SEA OF TROUBLE

Nelson Evening Mail, Volume LXIV, 7 January 1931, Page 5

SEA OF TROUBLE

AWAITING MR SCULLIN COMMONWEALTH FINANCIAL POSITION (United Press Association—By Electrlo Telegraph—Copyright) SYDNEY, This Day. A Sydney newspaper says the moment the Prime Minister Mr Scullin enters the usually placid waters of the Southern Pacific he will enter a sea of trouble. As soon as he arrives at Canberra the Federal Labour caucus holds a meeting when “parliamentary or bank rule is the biggest issue that will be raised.’’ Mr Yates, member for Adelaide, will move in favour of legislation for the creation of emergency currency to finance Commonwealth and State public works. He points out that the recent conversion loan had made the Commonwealth’s financial position worse tlian ever, as ten millions worth 31,- and 3§ per cents, was converted to and 6 per cents, thereby adding to the staggering interest burden by at least a quarter of a million per year. The time has arrived, he says, to face facts and insist on altered financial methods. Mr Anstey, Minister of Health, is even more pointed. He says: “We are rapidly heading for chaos. It looks as though the banks will close down on the Governments probably within two months. When that happens we shall have a chance to reconstruct along new lines.”

READY TO RESIGN IF BETTER MAN AVAILABLE (Received 7th January, 10.45 a.m.) PERTH. This Day. Speaking at the civic reception tendered to him on arrival from England, Mr Scullin said: “I will make _w ay at any moment for a better man if he conies forward.” He summed up the future policy ot the Government in the words: “When we see a step along the right road we will take it regardless of political consequences.”