ACCUSED OF PANIC

Dominion, Volume 24, Issue 282, 25 August 1931, Page 9

ACCUSED OF PANIC

“Labour Daily” Attacks N.Z. Legislators LAND OF PROPAGANDA By Telegraph—Press Assn.—Copyright. * Sydney, August 24. With a front-page streamer headline “SOS from the Lund of Propaganda,” the “Labour Dally” says:— “How correct was this piper’s recent diagnosis of the financial and economic position in New Zealand may be gauged by a cablegram from Wellington, published here on Saturday, that panic has 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. “Niemeyerlsm—the 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 the result of this slandering of the Commonwealth our securities depreciated 25 to 35 per cent, below par, while those of New Zealand have gone up to a premium of £7/10/- to £l7/10/above par. * “Had the propaganda been the other way, the prices would have been reversed in favour of Australia and against New Zealand.” The “Labour Daily’s” • previous "diagnosis” and “criticism,” published on July 20 consisted of a series of. statements purporting to be a review of economic conditions in New Zealand. Commenting on fhem the Prime Minister, Mr. G. W. Forbes, observed that they were self-contradictory.