SYDNEY LABOUR PAPER

Evening Post, Volume CXII, Issue 47, 24 August 1931, Page 7

SYDNEY LABOUR PAPER

NEW ZEALAND'S ACTION "SUNDERING" AUSTRALIA UNDER "OTTO BLIGHT" (United Preßs Association—By Electric Teli* graph—Copyright.) / SYDNEY, This Day. With a front-page streamer head* line "S.O.S. from the Land of Propaganda," the "Labour Daily" sayg: "How correct was this paper's recent diagnosis of the financial and/economic position in New Zealand may be gauged by a cablegram from Wei* lingtoh, published. here on Saturday, that panic has seized the Tory Legislature in the land of Forbes an 4 Coates. Since the 'Labour Daily's' criticism awakened the slumberous Dominion to realities, there has teen, the, first real stocktaking. Niemeyer- . ism-—the mere slashing of earnings —has failed even more dismally than in all other countries where the otti> blight has fallen. ■ ; "For two years die New Zealand Tory Press has cloaked the perilous position there by drawing attention every day' to the;shocking,example of Australia. As the result pf 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 10s to £17 10s above par. "Had the 'propaganda been th« other way, the prices would; hay« been reversed in favour of Australia arid against New Zealand." ■