FARSIGHTED AND FRIENDLY CRITICS

Manawatu Times, Volume LIV, Issue 6809, 12 January 1929, Page 9

FARSIGHTED AND FRIENDLY CRITICS

TIMES ON “BIG FOUR’’ REPORT. HELPING AUSTRALIA TO PUT HOUSE IN ORDER, United Press Association —By Electri* Telegraph—Copyright. Received Friday, 8.35 p.m. LONDON, Jan. 11. The Times describes the “Big Four’s” report on Australian finances as a frank and friendly document, which will help the business communities of both, countries to get a true perspective. The report, as might be expected, contains a good many criticisms of Australia’s economic activities, but these are animated by a spirit of impartial insight. Most, if not all, have already been formulated by the more farsighted thinkers in Australia.

The editorial regards the most important section as that dealing with loan policy, “which has given rise to much anxiety both in Australia and here.’’ On tho fundamental question of the soundness of the financial position the report is less pessimistic than some opinions lately expressed. These conclusions will bo welcomed by the British investor, who recently was somewhat reserved in his attitude to■wards Australian issues.

In reviews of other sections, such as tariffs and immigration, tho Times expresses tho opinion that probably fow intimately acquainted with Australian conditions as a whole feel inclined to disagree with tho conclusions. Strict canons of parsimony and retrenchment arc no .doubt less important to a young country which can sometimes perhaps afford a scale of expenditure whicli would bo disastrous to an old country. At the samo time, there can be little doubt that the reckless borrowing of recent years lias not improved Australian credit. The same is truo of the recent tariff policy. Tho volume of production is not diminishing but is not expanding as rapidly as it should, under a wiser and more discriminating fiscal system. Fortunately, the facts are becoming known and Australia has begun herself to set her house in order. The report should assist her.