DOMINION FINANCE

Ashburton Guardian, Volume 51, Issue 266, 24 August 1931, Page 5

DOMINION FINANCE

SYDNEY LABOUR PAPER’S VIEWS

“S.O.S. FROM LAND OF PROPA-

GANDA.” SOME CAUSTIC COMMENT. United Press Association —Copyright) (Received This Day, 10.20 a.m.) SYDNEY, This Day. With a. front page streamer, “S.O.S. from the Land of Propaganda,” the “Labour Daily” says: “Hbw correct was this paper’s recent diagnosis of the financial and economic position in New Zealand may be gauged by the cablegram from Wellington published here on Saturday. Panic bias seized the Tory Legislature in the land of Forbes and’ Coates. Since the ‘Labour Daily’s ’ criticism awakened the slumberous Dominion to realities, there has been the first real stocktaking. Memeyer —mere slashing of earnings—has failed even more dismally than in all otlier countries where the Otto blight lias fallen. For two years the New Zealand Tory Press cloaked the perilous position there by drawing attention every day to the shocking example of Australia. A§ a result of this slandering of the Commonwealth our securities depreciated by 25 to 35 per cent, below par, while those of New Zealand have gone up to a premium £7 10s to £l7 10s above par. Had the propaganda been the other, way prices would have been reversed, in favour of Australia and against New Zealand.