AUSTRALIAN TRADE

Hokitika Guardian, 29 January 1930, Page 6

AUSTRALIAN TRADE

HOPEFUL OUTLOOK. EXPRESSED AT LONDON. I United Press Association—By Electric i Telegraph.—Copyright.] LONDON, January 27. At the Australian Day dinner at Australia House, Sir Granville Ryrie (Australian High Commissioner), proposing the toast of Australia, deprecated any pessimism as to Australian finance. He declared that /Australia had never defaulted in the payment of her debts and she would not.

Lord Passfield proposed the toast of “The Australian Government.” He pointed out that the Government was not blameable for the decline in the wool prices, which was tine to factors that are beyond its control. He paid a tribute to the part played by Sir Harrison Moore, whom he described as the • “greatest constitutional lawyer” at the recent Dominion Legislation Conference. Referring to the Naval Conference Lord Passfield expressed the opinion that the navy was essential for safeguarding the peace of the Empire.

Hon. Mr Fenton (Australian Minister of Customs,) responding, pointed out that a margin of preference . was still 'being maintained b ; V '.the Government. The Australian ( Government would still' givb, preference, tp, the British manufacturers' next to. the Australian manufacturers. He added:— “Since I have been in London I have interviewed, big ' business . people who are planning, increases for .their buildings and. plant in Australia, and also the introduction,. 0f... new processes. Our Government will, not let down any investor. .The investor had not the slightest reason to fear. If, lie said, Australian stocks, were depressed at London, this was due to worldwide causes, rather than to any local causes. Never was there a more favourable time to invest in. Australian, bonds. Sir Geo. Fuller, Hon. T. M. AYi 1 ford and Lord Novar also paid tributes to Australia.

The guests accorded... Mr Stanley Bruce (former Prime Minister) a tremendous ovation, and Sir G. Ryie paid him a tribute.