DOMINION CONDITIONS

Otago Daily Times, Issue 21422, 25 August 1931, Page 7

DOMINION CONDITIONS

LABOUR DAILY’S DIATRIBE “THE BLIGHT OF NIEMEYERISM.” , SYDNEY, August 24. With a front-page streamer, “ S.O.S. from the Land of Propaganda,” the Labour Daily says: “ How correct was this paper’s recent diagnosis of the financial and economic position in New Zealand may be gauged by a cablegram from Wellington, published here on Saturday, that panic has seized the Tory Legislature in the land of Forbes and Coates. Since the Labour Daily’s criticism awakened the slumbrous Dominion to realities there has been the first real stock-taking. Niemeverism —a mere slashing of earningsJhas failed even more dismally than it has in all the other countries where the ‘Otto’ blight has fallen. For two years the New Zealand Tory press has cloaked the perilous position there by drawing attention every day to the shocking example of Australia, As a result of this slandering of the Commonwealth our securities have depreciated by 25 to 35 per cent, below par, while those of New Zealand have gone up to premiums of £7 10s to £l7 10s above par. Had the propaganda been the other way the prices would have been reversed in favour of Australia and 'against New Zealand.”