HIGH PRAISE FOR AUSTRALIA

Timaru Herald, Volume CXXXVII, Issue 19669, 11 December 1933, Page 7

HIGH PRAISE FOR AUSTRALIA

SUCCESS OF DRASTIC MEASURES. EVOLVING ORDER OUT OF CHAOS United Press Association—By Electric Telegraph—Copyright (Received December 10, 6.30 p.m.) LONDON, December 10. In a speech at Bradford, Sir Henry Strakosch said the most illuminating demonstration of how order can be evolved from an almost chaotic economic and financial situation, by the wise application of remedial measures, had been piovided by Australia. With characteristic pluck and determination, the Australian people had set to work to remedy the situation. The Premiers’ plan was a daring one, yet logical and comprehensive, and wholly consistent with accepted economic theory. “I shall probably be told,” added Sir Henry, “that the Australian recovery in the main, was due to favourable developments in the wool market. Let me remind you, that the price of wool remained at a low level of about Bid (Australian currency) per lb. until the middle of the present year. I had no doubt that even a dozen good wool seasons would not have been sufficient to restore Australia's economic and financial position, without the energetic application of the remedial measures to which I have just referred."

Looking Facts In The Face. Tile Financial Editor of “The Spectator” in a laudatory article entitled: “Advance Australia,” congratulating the country on the success of its conversions, and the enhancement of its credit, concludes with a word of warning. Referring to the past extravagance of successive Australian Governments, whieff led to excessive borrowing and external loans, the financial editor says: “In any case, this borrowing would have brought about a serious condition in Australia, and when the actual crisis came, it coincided with conditions in this country, which made it quite impossible for Australia to raise fresh loans. By courage in facing the years of strain and most honourably keeping all engagements, Australia lias done much to retrieve her high credit. Nevertheless, Australia will be wise to recognise that not all the causes of her trouble were beyond her previous control; also, in considering the success of the conversion oi>erations, full recognition must be made of the extent to which they were heljied by the cheapness of money 1 throughout the world.