AUSTRALIAN POLITICS

Hokitika Guardian, 18 March 1931, Page 5

AUSTRALIAN POLITICS

DEBT REPUDIATION. INEVITABLE SAYS MR LANG. (Australian Press Association) SYDNEY, March 1. Introducing the Government's Interest Regulation Bill in the New South Wales Assembly, the Premier, Mr Lang, said: “Confronted with inevitable repudiation, the different Governments of Australia must realise that it is their duty to formulate proposals which will avoid national bank-

ruptcy.” This Bill, said the Premier, was one of a number, and it formed part of a proposal to reconstruct tire affairs of the State, and to deal with the present situation in New South Wales.

LANG’S OPPONENTS. ATTACK INDUSTRIAL POLICY SYDNEY, March 17. There was a crowded meeting at Abyar Hall to protest against Premier Lang’s Arbitration Bill. Mr J. (J. Watson, the former Labour Prime Minister of Australia, described the Measure as “ a delusion, a deceit; Mid a fWiffd” Mr WatSbli referred to Mr J ustice * iddlffgtoh ns beihg “it theorist lack-f ing In the practical qualifications non* essnry for the control of industry,” The meeting which was held under auspices of the Chamber of Manufacturers, protested against the Bill because, it was stated, “it would deprive manufacturers and employers of the management and control of their business ; would seriously interfere with the carrying on and development of existing industries ; would prevent the establishment of new ones • would drive trade from this State; and would seriously increase unemployment.”

SOUTH AUSTRALIAN LABOUR. UPHOLDS FEDERAL GOVERNMENT. ADELAIDE, March 17. The State Australian Labour Party Conference defeated a motion that the South Australian Labour Party should co-operate with the New South Wales Labour Party in forcing the adoption of that State’s financial plans.; A proposal to co-operat e with the other States to bring about a measure of controlled inflation was carried.

INTEREST REDUCTION BILL. (Received this d.tv at 10.30 a.m.) SYDNEY, Match 17. Explaining the Interest Redfucf) on Bill Mr Lttng si-ald it fifeed the rate' for private borrowing at five per cent on first mortgage and six for'second or subsequent mortgage j five, per cent on lure purchase goods or land buying instalment system. Deposit rates and call money o>ne and a half per cent; three months, two per cent; six months, 21 per cent; one to two years 23 per cent. The Bill does not apply to agreements covering payment of interest outside of New South "Wales. Agreements and obligations entered into with the Crown or State Savings Bank are also exempt. Mr Stevens said he feared the Bill would destroy the existing system of finance and dissipate the little confidence remaining in industry. Mr Booth (Labourite) supporting the measure attacked the Legislative Council, which he said was determined to defeat the Bill at all costs. We will take up the challenge and will fight with every ounce of energy we possess. If Opposition members try to meet the position with armed force we will meet them with armed force and beat them. The Speaker intervened calling Mr Booth to order. The Bill was read a first time, and the second reading takes place to-day. WESTRALIAN DEFICIT. PERTH, March 18. It now appears that the financial year will end with a deficit of £933,000 instead of the anticipated surplus of £6OOO.

“TIMES” COMMENT.

ON AUSTRALIAN POLITICS. (Received 10.25 a.m.) LONDON, March 17. The “Times” m a leader on the High Court dismissal of Mr Lang’s appeal, says this has given the very “red” Premier a check which may seriously interfere with his plans for the establishment of a dictatorship of a proletariat, with himself as dictator. Lang is unlikely to appeal to the people by a referendum, for there is little doubt the verdict would he .c.gainst him. If h e seeks the creation of new members to force through legislation of a confiscatory, 1 evolutionary character, the Governor before assenting would probably wish to bo satisfied that Government has the country’s support for extremist measures, which were not placed before the electors at last election. The situation is complicated by Lang’s 'feud, against Theodore. It becomes daily more evident that the life of the Seul]jn Government is numbered in hours.