october memories / 10


10th October, 1930 : To repudiate, or not to repudiate, Australia’s debts to Britain is the question that has been exercising the minds and mouths of leading political figures in recent weeks. Sir Otto Neimeyer, the English financial expert who has been advising the Australian Government has said we must balance the budget, and Prime Minister Scullin has left for the Imperial Conference in London with his Government’s pledge that Australia will pay back every penny it owes. But the NSW Labor leader Jack Lang has criticised Sir Otto as a “member of the Bank of England, to which we do not owe so much as a bent sixpence” and a meeting of the Trade Unions in Sydney has called for a repudiation of all war debts and a five-year moratorium of interest on all overseas loans.

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