BANK RULE

Hokitika Guardian, 7 January 1931, Page 5

BANK RULE

ISSUE AT CANBERRA,

(Australian Press Association)

SYDNEY, January G

One Sydney newspaper says:—The moment that the Prime Minister. Mr J. H. Scullin, enters the usually placid waters of the . Southern Pacific, lie will enter into a sea of trouble. As soon as lie arrives at Canberra, the Federal Labour Caucus holds a meeting, when Parliamentary or Dank rule is the biggest issue that will lie raised. Mr Yaetes, Member for Adelaide, will move in favour of legislative for the creation of an emergency currency to finance Commonwealth nnd State public works. Mr Yates poiijts out that the recent conversion , loan lias made the Commonwealth’,? financial position worse than ever, asten millions worth of 34 and Sij per cents was converted to 5£ and G pel cents, thereby adding to the staggei ing inteiest burden by 'at' least, a quarter of a million per year. The time has arrived he says, to face the facts and to insist on altered financial methods. Hon. Frank Anstey, the Minister of Health,, is' eveti more pointed He says“We are rapidly heading for chaos. It looks as though the hanks will close down on the Governments probably within two months and when that happens, we shall have the chance to reconstruct along new linen," ; " '