The Sydney Morning Herald from Sydney, New South Wales, Australia • Page 4

if mi jlfulnl BUDDIL WmU MELBOURNE, Federal Government will threaten Australia's building societies with drastic controls unless they make sweeping changes in their operations; rontws Ml I I I MB4siiSy- (Xi societies are unstable, but I firmly believe there is a need for more strict Government control. "I believe that the flush of building society funds has helped push up Australia's building costs. "It has forced up interest rates and pushed up costs by adding to the aggregate money available. "I can't see why building-societies shouldn't be subject to the same rules and controls as banks or insurance companies. "That's the position I intend to convey to building society leaders when we meet." Building societies in a corner, P89.

iriii mm MMMa VMM tm am From CHRIS ANDERSON ris indicated that such remarks may possibly lead to a. "run" on society funds. Mr Morris said: "They will not worry logically thinking investors, but any other irresponsible statements could cause concern to depositors." However, Mr Crean said today that he stood by his previous comments. "My attitude has been known for a long time. "I don't think that any rlol UILU.1T Will Ducks are delightful but sometimes they have snappy moments when you're feeding them.

So eight-year-old Dagmar Merkel has a tew reservations about passing out goodies to these Centennial Park inhabitants. if mm Part of the controls would 'require building societies to lodge funds With, the Federal Government and to put a ceiling on home loans. Such moves would be a severe blow to thousands of young people looking for home finance, since the societies are the main source of home finance in Australia. The planned controls were, outlined today in Melbourne by the Federal Treasurer, Mr Crean. He told me the Government was anxious tbat banks be able- to compete more fairly with the societies in the home finance field.

He hoped to meet building society representatives this week to tell them of the Government's plans. Had heyday' "Of course, we are hoping for co-operation, but if that doesn't come about legislation may be necessary. "The building societies have had their heyday. There is a need now for stiffer controls over their lending operations. "I personally don't consider building societies are the public benefactors they make out to be." Mr Crean's comments followed an attack he made in the Parliament this week on building so-cietv operations.

He said then that societies had mushroomed far too auickly and had cut. across the "canons of prudery finance." The Australian Asso-, ciation of Permanent Building Societies claimed today that the Treasurer's remarks were The association's vice-president, Mr R. V. Mor- BOY DROWNS IN CREEK An 18-year-old Sydney boy drowned in water-hole near Cessnock yesterday, while he was with a hiking party. Basford, an apprentice, of Roberts Road, Greenacre, slipped off the bank, of Cedar Creek, 14 miles west of Cessnock.

Police found his body in 20. feet of. water about three and a half hours later. A survivor from a missing Portuguese ship has been found on the Indonesian island of Flores. Jr55i isv lawa TO BEAT INFLATION SOME LAND IN BRISBANE HAS APPRECIATED BY.

52 IN THE PAST 12 MONTHS. INVEST NOW! DIRECT. FROM OWNERS AT BRISBANE PRICES Jhe fate of 24 other people aboard the 486-ton coaster Arbiru is un-. known. But officials in Dili, the capital of Portuguese Timor, fear there are no more survivors.

The ship is believed to have sunk during a violent storm on April 30, two days after leaving Dili on a charter trip to. Bangkok. Radio contact was lost on April 29. Those believed drowned include 19 crewmen and five women passengers. Despite an extensive air and sea search, none has been sighted.

First reports say that the survivor was a crewman who clung to some floating timber and was carried ashore to a remote part of Flores Island about 250 miles from Dili. It is not known how long he spent in" the sea. A report from Radio Dili, monitored last night by a Portuguese resident of Darwin, said the survivor had been he'ped ashore and cared for by Indonesian villagers. Australian 'coastal radio stations are continuing to alert shipping entering the Flores Sea to look for more THE 3-4-5 HOME KINDERGARTEN COURSE Every child has a right to realise his or her true potential. As child specialists and teachers continually stress, the years three to five are vital, as it is here the foundations are laid for later development.

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10 ACRES IMMEDIATELY SUBO'VIDABLE. Only 1 mile from centre of booming BEEM-LEIGH and Gold Coast high, way (halfway to Surfers). Large road frontage. High, gently undulating land, near fast 'subdivisions Homsites in area are selling for SS.000 each. EXCEPTIONAL INVESTMENT FULL PRICE $18,000 Fin.

arranged on 10- Dep. FREE 6 MONTHS RENTAL TRADE-IN 1 1 j- I III" FOR YOUR OLD TV No deposit. Licence, antenna, installation, maintenance, delivery included. Rent for a day, a week, as long as you like the longer you rent, the less you pay. All screen sizes 12" (mainsbattery) to Canberra Television MATTHEWS JOHNSON QLD.

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319 5948 OPEN ALL WEEKEND TO: HOME KINDERGARTEN 299 Flinders Lane, Melbourne, 3000. Send me without obligation details of your Course NAME Mr. Mrs. Miss 560 7444 COSY 610 HEATERS REPAIRS Complete O'haul $3. 12 mttis.

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