AUSTRALIAN NEWS

Hokitika Guardian, 30 May 1931, Page 5

AUSTRALIAN NEWS

CONVERSION LOAN

(Australian Press Association.)

MELBOURNE, May 29

When adjourning for the week-end an official statement was made on behalf of the Premiers’ Conference. It expressed satisfaction at the progress that has been made during the week. It is the unanimous opinion of the Premiers that a comprehensive plan for the restoration of the Government finances and for the economic reliabiliation of the country can be evolved, and adopted, before the Conference’s s'ttings terminate. However, many details must be settled before tlie draft measures can bp adopted to give legislative etfect to the final decisions of the Conference. The Conference resumes on Monday afternoon. During this morning there was a discussion on the conversion loan proposal. Sir James Mitchell, Premier of West Australia, remarked: “I take it the conversion will be voluntary.” The Prime Minister replied: “Yes, of course.” Mr Lang the New South Wales Premier remarked: “Everybody lias to walk tlie plank voluntarily.”

CRITICISM OF LOAN CONVERSION

LONDON, May 29

The “Financial News” says London banking circles strongly criticise the loan conversion scheme of Australia, some contending if a general scaling down of interest can he achieved by an appeal to patriotism, it would not he objectionable, hut the differential tax, applicable to holders refusing conversion. constituted an arbitrary interference with contractual obligations, tantamount to a partial repudiation, not assisting in the solution of the ultimate problem which is a funding loan for London indebtedness and the raising of new money, but aggravating the serious damage that politicians have done to Australian credit.

PETITION TO GOVERNOR-GENERAL CANBERRA. May 30. Regarding the waterside workers' regulations, tlie Attorney-General. Mr Brennan, stated he had seen the Gov-ernor-General and informed him that a petition to His Excellency had been adopted by the Senate and although regulations were in course of preparation, he. would not ask His Excellency to examine the terms until he had an opportunity of considering the petition and the advice of his constitutional advisers thereon.