ECONOMIC COMMISSION

Hokitika Guardian, 11 January 1929, Page 6

ECONOMIC COMMISSION

“ABNORMALLY HIGH WALES.” (Australian Press Association). (United Service.) LONDON, Jan. 9. The City Editor of the Morning Lost states that in spite of, or perhaps because of, the candid character of the report, the effect in the City will probably be more favourable than oilierwise. The mere fact of the invitation for a, candid report has already made a good impression with the friendly critics of Australian borrowing. Mie opinion that much of the borrowed money is expended on unprofitable or partly profitable schemes is in acton! with the opinion, held in the City; likewise, opinion on the railway services is generally accepted here. Apparently reference to the high cost of production deals with a point which has (been a matter for concern here. The abnormally high wages paid in development work often seemed to endanger at the outset the <!ianees of a commensal 'ale return. However, at the back of all criticism of Australia. \ finance there is ample ground li.r generous recognition. Large sums are i’e (pi red to develop the resources, and nothing hut good can come of the freest discussion of the '•whole situation. AUSTRALIAN PRESS OPINIONS. SYDNEY, Jan. JO. The “Big Four” are among ttie passengers on the Aorangi. The Sydney Herald, commenting on the “Big Four” report, describes it as candid and valuable, and tempered with good humour. It adds that “the reforms implied or suggested will l;e forced upon us from without, if not cheerfully adopted from within. Vo' must assume the report will be accepted in London as one which accurately narrows Australian conditions, and unless we evince a readiness to iieed its lessons, financial accommodation wit become much less easy to obtain.'' f I he Herald admits that Australia has not been as well financed as it should have been, 'but is of opinion that there is still time to repair mistakes.

The Telegraph Pictorial in a leader on the report, says. It will do all the good m the word if it draws vigorous criticism. The fact that the report touches on protection and arbitr liion may seem to some people like the dentist’s boring instrument approaching the nervy corner of a venerable tooth. The Sun comments: “There is not one criticism in the report which thoughtful Australians in public life and in the press have not uttered. The report speaks .frankly of our mistakes and omissions, but by keeping iw mind our political difficulties in should have toll! us how to remedy them. The Sun considers Mr Bruce made a tactical mistake in inviting criticism which’ from its official character end free trade flavour, must do a certain amount of damage to Australia in the. ranks of British investors.