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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Aug 12, 1932
Page
1
Reports from Ottawa say the Empire monetary policy committee adopted a currency sub committee report, urging price level stability. British delegates expect higher prices with renewed confidence in stock markets and commodity values, while India urges firmer fixed policy for a year.
The report urges raising general price levels and wholesale prices through international action. It calls for stable monetary policy in the British Commonwealth with low rates and abundant short term money to boost industry and confidence. It favors exchange stabilization via international cooperation and a monetary base underpinning currencies without committing to a gold standard.
A British delegation asserts a brief statement will have a strong psychological effect on markets. They claim no Empire references and expect stabilisation of trade balances, with a rapidly improving financial position and cheaper money. Publication of the report is seen as lifting prices and boosting stock markets with a wave of confidence and higher commodity prices.
Reports from Aap Au indicate the Ananciol policy decision may push global markets, with Dominion delegations noting Rejtain may back a firmer stance to raise prices. Firstain signals intent to take drastic measures to stimulate higher prices while Gov ernment support reinforces the inflationary outlook.
In Sydney Sir James Parr addressing the Millions Club expressed optimism over the Orawa Conference outcome. The New Zealand leader, formerly High Commissioner in London and now head of the New Zealand Governors in the Upper House, said there is nothing to stop a possible ten percent increase in butter preferences.
A three year old boy Desmond Wackes was killed when a bus wheel broke from a tram or bus near Kogarah. The wheel crushed him as repair work occurred beneath it. Police and bystanders described a tragic accident as the grandfather witnessed the fatal scene.
The Montreal Gazette editorial says Ottawa faces a deadlock as Mr. Bennett runs a one man government style at the conference. It warns England and Canada would share only in lower outcomes unless corrected. Officials deny a split and pledge harmony. ministers call the report faulty.
A luncheon by the Canadian Horticultural Council gathered Empire fruit experts to discuss bonuses for experts, uniform plantings, empire branding, and boosting trade. A sub-committee proposes an Empire Fruit Federation and a 1998 Empire conference, possibly in Melbourne.
The Federal Cabinet decided to maintain government control of Canberra’s OmAlbua bus service for another year. Minister Parkhill said no tender would be accepted, forecasts show subsidies may rise, but running costs should drop by at least £2,000 compared with 1001-82.
In Sydney trading today Commonwealth bonds showed renewed confidence as markets closed with gains. The 1850 issue rose to £109 intraday and finished around £60/1,3, while the 1988 and 1941 issues closed at £100. In Melbourne Professor Copland urged redoubling deficit efforts as bond values rise.
Chief Secretary Mr Chaffey called for harsher penalties for gangs that attack policemen and said interference with an officer on duty would not be tolerated. He supported flogging when warranted, but did not favor corporal punishment as general policy.
Uproar at the Farmers and Settlers Conference as Senator Hardy faced charges he capitulated to city interests and sold the United Country Movement. J F McLelland urged adding words to condemn the proposed boundaries while G Wilson contested alignment with policy speakers Stevens and Hraxner. A Dubbo committee had drawn new boundaries to present to the Boundaries Commission.
The Federal Cabinet decided to form an expert committee to investigate the wool industry in Australia and identify steps for rehabilitation. Prime Minister Lyons said the panel will likely have seven members, with identities not yet disclosed. The move follows a Sydney Woolgrowers Council meeting led by Sir Graham Waddell stressing urgent action.
In Melbourne on Thursday, negotiations at Yarra Falls led to a settlement ending the dispute among textile workers. Work will resume tomorrow as employees accept a seven per cent reduction.
A Sydney meeting of the Unemployment Relief Council decided on a further 150000 grant to the Water and Sewerage Board with half grant and the rest as a loan at four percent interest. Funds to be used for works in the metropolitan area.
The Collector of Customs notes a letter from Honest Elucidator with three five pound notes and an admission of a successful experiment in defrauding customs revenue of 215. The writer promises further details and asks the department to close the loophole.
Washington reports total wheat crop on August 1 at 22,687,000 bushels under better conditions. This is down from 794,001,000 a month earlier and 894,104,000 the previous year.
London reports a Berlin conference resumed between President Hindenburg and Von Papen amid talk Hitler could become German Chancellor and possibly Premier of Prussia. Rumors claim Nazi storm troops could march on Berlin while police guard key sites.
Food relief by byndey states shopkeepers may distribute only goods listed in the uniform relief scale. A large town firm ignored the rule by supplying nonfood items and was removed from the eligible suppliers list. The Chief Secretary’s Department warns others of severe penalties for breaches.
Kay Don sails from Southampton aboard the Majestic to compete in the International Trophy at Detroit on September 6 and 7 against Lond Wakefield's Miss Edgland 1. The race venue is Lata St. Clare, Detroit, with Kay Don heading to the United States to challenge the field.
The case of Georges Ambrose Saunders known as Uncle George of 21GB on the charge of failing to furnish an income tax return was withdrawn at Central Court today after the magistrate was informed the Georges had withdrawn.
Eight year old Mavis Ismay of Sandringham saved her four year old cousin who fell from a bridge into a deep creek. Despite a broken arm and excruciating pain, she bound her arm with splints and brought the unconscious child safely to shore.
Police arrest a young Chinaman on Elizabeth Street in a major drug bust. Dope bureau seized thousands of packets of cocaine found hidden in his coat and pockets. Investigators say the cocaine arrived in Australia from England and Germany and a charge was laid.
Night patrols intercepted two men in a rowing boat off Neutral Bay before dawn. They discarded heavy objects overboard as officers closed in and police recovered a handbag, women’s clothing and a toolkit. Both men were charged with suspected piracy or theft and police query nearby yachts for additional robberies.
The Farmers Debt Relief bill aims to mirror Western Australia and other states and would let farmers and creditors negotiate an agreement for ratification by the Parliament. Mr W H White of Western Australia advises on the measure as Premier Stevens pushes for its features.
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