“PANIC” IN NEW ZEALAND

Hawera Star, Volume LI, 24 August 1931, Page 4

“PANIC” IN NEW ZEALAND

LABOUR DAILY’S DISCOVERY? AWAKENING FROM SLUMBER STUNG BY SYDNEY CRITIC. (United Press Association—By Electric Telegraph Copyright.) Received. 11.30 a.m. to-day. SYDNEY, Aug* 24. With a front page streamer; “S.Q.S. from the land of propaganda,” the ‘Habour Daily” says: “How correct was this paper’s recent _ diagnosis of the financial and economic position in New Zealand may be guaged by a cablegram from Wellington published here on Saturday. 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 hag been the first real stocktaking. Niemeyerism—mere slashing of earnings—has failed even more disihallv than in all other countries where the Otto blight has fallen. For two years the New Zealand Tory Press cloaked the perilous position there hy drawing attention every day to the shocking example of Australia. As a result of this slandering of the Commonwealth our securities depreciated from 25 to 35 per cent, below »ar 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 the rices would have been reversed in favour of Australia and against New Zealand.”