ATTACK ON NEW ZEALAND

Taranaki Daily News, 25 July 1931, Page 5

ATTACK ON NEW ZEALAND

LABOUR DAILY OUTBURST COMPARISONS WITH AUSTRALIA. DOMINION MAKES GOOD SHOWING (From Our Own Correspondent,, Wellington, Last Nighty The attack on New Zealand by the Labour Daily in Sydney was so absurd and 60 exaggerated in its details, and, what is more, inaccurate in all points, that it defeated its object, if it had any object at all beyond slandering New Zealand. It must be obvious that the writer of the article in the Labour Daily could not have known from personal contact the economic conditions of the Dominion. The information must have been sent to him by some disgruntled “labourite” in New Zealand. For ill-balanced and politically diseased minds the Labour Party is conspicuous, and that is perhaps the reason why its leaders are not taken seriously. New Zealand is in the throes of an economic depression, like the rest of the world, but the depression here has not caused the same moral and political havoc as it has in Australia. The authorities in New Zealand arc dealing with the economic crisis in a calm and orderly manner, and while all the actions of the Government may not be commendable, it is at least entitled to 'a full measure of thanks for doing its best, and with some success. Had we had a Labour Government in control, as in Australia, we should have been in the same dire circumstances as the Commonwealth. Labour Governments are controlled by the caucus, and Parliament is .mainly the machine for recording the views of the caucus and providing pay for the puppets in the Government on a liberal scale. The unemployed in the Dominion have behaved on "the whole in an exemplary manner. Some time ago some of tha light-headed young fellows allowed themselves to be exploited by the Communists, but these ‘'comrades,” many of whom are thriving on Moscow money, have been put in their proper place, and for many weeks past, indeed for months past, the unemployed have been quiet and orderly. Even the bosses of the unions have been put in their places. The cooks and stewards on the Makura were called out and told not to accept the 10 per cent, wage cut, but the men were more sensible than their leaders, for thy met together and decided to sign on. The watersiders on the West Coast, who five weeks ago were ordered not to handle coal from certain mines, have resumed operations. The position there was handled firmly and justly by the Government, and the men have submitted to reason. They could, have created trouble, and it is to their credit that they conducted their stupid strike in a quiet way. The Labour Daily of Sydney has plenty of scope for usefulness, and if it devoted its attention to improving Australian conditions it would be doing some good to the workers. New Zealand is capable of managing its own affairs and managing them satisfactorily. The test, however, is the money position, and, to use a colloquialism, “money talks.” New. Zealand raised in London a few weeks ago a loan of £5,000,000. True, it was not a huge success, as some of our other loans have been; still the loan was floated. The Commonwealth has not been able to obtain a braes ’ farthing in London or New York. The State of New South Wales has earned the .unenviable notoriety of having repudiated payment of interest, and at the present time is unable to pay the salaries of civil servants. Money talks. Australian business houses have been scheming and contriving to obtain credit in New Zealand because the New Zealand pound note is worth more than the Australian pound note. They have been trying to exploit our silver money, but. fortunately not with success. The New Zealand £5,000,000 loan, which was not a success in that the underwriters had to find 68 per cent, of the money, is now selling at a premium of 21s 3d. The underwriters who held on not only received the underwriting- commission but also are making* a profit on the sale of the debentures. Can the Commonwealth show anything approaching this? In money matters confidence is of the highest importance, and it is very gratifying to find that in the world’s chief monetary centre, London, there is continued confidence in New Zealand, while the Commonwealth is absolutely discredited. The cut in wages and salaries in,.New Zealand is only 10 per cent.; in Australia it is 20 per cent, and more. Interest rates are coming down in New Zealand and costs of production. Production is expanding, and when economic conditions take a turn for the better New Zealand will be able to get off the mark more quickly than Australia.