COMMENT ON-NEW ZEALAND.

Press, Volume LXVII, Issue 20324, 25 August 1931, Page 11

COMMENT ON-NEW ZEALAND.

SYDNEY LABOUR NEWSPAPER. PROPHET'S MANTLE DONNED. (tmiTEB SHBBS ASSOCIATION—BT ILICTJIO TELBGB4?H-^OOPYBIOin:.) (Received August 24th, 5.5 p.m.) SYDNEY, August 24. With a front page streamer reading "S.O.S. From the Land of Propaganda," the "Labour Daily" says: "How 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 SaturdayPanic has seized tlje Tory Legislature in the land of Forbes and Coates. "Since the 'Labour Daily's' criticism awakened the slumbrous Dominion to realities there has been the first real stocktaking. Niemeyerism — mere slashing of earnings—has failed even more dismally than in all other countries where the 'Otto blight' has fallen. "For two years the New Zealand Tory Press has cloaked the perilous position there by drawing attention every day to the shocking example of Australia. As a result of this slandering of the Commonwealth, our securities have depreciated by from 25 tq 35 per cent, below par, while those of New Zealand have gone up to a premium of £7 10s to £l7 10s above par. "Had the propaganda been the other way, prices would have reversed in favour of Australia and against New Zealand."