"LANG IS OUT."

Auckland Star, Volume LXIII, Issue 123, 26 May 1932, Page 14

"LANG IS OUT."

JOY IN NEW SOUTH WALES. MOMENTOUS CAMPAIGN. GOVERNMENT'S HOPES HIGH. (From Our Own Correspondent.) .SYDNEY, May 20. The news that "Lang it out" was received in the city ami throughout State with demonstrations of undisguised relief and joy. One does not attach too much importance to the spasmodic cheering in the streets overnight, or the exuberant outbursts of diner-s in restaurants and hotels. But the next morning Sydney gave its first indication of revived hope and confidence on the Stock Exchange, where the brokers, many of them singing popular songs, struggled in vain to cope with tlie flood of orders that, with the overthrow of Langisin, swept down upon them. Saturday morning "call" usually takes half an hour, and lately very little business has been done at it. But on this occasion the "call" was prolonged for Hourly an hour and a half. The huge volume of sales marked a record in the history of tlie exchange for Saturday morning, and when the market closed, prices, according to the "Sun," "showed a capital gain of approximately £lfi,000,000." On Monday the volume of business on 'Change swelled to huge proportions, and the siaie that ''buyers who had been holdhig orf for years returned to the market. , ". Of course, Australian stocks rose rapidly, and what is even more important, stil Commonwealth securities ill London were favourably affected. Revival of Industry. This revival of activity and confidence •was not confined to the Exchange or to financial dealings. Within the past three days, the land agents and real estate brokers in Sydney have announced an astonishing recovery of interest in land dealings and a great increase in property transfers. At the same time tho builders and contractors in the city have- notified their intention of making arrangements on a large scale for constructional work, which has been held up through the sense of insecurity and anxiety which Langism had engendered. This necessitates the employment of large bodies of skilled workers, and thus will help to relieve the industrial situation. The real battle against Langism will bo fought out at the polls, and meantime tho defenders of social and individual liberty and constitutional government are "organising rapidly for the struggle. The news of a coalition between the United Australia and the Country parties has come as a great relief to most people. For in New South Wales Labour is strong and well organised, and without unity, in spite of all that Lang has done and left undone, it might prove impossible for his opponents to prevent him from regaining power, with consequences too disastrous to contemplate calmly. Encouraging Prospect. The new Government based upon this union has now before it a most encouraging prospect of success. It is true that it has many political and financial disadvantages to struggle against. Tho deficits bequeathed by Mr. Lang for the last 18 months total about £20,000,000, and this in spite of the lavish help afforded Mr. Lang by the banks during this period, amounting in all to £25,000000. But Mr. Stevens and his colleagues know that they have the confidence and sympathy of the Federal Government and of tho Empire behind them, an( they have inaugurated their term o: oflice with vigorous and public-spirited activity. As soon as ever the money Jn tho Treasury was handed over they made arrangements for meeting promptly all claims on the pensions and endowments funds. In addition, trade accounts, road grants, and superannuation claims are being paid out rapidly, and arrangements are being completed •with the Federal Government for grants totalling £1,200,000 to assist the unemployed. It is estimated that the sum will give employment to at least 30,000 workers, and this should make a material difference to the deplorable industrial conditions. All these things together have done a great deal already to restore public confidence and to inspire the people of New South Wales with high hopes. The opponents of Langism, now that the U.A.P. and the C.P. have joined hands, arc confident that the new Government is destined to lead New South Wales "out of its "slough of despond," and they are looking eagerly forward to the coming contests. Polling day has been fixed for June 11, and the intervening three weeks will be fully occupied witn preparations on both eides, for one of the most strenuoiis and momentous political contests in Australia's history.