23 Sep 1931
Page 1
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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Sep 23, 1931
Page
1
Barrier District Assembly of the State A.L.P. passed a motion of no confidence in Minister for Home Affairs Mr. A Blakeley. He then resigned and said he would contest the Federal A.L.P. selection ballot in Broken Hill on Tuesday.
The government considers a toll on the Sydney Harbour Bridge to cover the increased cost from 6,760,000 to 10,000. A special rate for metropolitan use is proposed and will be considered soon.
Police in Hobart say reports of an aeroplane crash near Gardiner Ranges north of Hobart are being treated as reliable. Investigations continue as searches cover a large area with no sign yet of the missing plane.
In the New South Wales Assembly Mr Lang states the government will restrict advertising in the Sydney Morning Herald citing a shift in policy. He criticizes the Herald for anti government articles while denying influence from Associated Newspapers.
In London the House of Commons debated wage reductions. Mr Amey MacDonald announced that cuts to teachers police and forces salaries would not exceed ten percent. He added that the budget balance would be kept by other measures.
London and Britain face a closed stock exchange with grave anxiety easing, while Australian markets await the gold standard decision. Banks report normal operations but foresee several days of closure. Australian prices may rise on theory, yet bankers warn against counting on it. Rubber and cotton lead commodity gains in uneventful trading.
The Federal Treasurer Mr Theodore commented on England's gold standard abandonment. He noted uncertainty about sterling depreciation and its effects on Australian finance and trade, including wheat and wool prices, and whether other nations would follow Britain off the gold standard.
Reports indicate large Manchurian troop concentrations at Harbin amid fears of Soviet involvement. Japanese residents form volunteer corps and build an aerodrome at Chang chun while 15 southern towns with key rail hubs are occupied. Civilians flee as ships and troops move. Shanghai sees Marines patrolling and talks of a large anti Japanese demonstration surface.
London reports the Chancellor Philip Snowden explains suspend gold standard to blunt inflation risk. He says the pound may fall and raise prices of imported foodstuffs but bank stability remains strong and fear of mass inflation is misplaced. Empire trade anddominion supplies help security.
Foreign exchanges show sterling weaker in Paris and several Swiss cities suspend quotes. London brokers discuss affairs in Throgmorton Street as the city remains calm, with banks continuing business despite a wider financial crisis.
New York Chicago and Montreal boards of governors agreed to open markets only after strict measures to prevent price collapse. Short selling banned by American exchanges, stock trading limited to avoid dips. Sterling slipped to three dollars and 76 cents before recovering near four dollars 36 cents. Foreign currencies showed limited activity. Canadian dollar dropped nominally to 94.3 cents. Financial authorities sought stability as bids fluctuated.
The New York stock market recovered from early losses, gaining up to 26 points as 12.4 million shares changed hands, the heaviest sale in 18 months. Continental exchanges followed with tighter short selling limits and full disclosure of transactions. Liquidation hit foreign bonds including Australian and Canadian issues, with German and South American bonds also falling and U S government issues slipping.
Official exchanges not listed but The Daily Telegraph advisory rates show New York four dollars twenty two and a half cents to the pound Parin ninety nine francs to the pound Rome four marks to the pound Berlin eighteen marks to the pound The dollar sterling rate near 4.25 The Block Exchange closed but Throg Morton Street traders conducted an active market.
Geneva report notes German economist Herr Ritter telling the economic committee that revising inter allied debts and reparations is essential for global stability. He points to Britain’s actions and banks unable to withdraw funds from Germany and Austria-Hungary as a real cause of current financial strain.
The speaker argues England will not revert to the gold standard. Sterling export values could rise as it diverges from gold, offsetting exchange rate losses. If other nations drop the gold standard, a broad monetary policy revision and higher prices may follow, with a global trade stimulus.
Mr. W. M. Hughes M P warns Britain’s move from the gold standard may be permanent or only temporary. He notes exchange effects for Australia, potential savings if par restored, and disastrous impacts on primary producers without adequate world price adjustment. A world conference to set fair prices is considered the hopeful remedy.
The wool market showed a five per cent improvement for all fleece wools and bulky skirtings while other descriptions faced a hardening tendency. Greasy merino sold to 119d for seven bales of A. P. Tilbury Vallejo Queensland with Comebacks at 91d and crossbred at 9d. The average lot was about 10.47% with 9,408 bales sold at auction and 702 privately.
A severe earthquake struck the Auckland district shortly after 1 AM. Opotiki, Hamilton, and Cambridge were shaken. telegraph lines went down and power lines broke. Crockery and windows shattered. chimneys fell. an elderly woman narrowly escaped injury at Opotiki.
Gordon Cantrill aged 16, accused of murdering his brother, was brought from Sydney to Bathurst for medical observation before trial. He will be transported to Long Bay Gaol following the observation.
The Eauclaire State Bank with resources of 4 000 000 dollars and the Eauclaire Savings Bank closed today. The sale of the State Bank assets to the Northwest Bank Corporation of Minneapolis was halted by news of Britain abandoning the gold standard. The Liberty Bank Trust Company of Wilkes-Barre with capital of 325 000 dollars also closed. Three Pittsburgh banks closed to conserve assets and protect depositors.
At the Quarter Sessions Lauris McAuley and Francis Terone faced charges of breaking and entering Tattersall's Hotel with intent to commit a felony. Edward Nelson testified the accused enticed him to join the robbery and McAuley boasted about knocking victims out and using an axe. Terone declined involvement if an axe was used. The jury returned a verdict of not guilty.
Calcutta reports that the Indian State Air Services linked with Karachi-Delhi will be abolished by year end as part of government economy plans. A saving of £3,260,000 is proposed, including £1,360,000 on army expenditure.
The German airmen Rody and Johansen and passenger Viscount Viege, reported missing on a flight from Portugal to New York, have been found near Halifax Nova Scotia.
The Daily Express reports Mr. MacDonald ready to seek a general election on a full Conservative tariff programme. A 100 member Conservative 1922 Club meeting backed an immediate election and pledged support contingent on tariff terms.
The Prime Minister Mr Scullin stated yesterday that to aid those in the copra industry in the Mandated Territory of New Guinea a duty reduction on exports was announced. He cited aims to support producers and stimulate trade in the colonial territory.
A collision of petrol trains near Bucharest caused a large fire. Fifty wagons loaded with petrol were involved. Five railway workers were killed and several others are missing.
The export duty on copra shipped from the territory has been lowered to 15 shillings per ton. This follows prior reductions from 26 to 20 shillings and then to 15 shillings, with changes taking effect on September 22 and earlier dates noted in the record.
Philip James Mond and Victor William Cunningham faced conspiracy charges at the Central Court. Sergeant Napper said investigations were unfinished and the case could not proceed. Defence argued for no further remand as defendants are nonresidents with no alleged personal gain. Both men remanded to September 28 on £100 bail.
Constable Good was brutally battered by two men who surprised him in the co operative store at Teraiba early in the morning. With help from a civilian he secured one assailant. the second was arrested later. A quantity of gelignite was mentioned.
burglars attempted a safe cracking at the Bank of Australia Ltd Cowra branch on Sunday night drilling a hole in the wall. They were disturbed and left tools behind when they escaped. The site contained over £1000 in cash and securities.
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