DOMINION’S POSITION.

Waikato Times, Volume 110, Issue 18415, 24 August 1931, Page 7

DOMINION’S POSITION.

COMMENT IN AUSTRALIA. LABOUR DAILY'S OUTBURST. “TORY PRESS" PROPAGANDA. United Press Assn Elec. 101. Copyright (Received Aug. 24, 10.30 a.m.) SYDNEY, August 24. With a front-page streamer reaiiiug. “ S.O.S. from the 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 on Saturday. Panic has seized the Tory Legislature In the land of Messrs Forbes and Coates. Since the Labour Daily’# criticism awakened the slumberous Dominion to the realities, there ha# been the first real stock-taking. Niemeyerism—the mere slashing of earnings—has failed even more dismally than in all the 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 securltea depreciated from 25 to 35 per cent, below par, while those of New Zealand had gone up to a premium of £7 10« 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.”