FEDERAL POLITICS

Hokitika Guardian, 27 February 1931, Page 6

FEDERAL POLITICS

MR THEODORE’S PLAN. FEDERAL GOVERNMENT GIVING EFFECT TO IT. (Australian Press Association.) (Received this day at 8 n.in.) MELBOURNE, Feb. 27. Mr Theodore (Federal Treasurer) in formed the Loan Council that tin Federal Government intended to intro ditce legislation for creating a fiduciary currency limited to eighteen million: sterling; six millions whereof to be de voted to a bounty on wheat. The Premiers’ Conference had pre viously listened to Mr Theodore's ex planation for the creation of a fiduei ary .currency limited to eighteen mil lions;: the purpose of which were t< provide a million per month for tin absorption of the unemployed on re productive works in various State's, am a bounty on wheat. Representatives of the Common wealth Victoria and South Australi; approved of the plan, but Queensland West Autsralia and Tasmania dissent ed. New South Wales was unrepresented. Thus a deadlock resulted, whoi’eaftei Mr Theodore, following a cousultatioi with Mr Scullin, made the announcement that Government intended to gc straight" ahead with legislation giving effect to the plan. MR. RANG EXPLAINS. SYDNEY, Feb. 26. In the New South Wales Legislative Assembly, the Premier, Mr Lang, replying to a question about the eight hundrhd thousand pounds referred to in an earlier cable in connection with the Federal Loan Council, said that the only application which he had made to the Loan Council was one for some hundreds of thousands of redempj tlion money due' to the State ami also some money owing for interest. Mr Lang added that there was no danger of New South Wales defaulting, as al of the requirements would be met until March 31st. MR LANG TURNED DOWN BY OTHER PREMIERS. NO REPUDIATION. MELBOURNE, Feb. 26. Unless Mr Lang, Premier of New South Wales, agrees to conform to conditions of the Loan Council, lie will not receive any further financial accommodation. This vital decision which applies to Mr Lang’s latest application for eight hundred thousand sterling was reached at a meeting of the Premiers’ Conference, which resolved itself into the Loan Council this afternoon. The Premiers passed a resolution condemning Mr Lang’s policy of repudiation; and it was added that until Mr Lang decided that be would abide by the policy of the Loan Council, B could not issue to him the £733,000. which he required to cover the March commitments of New South Wales.