VICTORY OF SOUND FINANCE

Timaru Herald, Volume CXXXIX, Issue 20108, 15 May 1935, Page 9

VICTORY OF SOUND FINANCE

COMMENT ON STATE ELECTIONS HIGH PRAISE FOR MR STEVENS United Press Association—By Electric Telegraph—Copyright (Received May 14, 8 LONDON, May 14. "The Financial Times” describes the result of the New South Wales election as a vindication of sound finance. The paper says: "Mr Stevens’s claim to victory should stimulate and encourage every industry dependent on political stability, for progress and prosperity rest upon solid foundations. The lessons will not be lost upon investors when the New South Wales loan of £12,400,000 falls due shortly, to be dealt with under a successful conversion plan.” ‘‘The Morning Post” says: "The result means that New South Wales, and indeed Australia, has done with Langism, which led by short cuts to ruin, and from which the Commonwealth was delivered only just in time. There is nothing in the Queensland result to qualify the significance of Mr Lang’s defeat. Mr Forgan Smith, the Queensland Premier, is a moderate and constitutional in his policy, and perhaps owes his success to that fact. It would not be surprising if he became the leader of the Labour Party in Federal politics, an event which would mark the definite extinction of Langism, and all it stands for.