AUSTRALIA AWAKES

Evening Post, Volume CX, Issue 47, 23 August 1930, Page 9

AUSTRALIA AWAKES

MUST TAKE HER MEDICINE

NIEMEYER NOSTRUM

United Press Association—By Electric Telegraph— Copyright. SYDNEY, 22na A.ufast. Australia is stirred and deeply concerned by Sir Otto. Niemeyer's report, together with the drastic decisions at tho Premiers' Conference and the Loan Council. Tho whole subject is on everybody's lips, the majority of the people resigning themselves to the inevitable. The "Evening News" says: "The great boom of the borrow-and-bust debauch has ended. The bill is presented. We have to meet it. Sir Otto Niemeyer has diagnosed the cause and proscribed tho medicine. Wo must ourselves administer the dose."

The Loan Council has undertaken to raise no further loans overseas until after the existing overseas short-term indebtedness has been completely dealt with. Attempts will be made to eliminate the duplication of the Commonwealth and State services. The standing committee appointed at the Melbourne conference is to watch the operations of the common plan idea for the rehabilitation of Australian finance.

The Acting-Prime Minister, Mr. J. E. Fenton, announces that there, is no intention at present of holding a special session of the Federal Parliament.

As a result of the slump on the Stock Exchange, some Australian banks, have already called up overdrafts made solely on the security of stocks and shares, which policy contributed in no small measure to the continued heavy selling pressure of 'Change in the past few weeks. The Commonwealth's bonds, however, are holding their own.