AUSTRALIAN FINANCE

Hokitika Guardian, 30 September 1931, Page 5

AUSTRALIAN FINANCE

UNEMPLOYMENT NEEDS. (Australian Press Association.) SYDNEY, September 29. A special meeting, the Commonwealth Bank Board is discussing a renewed request from the Prime Minister, Mr J. H'. Scullin', for a five millions loan to afelleve the unemployment. ) CHEAP LABOUR WANTED. BY OPPONENTS OP UNEMPLOYED relief.

SYDNEY, September 29

Commenting on the Prime Minister’s request to the Commonwealth Bank, Mr James Kidd, chairman of the Producers’ Advisory Council, says ; The request is merely an evasion' of the necessity of reducing costs of industry, both primary and secondary. To ask .the banks to advance five millions at a time when their ' resources are strictly limited, and when industry requires more assistance than is obtainable, 'is unwise. If costs . come down we will have a similar experience to Queensland, 'where, since the' partial suspension of the arbitration law, there has been a gradual absorption of the unemployed.

QUEST FOR INTEREST. SYDNEY, September 29. The Lang Government’s N.S.W. Interest. Reduction Bill has now' passed both Houses. 'Some members of the Legislative Council expressed a fear that the Bill will cause a flight of capital. to other states, owing to the drastic reduction of the interest on fixed deposits.