AUSTRALIAN POLITICS

Hokitika Guardian, 30 March 1931, Page 6

AUSTRALIAN POLITICS

LYON’S POLICY. MR BRUCE’S SUPPORT. (Ausimlian Press Association.) SYDNEY. March 29. Mr Lyons, M.H.R., Ims invited the, leaders of all political parties, and also the ordinary citizens to sink their differences and unite to form a true Commonwealth Party so as to restore both the external and internal credits of Australia by re-establishing the integrity of Government’s finance. Mr Lyon’s policy includes the billowing planks:— No indirect repudiation of the national obligations by debasing tlie earre iicy; also the preservation ol the currency from political control. The restoration of a balanced budget, on tli(> basis of equality of sacrifice to be progressingly effected as the financial capacity of the Commonwealth permits. The reducing of Government expenditure to a reasonable correspondence with the fall in the national income. Tariff preference to Britain and iiitur-Domrniuii reciprocity The encoiiiageent of productive enterprise, ciius securing the re-employ-ment of tlie people. Immediate assistance to the man on the land with real money. Mr Lyons said: “My ‘urates and 1 have always .been Labour men. We have no party to-day. Conscience ..impelled us to transfer our allegiancefrom the Party we have long served to the people of Australia, because so many of them are in dire, clreAdfi.il need.” ’t li<' bankers uml others approve of Mr Lyon’s policy. Mr Stanley Bruce welcomes Mr Lyon’s proposals, and he promises his assistance. He adds: “The people must concentrate on returning to give, effecl to such a policy.” “ALL FOR AUSTRALIA” LEAGUE. CONVENTION AT SYDNEY. SYDNEY. .March 2D. Eight hundred delegates attended the “All for Australia” League Convention at Sydney Town Hall, representing all classes of the city and country people. Unusual precautions i

were taken to prevent the entry of any who would be bent, upon wrecking fbe proceedings, which were markedly free-spoken criticisms on the failure of bo’t.b the past au.dY (ire.sent political parties to give 'tb'e’ best, ' service to tlie country. ; The Convention was asked to doter- • min,, whether the League should ac- ! e('])t individual candidates who were I arguing in favour ol its aims, or by os't.iW'sliing its o'vu political movement. A wide divergence of views on these points was apparent. A suggestion that die League meet Mr Lyons and also the Nationalists and Country Party leaders to discuss a miited policy to retrieve Australia’s position was not' received with any groat favour. • The Convention passed a resolution by 59S votes to i() to create its own poiitieal movement. 'I be Provisional President is Mr A. .1. Gibbons. In forecasting the possible future of the League lie said lie thought steps should be taken to revise tin? State and Federal constitutions, and bring them into conformity with present-day requirements. They must consider how the power u>t the State should be curbed so as to prevent the repudiation of national finance, the tariff, and the Arbitration Court These things were of outstanding importance, uml were causing a division among the people, which must be remedied. 'The League was not a Fascist one, full was the watchdog of the nation’s interests. SECURITIES STEADY UP. LONDON, March 28. ”Tbe Timex's” City Editor cites Ihr growing steadiness of Australian securities after I lie recent slump. He regrets that the Commonwealth Government. did not avoid tin* damage to Australian credit due 1.0 Mr Lang’s reckless decision, by announcing imnie. rdiately alter Ids intimation, that it would ensure payments being manic. NEW YORK. March 27. Mr Montague arrived to-da.v by tfie I lerengaria. He refused to discuss reports that he came to discuss the e:•ra li'asiunent of international bank finance and trade with new markets.

SCULLIN'S PROPOSAL. SYDNEY. March 29. There is a rumour current (hat Mr Suullin, the Federal Prime Minister contemplates suggesting to th ( » Federal Labour Party Conference a referendum on the abolition of the State- Parliaments.

The details are being kept secret. It is believed Mr .Scullin and Mr Thcr.'dore are anxious to find something likely to appeal to the electors if their vote's be sought at. an early election. LONDON. March 27. In the House of Commons. Mr L. C. M. S. Amerv asked Mr .1. H. Thomas whether he had proposed to take any action in view of the New South Wales (hivernmoutV decision to default. Mr Thomas replied: "I am sure I am interpreting the sentiments ol ail sections of the House when f say IVe attitude of New South Wales has can:;; d a painful T-urprLe.

lie had asked the High Commi - sinner, In, said, to point, out the disastrous effect on A list i a linn credit which would arise. Mr Thomas added that I lie British Government had no financial liability in the loans, which were sol"v a matter for flic Commomvealfli and Stale Governments on the one band, and private bondholders on the ol her. “But we cannot he indifferent to Ihe most, serious repercussions who-*' follow a breach of its obligations by any State.” lie said. lie promised to make a further statement on Monday as the result o' information from Sir Granville Ryrie.

X KAY YORK COMMENT. fßeooivod this dav at 8 a.in.) NEW YORK, March 29. Although Commonwealth stocks pained one or two points and New South Wales issues rose half to 1 j Queensland issues were frantically lower. New York “Times” financial editor says, “although there is no general opinion on the subject of what price on a given foreign bond issue, indicate,s a probable default it has been noted in recent months that when an issue poes below fifty per cent, default is taken for granted. Tile belief is current in Wall Street that the 1920 agreement providing for the use ot Commonwealth funds to prevent New South Wales default in interest covers the present situation.”