“LABOUR DAILY” THROWS MORE STONES.
NEW ZEALAND BLAMED FOR DROP IN AUSTRALIAN SECURITIES.
“THE OTTO BLIGHT.” (By Telegraph-Press Assn.-Copyright.) (Received This Day, 10.20 a.m.) (SYDNEY, Aug. 24. With a front-page streamer, “S.O.S. from the 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 the 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 has been the first real stocktaking. Niemeyerism —a mere splashing of earnings—has failed even more 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 have depreciated by 25 to 35 per cent, below par, 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, prices would have been reversed in favour of Australia and against New Zealand.”
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Horowhenua Chronicle, 24 August 1931, Page 5
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206“LABOUR DAILY” THROWS MORE STONES. Horowhenua Chronicle, 24 August 1931, Page 5
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