AUSTRALIAN CRITICISM.

Manawatu Standard, Volume IV, Issue 225, 24 August 1931, Page 7

AUSTRALIAN CRITICISM.

Received August 24, 10.20 a.m. SYDNEY, Aug. 24. With a front page streamer heading, “S.O.S. from the land of propaganda,” the Labour Daily says: “How correct | was this paper’s recent diagnosis of tho 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 slashing 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 have 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 25 to 35 per cent, below par, while those in New Zealand have gone up to a premium of £7 10s to £l7 10s above par. Had the propaganda been the other way, the prices would have been reversed in value in Australia and against New Zealand.”