GOVERNMENT’S FINANCE PROPOSALS
OUTLINED BY MR THEODORE. (Australian Press Association.) (Received 10.15 a.m.) CANBERRA. Afarch 25. The- Government’s new finance proposals was outlined lie Air Theodore in moving the second reading of the. Commonwealth Bank Amendment Bill, authorising the Government to use the present gold reserve to meet urgent outstanding liabilities, and fixing the minimum, issue of Australian notes at sixty million pounds. The explanation for the measure was that .Sir Robert Gibson, chairman of the Bank Board, indicated they were approachiiti. a position where shipments of gold to .meet London indebtedness ‘woulu intrude on the amount the hank legally required to keep in tlm vaults.
“It is far better to make use of this gold in London than have it in vaults where it is performing no discernibly | useful purpose’ declared the ITeasurer, (Air Theodore) unless gold shipped to Australia must default on obligations failing due as it could not raise loans in London or get credits there to ear-j ry on. Since January 1930, £28,-j 470,000 worth of gold lias been shipped and the Commonwealth Bank now held £15,385.000. I The debate begins when the House! meets after Easter, It is stated at Canberra that the Opposition arc perfecting plans for an early election. |
Air S. N. Bruce contests his old seat at Flinders as a Nationalist. MR THEODORE’S PROPOSAL. LONDON, Alai oh 24. A stockbroker describes Air Theodore's proposal to ship the gold reserves to England as a gambler’s throw, of the Treasurer plunging in the hope of a trade recovery. A high official authority relusex to believe of tile possibility of Australia defaulting now or hereafter. He predicted that the AA'estminister Bank indebtedness would he satisfactorily arranged. and expresses the opinion that Air Theodore’s attitude is inspired by political motives with a view to the possibility of an impending election.
City circles believe that the whole of the interest payments, amounting to £2,250,000, which is payable on April Ist, has been assured.
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Hokitika Guardian, 25 March 1931, Page 5
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326GOVERNMENT’S FINANCE PROPOSALS Hokitika Guardian, 25 March 1931, Page 5
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