AUSTRALIAN NEWS

Hawke's Bay Tribune, Volume XXI, Issue 214, 24 August 1931, Page 5

AUSTRALIAN NEWS

COMMENT ON DOMINION ALLEGATIONS OF PANIC BY N.S.W. LABOUR PAPER [United Press Auoctatlon-By CabloCopyrlght.) (Received 24, 10.90 a.m.) Sydney, Aug. 24. With a front-page streamer; “S.O.S. from Land of Propaganda,” the “Labour Daily" says: “How correct was this paper’s recent diagnosis of the financial and economic position in New Zealand may be gauged 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 has awakened the slumberous Dominion. to realities there has been first a real stocktaking. Niemeyerism—more slashing of earnings—has failed even mors 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 a 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 thrf propaganda been the other way prices would have been reversed in favour of Australia and against New Zealand." MURRAY RIVER IN FLOOD. (Received 24, 10.20 a.m.) Adelaida. Aug. 34. Districts in the neighbourhood of the Murray bridge are threatened by an immense volume of water. About 700 acres were inundated when the banks of the Murray broke at Glen Lossie. Four settlers were flooded out at Ponde, while at Swan Reach the water rose to ten feet in the main street.

Mannum is in the grip of flood. Over 100 families have been forced to abandon their homes as a result of the bank giving way. The main street is covered to a depth of several feet. Settlers lower down the Murray are fleeing.