UNEASY INVESTORS

Southland Times, Issue 21193, 20 September 1930, Page 7

UNEASY INVESTORS

AUSTRALIAN STOCKS-

CRITICAL FINANCIAL SITUATION

HEAVY SELLING IN LQNDON

(United Press Assn.—By Telegraph—Copyright.) (Rec. 8.45 p.m.) London, September 19. The Financial Times says it would seem that the fall in Australian Government securities has well-night reached the bottom. Considerable parcels of stock were sold during the past few days by people uneasy about the political and financial outlook in the Commonwealth. The paper states that unless it be supposed that Australia is actually on the brink of a crash, then it must be admitted that quotations are extremely low. Mr Scullin, the Australian Prime Minister, will doubtless make a statement on his arrival. There has been a lot of hot air talk lately, but it must be remembered that extremists usually receive more than their fair share of advertisement.

A message from Marseilles states that the Grama arrived at Toulon at midnight. Mr Scullin, who is on board, is still far from well. He stated that owing to his illness he had not received many communications from Mr J. E. Fenton, the actingprime Minister, but he was confident Mr Fenton and his colleagues would take proper steps to meet the critical situation. “We decided to balance the Budget,” said Mr Scullin. “If necessary additional action will be taken and Parliament reassembled before the financial year is far advanced.”

Asked whether he would make any reply to the demand of the Australian Council of Trade Unions for a reduction of interest and war debt, Mr Scullin answered that there were many questions to be discussed with the British Government, and he could not anticipate the discussions.