AUSTRALIAN CREDIT

Hokitika Guardian, 13 February 1931, Page 5

AUSTRALIAN CREDIT

FURTHER NEGOTIATION. (Australian Press Association.) (Received this day at 11 a.m.) SYDNEY, February 13. Air Theodoie, Federal Treasurer has returned t« Canberra, and will report to the ConforeiKe of Premiers ami Tieasurers the result of his (itliberations with the Commonwealth Bank. 'I ..a Hoard would not agree to any scheme which would tend to bring about financial inflation within the L; mimonwcr.ltli. 1 be “Herald” says it was learnt from authoritative banking sources that pruLlic Governments make adequate reduction in their expenditure the trading banks in co-operation with the Commonwealth Bank will he enabled to take action towards assisting industry and restoring employment. Leading bankers are of opinion it the banks were relieved of the burden of financing Government deficits they 1 would be in a position to render the necessary assistance.

A public meeting, convened by the Lord Mayor will be held at the Town Hall on Monday to protest against Mr Lang’s proposals made at Canberra this week. The organisers believe a forceful demonstration of citizens at this juncture would yield fl powerful inflation and the destruction of credit which is unconstitutional, a.udj the repudiatry action of the class proposed by Mr Lang. They point out it would destroy national stability and weaken the bonds of Empire.