FEDERAL FINANCE

Hokitika Guardian, 2 April 1931, Page 6

FEDERAL FINANCE

SCULLIN AND LANG. _ j A val mlian Pirns Association.) SVDNKY. April |. I j Speaking at i.iit- official luncheon of i tic- Koval Show at Sydney to-day, t.h • . i I’rimt- Minister, lit. Hon. J. H. Se.ul- . Ilin. said: ‘'lt' we dishonoured our bond. we would not only dishonour our nation, lint wo would also destroy <»ur | market. Our national debt would he I the greater, and our poverty and miscry would increase.” j He added that it was not too much |to claim oiir method of redressing | trade ha lance, has saved Australia, j from bankruptcy. I Mr Seullm raised a smile when he | said: "On top of the financial chaos, we have had passed to us by the State Governments still further financial obligation*.” -oe Prime Minister declared that lie was more than pleased with tin* increase in the wool prices, and he asi sored the gathering that the Govei nj ment would do its level best to restore 1 prosperity and to find new markets for ! j their produce. ! j Mr Liang. N.K.W. Premier. was j j among the- speakers. He said that the | j New South Wales Government had de-j cided that the- quickest way of giving relief to the primary producers was by arbitrarily reducing their inteei'st bur-! d(-n. I lie producers were entitled to a ! larger portion of the credit which their lahours created. Cheap money, lie! said, was the only solution of their ! difficulties. His Government. he said. I could have obtained seven "hundred I thousatfd sterling from their British I bondholders on April Ist. hut it would j have meant that an amount of credit : would have been withdrawn from the primary and secomlarv industries oi New South Males. He ailed : "De- .

fault faei-d ihe Government on either hand. We derided tliat the default ‘diouid not he to our own citizens.”