COMMENT IN BRITAIN

Evening Post, Volume CXI, Issue 74, 28 March 1931, Page 9

COMMENT IN BRITAIN

AUSTRALIA'S HONOUR

FAITH OF STOCKHOLDERS

(Received 2Sth March, noon.)

LONDON, 27th Mardi

Tl 10 "Financial News" says: "If a. sense of honour no longer weighs, with

Mr. Lang,' there is no reason to suppose that it is lost to the majority of j Australian citizens. The stock-holders may rest assured on the security of Australian honour that they will receive the money due." Tho "Financial Times" says: development of the Australian situation has done so much damage as Mr. Lang's decision. The record of price movements tells the story of credit, cracking to a point at which it would be foolish for this or. any other country to lend money without real assurance that the debtor will follow sound courses. These events have occurred at a profoundly unfortunate time. The Commonwealth's export trade is increasing, and the commodity outlook seems better. No doubt London will lend aid, but is bound to insist that the borrower give safeguards against bankruptcy." j The "Daily Herald" regards Mr. ] Lang's remitting interest to New York and not meeting the State's London obligations as a filial insult. IMPETUS TO SECESSION. "Tho Times" says that Mr. Lang cloarly is determined to bring all discredit ho can upon Australia before public indignation drives him from office. "There is no more justification for default now than existed several montliß ago. Mr. Lang's refusal hits the Commonwealth, which is responsible for all debts, rathen than the bondholders. Probably that is his intention. "The secession movement will be given an immense impetus by the default, and as the chaos of politics in both New South Wales and the Com- j monwealth is becoming worse, an elec- j tion cannot be long delayed." Tho "Manchester Guardiau" is of , opinion that a few weeks hence My. Lang will bo unablo to p-y the Civil servants, and a change of Premiership j will then occur. SYMPATHY IN DISGRACE. Tho "Morning Post" says that sympathy will bo felt for the great body of Australian people in the shame and dishonour to which aome of the leaders aro exposing the good naino of the Commonwealth. "Repudiation in New South Wales is not dictated by the necessities of the situation, but solely by tho revolutionary frenzy of Mr. Lang, who, moreover, ax>peaTs to be infected with, au incomprehensible/ animus against Britain, for he has expressly exempted the United States from the intended default." The "News-Chronicle" in a leader says that if Mr. La'ng really intends to push his policy of default, its logical conclusion can only recoil with terrific force upon tho people unwise enough to commit the direction of their fortunes to such a guide. "There must be something wrong with a Constitution under which a single State can act in this manner. The Commonwealth's good faith is not in question. The hopo is that Mr. Scullin will find some way of bringing pressure to boar on Mr. Lang to reeogniso the extreme peril, if not dishonesty, of the course he is pursuing."