AUSTRALIA'S FINANCE.

New Zealand Herald, Volume LXVII, Issue 20475, 29 January 1930, Page 13

AUSTRALIA'S FINANCE.

PESSIMISM DEPRECATED.

LONDON DINNER SPEECHES,

(Received January 28, 5.5 p.m.) LONDON, Jan. 28. The guests at the Australian Day dinner at Australia House last evening included : Viscount Novar, Lords Forster and Kylsant, the Earl of Beauchamp and other ex-Governers, Sir Alan Anderson, a director of the Bank of England; Admirals Hyde and Napier, Sir Maurice Hankey, Secretary to the Cabinet; Mr. S. M. Bruce, the Agents-General; and the High Commissioners.

Sir Granville Ryrie, High Commissioner for Australia, deprecated pessimism as to Australia's finance. He said she had never defaulted in the payment of her debts, nor would she do so. , Lord Passfield, Secretary of State for the Dominions, proposed the toast of the Australian Government. He said it could not be blamed for the decline in wool prices. That was due to factors beyond its control.

The Minister paicl a tribute to Sir Harrison Moore, whom he described as one of the greatest of constitutional lawyers, for the part he played at the recent Dominions' Legislation Conference. Mr. J. E. Fenton, Commonwealth Minister of Trade and Customs, responded. He said a margin of preference was still maintained. The policy of his Government still was to give preference to British manufacturers next to those of Australia.

(Since he had been in London he had interviewed ropreseptatives of big businesses who were planning large increases in buildings and plant and the introduction of new processes in Australia. His Government would not " let down any investors, who would not have the slightest reason to fear.

If Australia's stocks were depressed in London it was due to world-wide causes rather than to local ones. Never had there been a more favourable time to invest in Australian bonds.

The other guests gave Mr. Bruce a tre mendous ovation.