LABOUR DAILY’S ATTACK

Taranaki Daily News, 25 August 1931, Page 11

LABOUR DAILY’S ATTACK

“S.O.S. FROM NEW ZEALAND”

“FAILURE OF TORY NIEMEYERISM” FIRST REAL STOCKTAKING. By Telegraph—Press Assn.—Copyright. Sydney, Aug. 24. With a front page streamer “SUS from 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 the cablegram from Wellington published here oh Saturday. Panic has seized the- Tory legislation in the land of Forbes and Coates.

“Since the Labour daily’s criticism awakened the slumberous Dominion.-to the realities there has been the first real stocktaking. Niemeverism —the mere slashing -of earnings—has failed even more dismally than in all other countries where the’ Otto blight has fallen. “For two years the New Zealand Tory press cloaked the perilous position there by drawing attention every day to the shocking example" of Australia. As the result of this slandering of the Commonwealth, our securities depreciated 25 to 35 per cent, below par, whi.e those of New Zealand have gone up to a premium of from £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.”