MR LANG’S FALL

Southland Times, Issue 21717, 1 June 1932, Page 5

MR LANG’S FALL

NEW YORK COMMENT AUSTRALIAN CREDIT .IMPROVES N.S.W. BONDS FIRMER (United Press Assn.—Telegraph Copyright.) (Rec. 7.0 p.m.) New York, May 30. The Herald-Tribune, in a leading article commenting on Mr Lang’s removal from office, expresses the opinion that such a definite step by a British Crown officer in an autonomous dominion is excellent evidence that his action is backed by public opinion. The paper declares that the Governor’s decree “may be more than an incident in a bitter struggle, but seems ominous of the end.” The paper also points out that British financial circles immediately reacted favourably, resulting in an improvement of Australian credit, and adds: “The downfall of this troublesome official has not been overlooked in this country, for with so much else going relentlessly down Australian securities have risen about 15 points on the American markets. New South Wales bonds are nearly double in value.” The paper reviews Mr Lang’s political career, particularly in regard to his repudiation activities, and concludes: “The recovery of international confidence, moral as well as financial, in the fundamental stability of Australia and her people is ample compensation for whatever loss of local pride such action may have cost.”