FEDERAL POLITICS

Hokitika Guardian, 28 February 1931, Page 5

FEDERAL POLITICS

MR LANG’S CHARGE. (Australian Press Association.) SYDNEY, February 27. The Premier of New South Wales, Mr Lang, to-day accused the Commonwealth and other States of ..repudiating amounts which the New South Males Government had spent on their behalf. He added that the cine; item in account ior £737,733. which his Government had submitted to the Commonwealth was one of £305,216, which New South M ales had paid out in the redemption of closer settlement debentures. Tin’s item was purely a Loan Council debt, and that body had now repudiated it. “Two courses are open to Australia” said Air Lang. “One, is to adopt the New South Males labour plan informing our creditors of our inability to pay, and making an honourable settlement with them. Th e other is to drift along, ishoutiug: wo can and will pay our debts, knowing we cannot, until the inevitable. Black Thursday arrives, when not only principal and interest will have to be repudiated, but when finance for ordinary government services will not be available.

UNEARNED INCREMENT TAX. SYDNEY, February 27. Premier Lang has given notice of a hill being introduced next week to amend the Income Tax Act in the direction of imposing an unearned increment tax upon profits arising from the sale of real property and marketable securities.

FAVOURABLE TRADE BALANCE. CANBERRA, "February 27. The Australian experts for the seven months ended 31st. January, were valued at £55,950,000 and the imports at £48,421,000 leaving a favourable trade balance of seven millions, compared with an adverse balance of over thirty millions for the previous corresponding period. NOT APPROVED. HOBART. February 27. The Tasmanian branch of the Australian Labour Party in conference passed a resolution censuring Messrs Lyons, Guy and Fenton for their recent attitude in Federal Politich. N.S.W. LABOUR MEMBERS. SYDNEY, February 27. It is authoritatively stated in State Labour circles that iliosa New South M'ales members of the Federal Labour Party, who declined to range themselves behind Mr Lang’s financial plan and take part in the East Sydney byeelection campaign, will not receive the endorsement of the state executive iu the event of an early elcetfion. which, is believed to come before June,

UNEARNED INCREMENT TAX. SYDNEY, February 27. Mr Lang lias given notice of a Bill being introduced next week to ameudthe Income Tax Act in tile direction of imposing an unearned increment tax upon profits arising from the sate of real property and marketing securities. “TIMES’S” COMMENT. LONDON, February 27. The “Times’s” city editor commenting on the Bank of Australia’s dividend, says: “This result has been obtained in a period of exceptional difficulties. It is decidedly satisfactory the Bank is one of the three large Australian institutions, with its head office, in England. It is therefore earning its profits in the depreciated Australian pounds, while paying its dividends i nsterling. Wherefore the anends in sterling. Wherefore the anbefore implies even better results than arc apparent. The market had been

prepared for a lower dividend. The good impression this created has resulted in the shares, which were purchaseable at .£7/5/- on Wednesday, changing hands at £B/5/- yesterday. CENSURE ON TASMANIAN M’s.P. HOBART, February 27. The Tasmanian branch of the Australian Labour Party Conference passed a resolution censuring Messrs Lyons, Guy, and Fenton for their recent attitude in Federal polities,

LABORR CAUCUS. (Received this day at 9.40 a.m.) SYDNEY, February 28. The State Labour caucus approved of the Cabinet proposal that the basic wages he fixed on the standard for a husband and wife, supplemented by an endowment for each child. William I’rcoce, colliery miner at Litligow asking fur the suspension of labour conditons, informed, the Court that he had mortgaged his home to provide the miners fortnightly pays of .forty-five and eighty pounds. He declared the Western Miners Federation was trying to make proprietors operate the pits >A a loss, by demanding exorbitant rates and conditions.

ISSUE THROUGH COM.MONWFAi.TH BANK. CANBERRA, February 27. The Federal Government intends tlit' fiduciary note issue be distinctive in design and that the “promise to pay” in gold on demand, which appears on all the Commonwealth notes shall he omitted. The Government intends to introduce a special measure authorising the Commonwealth Bank to make the issue.

FEDERAL SENATE. TORY MAJORITY ATTITUDE. SYDNEY, February 27. Hon. E. G. Theodore, Federal Treasurer, returned to Sydney from Melbourne to-day. He met a number of bis supporters in conference on the subjects of the financial outlook and recent political developments. He understands, be told them that lie wa« sanguine that the Senate would agree to the proposed fiduciary note issue of £18,000,000. FA vnr RAB LE TRADE BA LA NCR. CANBERRA, February 27. Australian exports for the seven months ended January 31 were valued at £55.595,000, and imports at £48,•121.000, leaving a favourable trade balance of £7,000,000. compared with an adverse balance of over £30,000.000 during the previous corresponding period.