Strike Clouds Gather

Sun (Auckland), Volume IV, Issue 1063, 29 August 1930, Page 9

Strike Clouds Gather

AUSTRALIA’S NEW ENEMY

State Premier’s Threat

DEBT REPUDIATION ELECTION ISSUE

BESIDES financial chaos, and the possibility of a political crisis also, Australia is now threatened by further industrial trouble. A general strike of drivers and carters has been called in South Australia as a result of the waterfront dispute at Port Adelaide, and the State Premier has threatened drastic action if the affair is not soon settled. The war debt repudiation demand of the New South Wales Labour Conference is likely to he made the chief issue at the forthcoming State elections.

United P.A.—By Telegraph—Copyright Reed. 11.5 a.m. ADELAIDE, Today. There were more disturbances at the Port Adelaide waterfront today, when a crowd of unemployed was charged by the police with batons. The volunteer workers are closely guarded. The South Australian branch of the Carters’ and Drivers’ Union decided to call a general strike, excluding the milk-cart drivers. The trouble has reference to the waterside dispute. The Premier, Mr. L. L. Hill, stated that if negotiations are not reopened between the shipowners and the wateinsiders, the Government will take action to settle the dispute regarding volunteer labour. REPUDIATION IMPOSSIBLE Professor Theodore Gregory, of the University of London, a member of Sir Otto Niemeyer’s financial mission, in a statement to an interviewer here, said it would be impossible for Australia to repudiate her external obligations without at the same time repudiating her internal debts. The owners of great blocks of Australian Government securities were either the people themselves or the insurance companies, and to some extent the Australian banks, particularly the Savings Banks. Consequently repudiation would mean that the people of Australia themselves would suffer. If Australia repudiated her foreign debts the London bondholders probably would organise and begin an action for their recovery. There was a council of foreign bondholders in

London to protect the rights of bondholders in cases of this sort. Professor Gregory will sail for England, via New Zealand and America, on board the Ulimaroa tomorrow. Sir Otto will remain here two weeks longer. Commonwealth Government securities now are in popular demand on the Sydney Stock Exchange. Holders are not anxious to sell except at enhanced prices. Six issues recorded advances today of from Is 3d to ss. A Sydney message says the New South Wales Government is now reviewing the Estimates to be presented to the impending session of Parliament. It expects to balance its ledger in every department except the railways, which at the rate at which the losses at present are mounting will show a deficit of £4,000,000. AN ELECTION ISSUE DEBT REPUDIATION PLAN ' N.S.W. LABOUR INSISTS Reed. 10.5 a.m. SYDNEY, Today, The New South Wales Labour Council last evening endorsed the war debt repudiation policy, but moderate Labour opinion outside New South AVales is overwhelmingly opposed to it. It is highly probable that the approaching New South Wales State elecl ions will be fought on this issue.