FEDERAL POLITICS

Hokitika Guardian, 26 March 1931, Page 5

FEDERAL POLITICS

mr McGrath s defection. • (Australian Press Association.) CANBERRA, March 25. The caucus of the Federal Labour Party passed a resolution that the Government Hake action on the floor of the House to oust .Mr .McGrath from ;the Chairmanship of Committees, and thajt the vote he made a vital issue. Dr Maloney and .Air F. Austey vigorously opposed this. Later the Government failed to give notice that the position of Chairman of Committees he declared vacant. Ah' McGrath therefore appears to be safe.

A DENIAL. CANBERRA, March 25. Mr Scullin has cabled to the Honolulu newspapers, denying what lie tei’ms the wild reports” they published of ship travellers’ tales about Australia being ‘‘on the verge of revolution.” The Prime Minister states that an alleged reference by an officer of the liner “Sierra” to warships lh's been brought to (the. notice of the Oceania Steamship authorities.

bank interest bill. THE SECOND READING. CANBERRA, March 20. Mr E, G, Theodore, moving the second rending of the- Bank Interest Bill in the House of Representatives, said that if the interest rates were reduced one per cent, industry in Australia would save- about,four million pounds per year. In discussion with the Government the banks saw no objection to the principle that the interest rate be reduced. The Government, however, was unable to accept dictation from tlie banks as to its policy, and because the- banks failed to- take the initiative in reducing the interest rates the Government found it necessary to proceed with his measure. A fine of £1001) is provided for as a penalty for charging rates in excess of the maximum under the Bill. One proposal in the- measure is that a. Board of five members •be appointed with power to make recommendations to the Treasurer in the following direction:—Firstly that the maximum rate of interest, which will be payable within the Commonwealth on bank deposits lodged with banks, and on advances by banks by a way of loans, overdrafts or otherwise, and secondly the maximum discount rate, which will be charged by the banks on bills, drafts or other securities-.

THE CURRENCY BILL. WARM INTERCHANGES. (Received d«v it 12 25. n m.) CANBERRA, March 2G. The Fiduciary Currency Bill was read ft second time after a long, bitter, debate, by 84 to 2D votes. Thet’o was a stormy period when Mr Gullett, (Deputy Leader of the Opposition), suggested that fiduciary notes, to show their real worth, should bear on on 0 side, a photograph of Mr Theodore surrounded by the Mungane Commission findings. The Postmaster General (Mr Green) interjected:—“You are a dirty dog”; Where upon the Speaker sternly demanded an apology. “He is a scoundrel” declared, Mr Green, but upon the Speaker’s threat to name him he apologised. The Speaker then reminded the House that such references to the Treasurer and the case which was sub judice was not permissible- in the debate.