AUSTRALIAN FINANCE

Nelson Evening Mail, Volume LXI, 14 October 1926, Page 5

AUSTRALIAN FINANCE

AN INACCURATE PAMPHLET SPIRITED REPLY P.Y MR BRUCE lßy Electric Telegraph-Oopyignti (Anut-raliari A. tr.Z .Cable Ainooiation.) (Received 14th Oct. 12.50 p.m.) LONDON, 13th Oct. Mr Bruce, who intends inter to make a, complete and considered reply to the recent pamphlet attacking Australian credit, has issued the following interim statement: "The pamphlet bristles with inaccuracies and omissions. It is presented in a form calculated to deceive the casual reader. This is apparently its purpose. On close analysis it would be found the writers were more interested in the politics of the various Australian Governments than in the actual question of finance. The result is a mass of biased conclusions based neither on science, statistics, nor logical reasonirig. One point oti'lv need be mentioned to indicate that'the object of publication was hardly what- it purported_to be. namely. a warning to the British investor, 'idle pamphlet is solemnly dedicated to the Imperial Conference of 1926 arid was apparently issued to synchronise with my arrival. I do not hesitate to say it ’cannot be regarded as an impartial review of Australian finance or potentialities. The authors, who profess concern not only about the British investor but .the Empire generally, apparently forgot to mention that we have a rapidly expanding population, 98 per cent, of whom are British; and that we never defaulted nor looked like doing so. _ It is more than regrettable that at a time when I, as the representative of Australia, am in the van leading the fight for Empire unity there should be forces working which, whatever their avowed intention, are doing a great deal for disruption. When I left Australia there were several (representatives of great American financial corporations who were both willing and anxious to lend money to Australia. They had personally investigated the conditions and apparently found them satisfactory. In these circumstances 1 feel convinced that the sound conservative policy of British investors will not be deflected by the pamphlet, which is so obviously incomplete and inaccurate.”