Britain's “Financial Francos” Charged With Sabotaging N.Z.

Northern Advocate, 19 December 1938, Page 7

Britain's “Financial Francos” Charged With Sabotaging N.Z.

(Received 1 p.m.) LONDON, December 18. COMMENTING ON THE STATEMENT ISSUED ON BEHALF OF THE BRITISH INDUSTRIES FEDERATION, ATTACKING THE NEW ZEALAND GOVERNMENT’S IMPORT R ESTRICTION SCHEME. THE ORGAN OF THE CO-OPERATIVE SOCIETY MOVEMENT, “REYNOLDS NEWS,’’ SAYS BRITAIN’S FINANCIAL FRA NCOS RESENT THE SPECTACULAR SUCCESS OF NEW ZEALAND’S SOCIALIST GOVERNMENT.

“It is a campaign of sabotage, and of unwarrantable interference with democratic rights and Dominion progress.

"It is a crude revelation of the fa ct,” the paper continues, "that in high places the Empire is still regarded as a preserve for private monopolymongers. It is a campaign which th p British public and Government must repudiate.”

An Unpopular Loan,

The “Observer,” commenting on the South Australian conversion loan, says that it cannot be said that the result was a surprise. Indeed, it was expected that a larger amount than 60 per cent, would be left with the underwriters. owing to the unfavourable conditions existing throughout the period of the offer. Anxiety, .caused by the Socialistic domination of New Zealand, has had an adverse effect on Australian stocks, the paper says, which are all below the level at which 4 per cent, stock is issued.