SPEEDY RUIN
(Press ASsn.-
MR. J. A. LYONS' VIEW OF EFFECTS OF BILL COUNTER MEASURES PROPOSED
-By Telegraph-'-Copyright.)
CANBERRA, Thursday. The Prime Minister, Mr. J. A. Lyons in a statement, declared that he had received information concerning the measure introduced into the New South Wales Assembly for the imposition of a tax of 10 per cent. on mortgages, with a provision for vesting in the State the whole rights of the mortgagee in the event of nonpayment within 14 days, "It is perfectly obvious," said Mr. Lyons, "that such a measure, if passed into law, would destroy the financial security, not only of New South Wales, but of the whole of Australia. It would bring speedy and immediate ruin in its train. "The Commonwealth Government has received advice that the powers of the Commonwealth are wide enough to enable it to defeat this latest attempt by Mr. Lang to destoy the credit of New South Wales and Australia. "The Commonwealth Government is watching the situation and will not hetsiate immediately to uSe its powers to the full to defeat a proposal which would be fraught with dire consequences to the people. Therefore, there is no occasion for alarm. A full meeting of the Cabinet has been summoned to consider the position.
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Bibliographic details
Rotorua Morning Post, Volume 2, Issue 222, 13 May 1932, Page 5
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211SPEEDY RUIN Rotorua Morning Post, Volume 2, Issue 222, 13 May 1932, Page 5
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