The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-09-08
u. S. BANKERS
SAVED BRITAIN.
SAYS PREMIER
Reveals to Commons How
Americans Stepped In
to Plug Leak.
HECKLED BY LAB0RITES
House Is in Session With
Nations Financial Fate
in Balance.

By United Press
LONDON, Sept. 8.-The house OF
commons met in extraordinary ses-
sion at 2:45 p. m. today to decide
Great Britains immediate financial
future.
Premier j. Ramsay Macdonald,
who will ask a vote of confidence to
enable his coalition government to
proceed with its drastic economy
program, arrived accompanied by
his son Malcolm and his daughters,
Ishbel and Sehila. They we're loudly
cheered by vast throngs on the route
from Downing street to the houses
of parliament.
When Macdonald arrived on the
floor he was cheered loudly from the
government benches, but the OPP
position, comprising the bulk of the
Labor party which he led for so
long, was silent.
Presents Strange Scene
The house presented a strange
scene at this most important session
since the war. The government
seats filling most of one side of the
chamber which had been occupied
by the Laborites when commons adj
journed in June, now filled with an
odd mixtures of Conservatives, Lib
erals and a scattering of LaboriteS
who had decided to stay with Mac
Donald.
The great bulk of the Laborites,
headed by the stocky Arthur Hend-
erson; their new leader, filled the
opposing seats.
Macdonald read a brief message
from King George announcing the
imminence of increased taxation
for the nation.
THE present condition of the
national finances, in the opinion of
his majesty's ministers calls for the
imposition of additional taxation
and for effecting economies in pub
lie expenditures" the message said.
His majesty recommends the
matter to the consideration of the
faithful commons and trusts they
will make provision accordingly"
Hits at Labor Camp
Macdonald announced at the
outset of his speech that the gov
eminent desired to end todays de-
bate with a motion to resolve the
house into committee of ways and
means to consider new taxation and
determine whether the new govern
ment had the confidence Of the
house.
Macdonald hit directly at the
proposed Laborite campaign of "the
banks versus the people" in which
they charged a banking conspiracy
to dictate to England in her hour
of need.
Never once during the whole
course of the negotiations" he said,
did the banks interfere with po-
litical proposals, but simply con-
fined themselves to expert advice
on the effect of the proposals and
the possible yield of the loan"
Macdonald was calm and self
contained during his speech, de-
terminedly ignoring the taunts and
outlaws of the left wing Laborites.
Henderson looked worried.
LaboriteS Are Unruly
He had questioned Macdonald
persistently before his speech, ask
ING the order of business, but Mac
Donald replied icily to his former
foreign minister and now open po-
liticaI enemy. The remainder OF
the Laborites were hilarious and
unruly, while the Conservatives ana
Liberals were grave.
LADY Astor, wearing as usual a
black dress with white collar and
a black hat, ignored Labor jeers,
such as What about that, Nancy?"
when Macdonald was discussing the
position of the banks. -.
Macdonald said the governments
nroposed economies included So
moo reduction of his own salary to
$4,000. He appealed to all classes
to "go cheerfully with the govern
ment over the hard, broken road
along which our security, honor and
well-being must be found.
Saved by u. S. Banks
His speech lasted fifty-flve min
,tes. When he had finished, Hen
derson spoke and declared that
nothing Macdonald had said in
duced Labor to renounce its oppo-
sition to the government.
During his speech, Macdonald
caused something of a sensation
when he revealed how serious the
financial situation had been in
August. He called attention to the
magnificent helpfulness and good
will shown us by American bankers
from the beginning to the END OF
the negotiations, and added:
IF this loan had not been made,
sterling would have tumbled. 1t
would have tumbled without con-
troll 1 am not soaring you-I am
giving you history"
Henderson objected to the man
ner in which the new. government
was formed and tainted MacDon-
aid with deserving his Labor COM
rades by remarking;
Never once has the head OF the
national government looked in the
faces Of those who made it possible
for him to be where he is.