“ A PANIC ”

Pahiatua Herald, Volume XXXIX, Issue 11832, 24 August 1931, Page 6

“ A PANIC ”

SN.Z. CRITICISED IN SYDNEY

LABOUR DAILY'S OUTBURST. (Received 10.20 a.m.) United Bress Assn —By Electric Telegraph—Copyright. SYDNEY This Day. AY th a, front nage streamer. “S.O.S. from the Laud of. Propa-. ganda,” 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 oh Satur*day. A panic Iras seized the Tort legislature in the laud of Forbes and Coates Since the Labour daily’s criticism awakened the slumberous Dominion to realities, there has been the first real stock-taking. Niemeyerism—mere splashing of earnings Linas failed, even more dismally than in all other countries where thei Otto blight has fallen. For two years the New Zealand Tory press cloaked the perilous position there In drawing attention every day to the shocking example of Australia. As a result of this slandering of the Commonwealth our securities depreciated from 25 to 35 per cent, below par. while those in, New Zealand have gone up to a, premium, £7~L Os to, £l7 10s above par. Had the propaganda been the other way prices would have been reversed in favour of Australia and against New Zealand.”

SECOND EDITION