NO DEBT PAYMENTS

Rotorua Morning Post, Volume 2, Issue 237, 27 May 1932, Page 5

NO DEBT PAYMENTS

jPress 4ssn.—

"struck down by assassin" oh[ eye qf * '■ victory" RELIEF ONLY IN HIS PLAN

-By Teldgriiph-r-do pyright).

Rec. May 26, 10. 3& p.m. SYDNEY, Thursday. Annpuncing the State Labour policy, Mr. J. T. Lang, condemned the attitude of other Australian Governmentq jp attemptjqg megt pyerseq^ interest payments of £363OOO>0OO a year rather than' seek a moratorium, and said that if his Farty were returned to powex-, it would' contrihutp only so much toward 'the payment of such interest as remained after pressing internal requirements had been satisfied. The temporary suspensiop of interest payments would' not- bring satisfaction, nor would tinkering with wages, as apprpve.d in the Premiqr's plan, solve the problem. Immediate relief would be found in the Lang plan, "vyhich 'WPqid greatly reduce interest charges and would also compel financial institntions to function in the interests of the community.

"Hand pf the Assassin" Mr. Lang said his Government had sought to do that by levying heavy taxation on the banks and big financial institutions. It was right on the eve pf victory when the hand qf the assassin struclc swiftly and iyArrayed agaipst his Government were all the newspapers of the State, which showed that they were prepared to twist the law and give it interpretations which benefitted "themselves along the great financial institutions. A hostile Upper House had done its best to snatch the fruits of victory from the peqple, hqj; on Jqne 11 (polling day) the dagger would' be retrieved from the assassin, and the power to make laws wonld comq froni Parliament alone. The Labour Party asked for a clear mandate to take all necessary steps to keep all the Courts of New South Wales free from poljtical bias. Raising Large Sums Mr. Lang went on to explain how his Mortgage Taxation Bill would have enabled the Government to find millions of money for the unemployed. He intimated that vested interests would have tried through the Courts to prevent its enactment, and he anticipated that they would do so again. "If the High Court rejeets our legislation," he added, "we shall hypothicate three years' revenue from the unemployment tax and by the issue of debentures for £21,000,000 get back into employment the bullc of the workless. Some of these debentures will retain their value, as the Government will accept them as payment foi1 income tax and retiie the certificates as they fall due. "It will mean that we are mortgaging the future prosperity of those in work to relieve the present necessity of those out of work. "All the Money We Want" "If the High Court gives a legal decision and not a political one, this course will not be necessary, because the mortgage taxes we originally had in view would give us all the money we want." Mr. Lang also attacked the Governor, Sir Philip Game. He complained of the Commonwealth Government's persecution, and promised an extension of the moratorium for three years, concessioiis to country settlers and further social benefits to those in need.