AUSTRALIAN FINANCE.

Manawatu Standard, Volume L, Issue 75, 24 February 1930, Page 7

AUSTRALIAN FINANCE.

LONDON PAPERS’ COMMENT. LONDON, Feb. 22. Australia’s financial position has been receiving much publicity in the newspapers, and tlio Federal Loan Council’s statement, indicating a policy of “root and branch economy,” as one financial writer calls it, has received a very “good Press.” For instance, the Daily Telegraph says: “The council’s decision may have been inevitable, but credit must be given those in power for facing the position resolutely. If Australia does not swerve from its declared sinking fund it will not be long before definite benefit is seen in higher prices of existing stocks.’ ’ The Statist, with its usual caution, says: “While the statement is decidedly reassuring, much must depend on the duration and severity of the economic crisisi in Australia.” The Morning Post says: “The movements of the Australian exchange are beginning this week once again to indicate the strained position through which Australia is passing. Nevertheless, it will be noted that, after the first sharp decline, Australian loans are now keeping comparatively steady, and this undoubtedly is due to the fact that while the serious character of the economic crisis in Australia is fully recognised, anxiety has been lessened to some extent by the evidence afforded of the adequate recognition of the position by those in authority in Australia. The fact that seven millions of gold is now on its way from Australia is an indication that the authorities perceive not merely the necessity for the maintenance of loan obligations, but are doing everything possible to relieve the strain bn the exchange.”