FRANK REPORT.

Auckland Star, Volume LX, Issue 9, 11 January 1929, Page 7

FRANK REPORT.

AUSTRALIAN FINANCE. u Big Four's * Criticism Justified But Truth Hurts. LENDERS MAY BE CHARY. (Received 9 a.m.) SYDNEY, this day. Commenting on the report of the "Big Four" economic experts the "Sydney Morning Herald" describes it as candid and valuable and tempered with good humour.

It adds that the reforms implied or suggested will be forced upon Australia from without if they are not cheerfully adopted from within. It must be assumed that the report will be accepted in London as one which accurately mirrors Australian conditions, and, unless Australia evinces a readiness to heed its lessons, financial accommodation will become much less easy to obtain.

The paper admits that Australia has not been as well financed as it should have been, but expresses the opinion that there is still time to repair past mistakes.

The "Sydney Telegraph Pictorial" in a leading article says the report will do all the good in the world if it draws vigorous criticism. The fact that the report touches on protection and arbitration may seem to some people like a dentist's boring instrument approaching a nervy corner of a venerable tooth.

The "Sydney Sun" comments that there is not one criticism in the report which thoughtful Australians in public life and in the Press have not uttered. The report, it says, speaks frankly of Australia's mistakes and omissions, but by keeping in mind the political difficulties it should have told Australia how to remedy them. The paper says it considers that the Prime Minister, Mr. Bruce, made a tactical mistake in inviting criticism which, from its official character and its free trade flavour, must do a certain amount of damage to Australia in the ranks of British investors.

TONE APPROVED. BEN TILLETT'S TILT. (Australian and N.Z. Press Association.) (Received 1 p.m.) LONDON, January 10. Financial circles generally approve the tone of the "Big Four" report, which is regarded as fair and businesslike, but important men are disinclined to comment on the brief cabled summary, preferring to wait till they have seen the full report. One or two point out that much of the cabled summary seems obvious. They express gratification that the mission, after personal experience in Australia, endorse opinions frequently expressed here regarding the borrowing expenditure and the costs of production. The report reveals little not" known here.

Mr. Ben Tille'tt, the Labour leader, said he was loath to comment as Labour had not been invited to co-operate. The report was obviously materialistic in tone. If Labour had been invited it would have looked at the matter from more angles than the mere materialistic. Australia, with no single industrial centre and a very wide-scattered population, was ill-suited to that sort of development, but if England wants her to modify her policy she must offer something substantial in return. As far as the railways were concerned it would be foolish to build more until uniformity was reached. "One gauge and less politics are the chief needs of Australia," he added.

WHITE ELEPHANTS. BRITAIN NOT WITHOUT BLAME. (Australian and N.Z. Press Association.) (Received 1.30 p.m.) LONDON, January 10. The "Morning Post," editorially, states: Whether or no Australia accepts the advice offered in the "Big Four" report we are confident some of the best brains in the Commonwealth are cordially in agreement with it. The commission mostly deprecates ill-considered development into which politicians rush, not only in Australia but elsewhere, not inquiring whether they can pay by money but whether they can pay by votes. Hence the large stable of white elephants which would have ruined a country of less natural wealth than Australia.

England cannot afford to blame Australia for the economic policy of high protection since she forced the policy upon her by abolishing the old but wise preferential system we are now labouring to restore.