AUSTRALIAN FINANCE

Hokitika Guardian, 5 September 1930, Page 6

AUSTRALIAN FINANCE

WAGE CUT QUESTION

(Australian Press Association)

SYDNEY, September 4

The New South AVales’Brfmt-li of the Australian Labour Party has definitely ranged itself behind those Federated Cabinet Ministers who are opposed to balancing the Federal Budget by a induction of Public Service salaries, Hie N.S.W. Braiicli is looking to the Federal Parliamentary Party to devise means for meeting Australia’s obligations other than by a reduction of the workers’ wages. The Federal Minister of Health, Hon. Frank Anstey, one of the strongest men in tli^- Federal Cabinet and in the Labour Party j declared to-day that the outcome 6U’‘to-nioirow’s Federal Cabinet meeting at Melbourne which will be a trial of strength between the two sections in the Ministry was “in the lap of the gods.” Reports from Canberra indicate that the dissenting section of the Cabinet distrusts Hon. Mr Fenton'; the. Acting Prime Minister’s ability to carry the Government through the stormy times that are looming ahead. The Acting Prime Minister, Mr Fenton, hints that r fi'he Ministry are inclined to-; act ‘upon the suggestion of the Australian Trades Bn ion Council to convene a conference of.representatives of. - Government .industrial, , and employers’ organisations' and also the i associated'hanks, to' coiisi'deV''.fli teduc- - Lion in pfiees, .wiigos, and . fiitdrdsF, and also an increase in the Federal income tax... ■ -

BANKS ATTITUDE

MELBOURNE, September 4

Mr C. N. Tranter, Chairman of the Associated Banks, commenting on the suggestion of Air Duggan, the labour leader, cabled on September 2nd. that the hanks should reduce their interest rates on overdrafts mortgages and deposits, said: If this were done, the banks would automioally fail and this in turn, would bring down the lot of the working class people. It was a great tribute to the bank’s stability that they could retain their deposits in the face of the open competition for money. Nothing but an improvement in trade could bring down the rates of interest.

Mr Tranter pointed out that the Melbourne Board of Works was today. offering £6/5/- per cent, for a ten year loan while,, on the stock exchange, gilt edged securities were showing a return of £6/4/10 per cent, a year. The banks, on. the other mind;, were payng only £4/10/- per cent, a year for short dated deposits, and £o 5/-for two years or longer.

TAX ON SALARIES

ADELAIDE, September 4

*: The South-Australian Premier,, Mr Hill,-'announced yesterday- that the Government has decided to impose a . tax on Salaries at the rate of one shilling in the pound for the remaining nine months of the financial year. Tins’“"tax ' is" expected--To -yield one million sterling for unemployment.

- WESTRALI AN POLITICS.

PERTH, September 4

In the AVcstralian Legislative Assembly Government survived by tomvotes a censure motion launched by the Labour Opposition Leader. Mr Kenne'ally, blaming the Government for attacking the industrial standard. The motion was defeated by 25 votes to 21.