MR. LANG'S SPEECH

Rotorua Morning Post, Volume 1, Issue 200, 16 April 1932, Page 5

MR. LANG'S SPEECH

(B*oss Assn.-

STATE GUARANTEES FOR TEN MILLION LOAN AUSTRALIAN POSITION

-By Telegraph — Copyright).

MELBOURNE, Friddy. (J. A. Lyons. Federal Prime Ministef, made it plairi that the .£10,000,000 Joari will be subject to all, the States giving a definite guaranfee tha^ the terms of the Premiefs' Plan aiid the Expert Committee's proposals will be carried out. Mr. Lyphs said the Goyefnhieftt approved, of tKe rqcbnimenqatibn of the committee that tBe State Gbverhments shpiild compel a rediiction in ihe rateS of iriterest paid hy private individuals as contemplated in the Premiers' Plan. The Cabinet had approved of a prop'osal tb set up an honorary Federal Eniploymeht Couneil and six similar council^ iri the States. The Federal Govefhmerit agreed with a reconimendation that exchahge should be increased to bridge part of the gap between costs and priees, and also agreed that the exchange rate Be contrblled by ihe Co'mmbnwealth Barik, fr.ee from political .conirol. The Premiers' Plan had stipulated that the Government deficits for 193132 be £13,000,000. They actually would amount to £18,000,000.. Mr. Lang listehed attentively to the Prime Minister's speech. He asked no questions and took no part in the debate, but later be said he would oppose the propo'sal to reduee wages.