NO INCREASE IN LOANS

Sun (Auckland), Volume III, Issue 821, 15 November 1929, Page 11

NO INCREASE IN LOANS

AUSTRALIAN LABOUR COMMENDED CONSCIOUS OF DIFFICULTIES K< (d. 9 a.ill. LONDON. Thursday. “The Times' commends the decision of the Australian Loan Council not to increase its loan programme. It remarks on the similarity of the difficulties facing the British and the Australian Prime Ministers. Mr. MacDonald and Mr. Scullin, and gives ; as an instance the depression in tile coal trade and unemployment. < “The Times” alludes to the neces- j sity for Air. K. G. Theodore, Federal j ! Treasurer, to cut down expenditure j and to increase revenue. It says ; j there is much in Mr. Theodore’s past, i especially his handling of the finances 1 | of Queensland, which may well cause anxiety, but he is a big man and an able man. It would cause no surprise to see him profit from his past experiences. j “The Times” thinks the most urgent j need in connection with the industrial : problem is to restore respect for the ! law. It concludes by assuring Mr. Scullin that his efforts for the promotion of the general good of the commonwealth of British nations will receive the sympathetic understand- \ } ing for which lie asked when he made i a broadcast speech on the formation j of his Cabinet. ! a The financial editor of the “Morning Post” says that those persons who f I expect to find, in the remarks made a by Mr. Andrew Williamson, the chairman. at the annual meeting of the s English, Scottish and Australian t Rank, any confirmation of the alarm- l ist reports which are sometimes cir- 1 ciliated regarding Australian credit, 1 will find, on the contrary, much in * the way of quiet reassurance, though Mr. Williamson by no means over- * looks the weak spots which require ~ | attention, if Australian credit is to be \ ; thoroughly maintained. i One of the encouraging factors in g the situation, says the “Post,” is that the new Government appears to be conscious of the magnitude of its task.