—By Electric Telegraph.—Copyright.] LONDON, Aug. 26. The New South Wales Trade Union Council’s resolution in favour of a repudiation of war debts, and for a moratorium, which was cabled from Australia to London, has had one unfortunate effect. It lias caused a balanced morning newspaper like the Daily Telegraph to feature the message under a double column heading. Then the paper gives the terms of the resolutions. The whole is calculated to give unwarranted importance to the matter. A PRESS' VIEW. DEAD AGAINST REPUDIATION SYDNEY, Aug. 27. “If the Labour Movement throughout Australia endorses the war debts repudiation ultimatum of New South Wales militants (as already cabled), a breach between the Labour Party and its Federal Leader, Hon. Mr J. H. Scullin, in inevitable,” says the Sydney “Sun.” The “Sun” says: “Hon Mr Scullins last recorded speech before lie sailed for London contained this statement : “Repudiation suggests a default that would be calamitous to the whole structure of the present system, and it would throw nearly a million people out of work. Such a suggestion could not he tolerated.’ ”

ECONOMY POLICY. LONDON, Aug. 26. A well-informed authority, in close touch with Australian financial circles, states:—“Consideration has been given to the whole question of short term indebtedness. It was felt in view of the existing conditions on the money market, that a renewal issue would be advantageous. The prestige of Australian obligations has been markedly enhanced by the resolutions passed at the meeting of the Premiers’ Conference last week. The result of this, together with the credits pooling scheme, must be a revival of confidence in the Australian situation generally. This is already manifest in a marked improvement in the prices of Australian stocks.”

LONDON PAPER’S FEARS. LONDON, Aug. 27. The . Daily Telegraph, commenting editorially on the New .South Whies Labourites’ resolution in favour of the repudiation.of the war debts, declares: “If Mr J. H. Scullin’s majority in the Commonwealth House of Representatives were to renounce his leadership, a grave political crisis might arise, and as for the demand for repudiation, this is too shameful to be taken more seriously than as an emotional symptom ; but the violence of this re-action to the proposals involving a sacrifice cannot be regarded without anxiety by the debenture holders.

WILL STAND BY PREMIERS’ AGREEMENT. SYDNEY, Aug. 27. Hou. Mr Fenton, acting Federal Prime Minister, to-day said: “We have no intention of repudiating the agreement reached at the Melbourne Conference. My Government has concurred in that conference’s resolutions, and we shall, at all costs, stand by that agreement. RECEI VER APPLIED FOR, SYDNEY, Aug. 27. Lamport Holt Limited were applying in the law courts to-day for appointment of a receiver manager of the company’s business. Lamports, associated with Royal Mail Group, were the owners of the ill-fated Vestris. SYDNEY, Aug. 27. The Acting Prime Minister added that the repudiation resolution could not he taken seriously. It emanated from a coterie of irresponsibles but lie deprecated the actions of newspaper (Jo l' res pc', l i.do 1 its in pebbling .them ;to London, which would seriously prejudice Australia’s credit abroad.