* * * * It will be remembered that when
the Federal Govern- ment, under Mr. Scullin, had drafted a scheme of public economy to save the Budget the Labour Caucus (exercising its immense traditional powers, which indeed make it
a -kind of super-Government) so mutilated the scheme that it became almost meaningless. Next, the Caucus resolved that the redemption of the Government bonds which was due on December' 15th should he postponed for a year, though the Government had already an- nounced a Conversion Loan in order to make redemption possible on the proper date. There followed a lint-- class struggle between the repudiationists and the anti- repudiationists. The finance of the whole Empire would have been shaken by repudiatian in Australia. Mr. Lyons was determined that this should not happen and he has triumphed.
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