FEDERAL FINANCE

Hokitika Guardian, 10 November 1930, Page 5

FEDERAL FINANCE

SC CL IJ X\S INT ER YENTION. (Australian Press Association.) L( IN I XJ N , November 8. The Australian Prime Minister, Mr J. H. Scullin. ami Hon. Air Brennan. Federal Minister, have returned hurriedly from Dorohoslcr to London in order to enable them to have better communication with Canberra. It is believed possible that Mr Scullin will pick up the, liner Otranto at Toulon on November 14th. REQUEST TO LYONS. LONDON. November 8. „ The Imperial Communications (toy had arranged for Mr J. H. S: ullin to speak telephonically to Australia from Bridgewater. Mr Scullin was anxious to discuss the position with Mr Lyons, and also to persuade him not to proceed with his resignation until every effort had been made to secure the rescinding of the caucus resolutions. Mr Scullin . felt that there were good prospects of wiser counsels prevailing before Tuesday.

This conversation was cancelled, owing to Mr Scullin’s decision to return to London from Dorchester.

LYON’S PLAN. CANBERRA, November 9. It is now stated that the Acting Premier, Air Fenton, has refused to carry out the militant wing’s demands and that this leads to the expectation that the Moderates will agree to the conversion loan to cover the maturing twenty-seven millions of Federal and State loans. SCULLIN’S OBJECT. LONDON, November 8. While it seemed almost certain this forenoon that Mr Scullin would sail for Australia bv the first available ship, the position is now such that he feels that' he could pnobably wfork more effectively in London, instead of on the high seas, with a. view of floating the loan with which the Commonwealth Government is determined to proceed on the lines which the Treasurer, Air Lyons, lias suggested. This belief is strengthened by Mr Scullin’s cryptic remark to-night: ‘T am certain that the most vital thing that mv colleagues and I are at present concerned with is tho successful flotation of the loan maturing on December loth, to enable Australia to honour her obligations.”

EX-GOVERNOR’S AH FAY,

AbYNOOIWED. November 7

Addressing the Canadian Club at Victoria, British Columbia. Lord Stonehaven (ex-Governor-General of Australia), said:— Australia’s difficulties are problems for that country alone. To say anything about them is to tamper with something that she can handle capably herself.

Lord Stonehaven, declaring himself an imperialist, deplored the fact that British countries were not showing the same Empire spirit of cooperation that was marked in the time of the war. Their constitutional independence of each other, he said was to blame. The Empire comprised more than a quarter of the world, and yet the AFother had two million of unemployed, while she. was labouring under a heavy taxation burden. He had seen Australia for five years from the best point of view. He regretted leaving when it was faced with so many problems. The Australian people had the courage and spirit to bring her hack to the smooth channel of progress. The Canadians could help by buying Australian goods.

BRIT i 811 L A B()U R Ail XISTER

WANNING AGAINST REPUDIATION.

LONDON, November 8

Tt was nearly midnight at Bristol City’s dinner to the Dominion delegates to the Imperial Conference, when .Rt. Hon. J. H. Thomas (Secretary for the Dominions), in responding to the toast of His ■Majesty’s (Ministers, made the British Government’s first official reference to the Australian crisis. It took the nature of a striking warning to those suggesting repudiation. Air Thomas said: “Any policy carrying repudiation is doomed to disaster. Only those of us''knowing the British Oummonwealth’s good name, knowing its trustee storks as carrying the hallmark of security, know tlie anxiety there is at this moment in the minds of thousands of people who could not forget that when Air Scullin arrived, lie declared, as a responsible, honest man. that lie rejected in the strongest possible language any idea, of the* repudiation of Australia’s national obligations. Those who have seen the published statements of the present position in Australia could not lie oilier than sympathetic with Mr Senllin's position. Noltodv knows heller than myself, or you. that Domini.",n credit cannot be light Iv brushoil awnv. The good name of all of flic Dominions, if anywise ohs Helmed. mud have repereusdons fliroMghmil I lie Empire. AYe feel your resiioimdiili ies. and wo understand voir difP.eiillies .and we join in thanking you for your manly and courageous attitude which, in the end. despite Iho difficult ies, must ultimately triomoh. Making allowances for legitimate party eonllids, there are certain tilings which are not, only essen(ion. but. fundamental, to a nation’s evidence. Contracts lvol.won individual States must be recognised. 1

say. with all the responsibility of my position, either as a Labour leader or a. British .statesman, that any policy of the repudiation of moral or legal obligations is in the end doomed to disaster; both to the party, the individual, or the State. Such things go to the not of society. I pay my tribute to Air Scullin. I express my and your feeling, not only of pride at bis stand, but I soy to him. ‘Hold on to such a fundamental principle above all else!’”

MR St ELLIN'S STATEMENT

LONDON, Nor. 9,

Alter decision to proceed immediately with the maturing loan, Mr J. H. Scullin in a statement said:— ■•The fundamental principles adopted bv the Government ami confirmed by ministerial siqv.iorters arc. that we pit the preservation of our good name and lame depended upon the scrupulous observance of our financial obligation and any departure from that principle would react disastrously on the people as a whole particularly wage earners. The nu,b!ic need not doubt the Government’s determination to meet its obligations. Nothing will induce us to adopt a policy deliberately deferring payment of the matur--ing loans. They must be met on the due date and any other course would be disastrous to our credit, and delav for years the restoration ol economic prrnperity. The sufferings of the people will be acute, but they would become • more acute and widespread il confidence was shaken in tho Government’s honesty. I bis Government will honour its obligations and T am confident any Australian Government Winch failed to do so would 'lose support- of the Australian people.”