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Newspaper
Cairns Post
Location
Cairns, Queensland, Australia
Date
Feb 18, 1932
Page
2
London dispatch notes the American Creditsail marks a bold departure from deflation and could influence global prices. It cites mixed opinions of leading authorities on inflation risks and the need to test the crucial experiment for the world economy.
Washington reports Senator Glass outlined a banking bill allowing the Federal Reserve to extend credit to solvent banks on promissory notes after eligible paper is used, and to substitute direct government securities for gold as a basis for notes. The plan would replace 40 percent gold reserve with government bonds, freeing gold for credit. The move appears aimed at signaling to France regarding gold, amid a continuing drain.
The Daily Mail London desk comments on whether the American stock surge will endure. It notes Wall Street rally optimism may be temporary and investors seek a longer, sustained upturn rather than a short-lived palliation.
In New York on February 15 traders noted profit taking and a fall in stock prices while government bonds gained. Attention then shifted to Washington where Senator Glas's Banking Bill passed the House amid a sharp debate. Representative Shangon pressed for details of what General Dawes told President Hoover, but Mr Steagall declined, citing delicate credit matters.
Australian Cable Service dispatch from London notes no immediate Dominion preferences until the Quadrant Conference. The report cites ample meat supply but insufficient beef and rising prices, with the government aiming to avoid food taxes at least until Dominion terms improve.
In Sydney on February 16 the Labor faction held a rancorous session focused on a single tin hare license. The day saw acrimonious debate and many recriminations, with little attention given to legislative matters and calls to disband the group.
Melbourne reports the Australian Board will sanction a Canadian tour to run from late May to late July as a goodwill mission aligned with the Ottawa Conference. Arthur Mailey seeks to give experience to young players, with a squad partly chosen and possibly not considered a full Australian team.
February reports from Inglewood and surrounding areas describe wide scale bush fires burning pastures crops and stock losses. The fires spread toward Warro Brigane and Goondiwindi leaving millions of acres damaged and many livestock feared killed while Inglewood town remains encircled but not yet in danger.
A Feb 16 report notes a spreading fire front advancing 78 miles with a two mile front line. The blaze threatens Bodumba and is not expected to be checked before reaching the plain near Gore.
A high explosive was found in the tomb of Pope Innocent Eleven at Saint Peter's. The package may have lain there since before Mussolini’s historic interview and persisted through the tenth anniversary celebrations. Residual artefacts from the Croydon collection are noted.
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