FEDERAL PLAN

Hokitika Guardian, 20 June 1931, Page 5

FEDERAL PLAN

AUSTRALIAN LABOUR EXECUT.Vc APPROVtS

(Australian Press Association.) CANBERRA, June 19. The Federal jii-eeutue "of the Austrin.a.i j-i-uour Jt'arty, wnicu has litnc. a oti i«s ui meetings, .has concluded it* u...iuci U nulls on tuC i'iOiuJciS' C-uhl'Ci-u.ice a mil. a at* Awicuth e lias resolved to appro»e oi -Ur Seuliin the Prime Minister's and Air .theodore, tfie 1 ecierai treasurer s actions in giving Parliamentary cited to tlie Plan.

At the same time, the Executive expressed live strongest objection to the principle of the reducing of wages pensions and social services. >'ihe Executive pointed out that, as the Government’s monetary policy has been thwarted by the banks and by the reactionary Senate, the only alternative to the present Plan was a Nationalist Government for the Commonwealth which would give the workers an infinitely worse d al than under the Plan. It was, therefore, of pile greatest importance that the Labour Government should remain in office, as an election at the present moment would be dahgerotls to the workers’ interests.

LONDON APPROVAL OF QUICK GOLD SHIPMENT, LONDON, June 19. The “Financial News” says: The rapidity with which the Gold Shipments measure has been passed by the Federal Parliament demonstrates that Australian can move swiftly when the ureas.on nemands it, it is a clear evidence of the fulfilment of the vow of the politicians to pull together. This gold shipment disposes ol Australia’s most urgent problem.

£15,000,000 LOAN. LONDON OFFICE TO AUSTRALIA. LONDON, June 19. A group of financiers in London through a Sydney agency, is reported to have offered a fifteen million loan in gold for a long term at market interest to the Commonwealth Government, but bullion to lie paid for by bonds with a currency of forty years at four per cent. The Prime Minister has declined so far to comment on the matter, but he displays no enthusiasm about the offer. Some of his colleagues express the opinion that the leaders must be very well disposed l to Australia, having regard to the financial plight of the country, and to the more profitable field elsewhere.

N,S.V/, SAVINGS BANK, SYDNEY, June 19. Negotiations are proceeding at Canberra for the reopening of the New South Wales Giovermiujnt Savings Bank. A strong desire has recently been evidenced that the proposed merger of the Bank with the Commonwealth Bank should not be completed. It is understood that the latter Bank is not anxious to absorb the state Bank, owing to its last ramifications. Official circles are extremely optimistic that the New South Wales Government Savings Bank will soon be reopened.