FEDERAL FINANCE

Hokitika Guardian, 2 September 1930, Page 6

FEDERAL FINANCE

BRITISH, OBJECTION. TO WAR, DEBT READJUSTMENT. JINGOISM AT ZERO NOW! [United Press Association. —By Electric Telegraph.—Copyright.] LONDON, August 30. The Sydney Labour Executive’s proposal that Mr J. H. Scullin should appeal to Britain for a re-adjustment of Australia’s war debt, raises a very grave issue says the “.News-Chronicle” editorially. “We greatly doubt whether any British Government dare accede to such a request. Britain is up against hard times, with no immediate prospect of recovery. Unlike Australia, we have kept “on the rails” in otir national finances, but we simply cannot go on playing the fairy grandmother, even to, our own kith and kin. During the war, Australia. treated her fighting forces with lavish generosity; and in the matter of debt, we have treated, her with; real consideration. This proposal for a readjustment means that, now that it is no longer possible for Australia to borrow, we should present her with, a substantial gift./ That is not Sir Otto Niemeyer’s remedy.” . CENTRAL P,ANTv. SCULLIN’S IDEA COMMEN'|)ET>.. _ , LONDON, Aug. 30. The “Economist” is commending' Australia’s adoption of Sir Otto Niemeyer’s plans. It comments on the earlier difficulties of Australia and New Zealand from the year 1878 onwards. It says the solution of each brought improvement in hanking policy, till now they are in the . soundest 7>osition. The time is now ripe, says the “Economist,” for another advance in the direction of a Central Bank. in each of the Dominions, linked with the Bank of England, and thus, preventing any crisis such as, the. present one, and notably also forestalling, any exchange difficulties,