N.S.W. DEBTS

Rotorua Morning Post, Volume 1, Issue 156, 24 February 1932, Page 5

N.S.W. DEBTS

(Press. rAssn.H^

i i »"-.n '4'i t' t is.R ■ a defiant premier ■ l-.i •; A'Tlb 4'iT'TU.DL i mr. LANG EXPLAlNSi AI3nTUDE PEGARDJHGjrCFEREST i payments *" * ^ A 'N' PfJl I "SUSPEksiGN POLICY" *. -- r a v./ n , • - ■ ► ■- h * }

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Rec. Feb.|s,^|5.plm. . . ? When ■ ,the • . Sjatbi'. rPaldiament 3fe.assemhled.to^ddy, -•.the'ifpreipierytMn. Ji T* La£hg;'hiade -atilijig .'explithatdhn j on his attitude in f ailing to meet the State's ihterest obligations. He attacked Mr. S. M. Bruce., the Assistant Federal Treasurer, declaring that he was responsible for the war on New South Wales, resulting in the Pederal^ Government introducing legis- 1 lation for the confiseation of another Government's money and property. Mr. Lang exclaimed : "If it is war they want, they will get it. My Government will win becanse its eause is righteous. We are not going to allow this State to become the chopping block for biased people like Mr. Bruce and the Melbourne coterie which is running the Commonwealth Government. My Government has adopted a hroad principle, of debt postponement, for if everybody, during a period of deflation, is called. upon to pay debts, then bankruptcy is ineyitable. We are going in for a'policyj of debt suspension to enable the people with assets to retrieve their positions when better times arrive." Mr. Lang, continuing, said : "If the Commonwealth Goveriiment is intent on extracting £3,000,000 in interest from New South Wales by legal coercion, then there is only one section of the community from whom it can be 1 taken, and that is the commercial and mortgagee classes. It is the Com-J : monwealth's problem solely. If they ' say they must he paid, then I am pre- 1 pared to provide them with the re- !

quisite machmery."