FINANCIAL CRISIS IN AUSTRALIA.

Timaru Herald, Volume CXXV, Issue 18492, 6 February 1930, Page 9

FINANCIAL CRISIS IN AUSTRALIA.

Commonwealth’s Poor Credit. APPREHENSION IN LONDON. c (United Press Association—By Electric T elegraph—Copyright.) (Received February 5, 5.5 p.m.) LONDON, February 4. Despite reassuring statements from Sir Granville Ryrie, and Mr Fenton’s spirited defence of the CommonI wealth’s financial position, there remains a lack of confidence in city circles resulting in the existence of a big bear market. Stocks have not reacted to reflect the genuine position. It has even been rumoured that a moratorium is about to be declared, or th£t both Commonwealth and States contemplate the postponement of interest payments. Uneasiness is spreading among small holders, who are increasingly inclined to regard Australian investments with apprehension. Some city brokers do not | discourage this feeling, thus keeping i the stocks at the present low level. It is urged that Mr Scullin and Mr Theodore should explicitly state that there is no intention of postponing any interest payments.