RAID ON SAVINGS
(Press. A&sn.—
prime minister justifies most drastic action ■ AIMED AT SWIFT DESTRUCTION
-By Telegnph — Copvright).
Rec. May 13, 9.15 p.m. CANBERRA, Friday. During the second reading debate on the Financial Emergency State Legislation Bill the Prime Minister, Mr. J. A. Lyons, explained that strong and drastic action was imperative in order to allay the panic of the people. Mr. Lang's Bill, he said, amounted to a raid on the people's savings, not only in New South Wales, but in others States and other countries. It was aiming at the swift destruetion of social institutions. Mr. Lang's legislation was generally retarding recovery and was multiplying destitution. The Commonwealth Government had the utmost belief in the future of Australia. Sir George Pearce, Leader of the Government in the Senate, declared that Mr. Lang's Bill was absolutely ruining the financial structure upon which rested the savings of the people. He said that mortgages held by the banks approximated £72,000-,-000 by trustee eompanies, £12,000,0fi)0> hy trading eompanies £12,000,00.0; and by private individuals £10,000,000. The 10 per cent. tax on the whole amount would, he added, yield not ■ £7,000,000 but £14,000,000. The Senate passed the Bill.
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Bibliographic details
Rotorua Morning Post, Volume 2, Issue 223, 14 May 1932, Page 5
Word Count
194RAID ON SAVINGS Rotorua Morning Post, Volume 2, Issue 223, 14 May 1932, Page 5
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