MR LANG SPEAKS

Hokitika Guardian, 15 April 1931, Page 5

MR LANG SPEAKS

PLEA FOR SCALING DOWN OF INTEREST. (Australian Press Association.) (Received this day at 8 a.m.) MET,BOURNE. April 15. Mr Lang’s speech at West Melbourne Stadium to-night, amounted to a plea for a scaling down of interest rates, ! which lit' said would revive industry and break the bondage wlnrein financial interests held the people of Australia. He urged all Governments for two years to devote thirty-six millions which was now being paid in overseas ' interest, to the relief of unemployment. He also urged that the gold standard should be changed to one based upon the wealth of Australia, to he known as the goods standard, in order to prevent manipulation as was occurring in the case of the gold standard. Australia was in her present condition becaus.* Britain would not buy Iter goods. Australia had been unable to borrow for eighteen months, although she paid her interest regularly. The people should profit by the attitude of France which stood up to her financial institutions, as did the Italians. Britain herself held a pistol at America’s head, and got a greater measure of justice in regard to interest. The same fight was on in Australia, ft was a fight against Nioyemerism. There was not the slightest reason why interest should lie reduced by Government, just as wages is regulated by Government tribunal.