AUSTRALIAN FINANCE.

New Zealand Herald, Volume LXVII, Issue 20596, 21 June 1930, Page 13

AUSTRALIAN FINANCE.

CONFERENCE WITH EXPERT. BANK OF ENGLAND'S ENVOY. PLAN APPROVED IN LONDON. By Telegraph—Press Association—Copyright. (Received Juno 20, 9.5 p.m.) LONDON. June 20. Tho invitation of the Prime Minister of Australia, Mr. J. H. Scullin, to the Bank of England to send a representative to the Commonwealth for a consultation about tho exchange problem as it affects Australia overseas is generally approved by financial writers. The Financial Times says Sir Otto Niemeyor, who is to make tho journey on behalf of tho bank, will be accompanied by two assistants. Tho pnper says both Britain and Australia are to bo congratulated upon the appointment of Sir Otto, whose investigation must be far broader than an inquiry into the mere mechanism of exchange. The more the Australian authorities and the Bank of England know each other's views and plans, says the article, tho smoother will be tho path to subsequent financial intercourse on sound lines. CONFIDENCE ABROAD. MR. FENTON CONVINCED. ADVOCATE OF PROTECTION. (Received June 20, 8.25 p.m.) SYDNEY, June 20. Mr. J. E. Fenton, Federal Minister of Trade and Customs, returned to Sydney to-day by the Aorangi. Ho brought back a long list of manufacturers who contemplate opening businesses in Australia. Mr. Fenton says he is more than over convinced that protection is the right policy for the Commonwealth and that Empire free trade is absolutely outside tho bounds of practical politics. Financiers abroad have complete confidence in the Commonwealth's financial future.