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Hokitika Guardian, 4 February 1930, Page 4

The folly of the situation in New South Wales is having its effect. Financial stringency of a .severe and public character is proving the nemesis of the follv. The policy of disorganising industry and fomenting industrial stride has been deliberately adooted in New South Wales by the “militant” section of wage-earners with conspicuous success, and the present industrial outlook is most largly a result of their efforts. One inevitable effect of all these reiterated strikes and industrial conflicts is that the State Government is at its wits’ end to devise ways and means for carrying on the busi-

ness of administration; and just at this critical moment the great coal strike has produced a most ominous reaction elsewhere. 'The Government has received advice from its financial representatives in London that “until die coal-mining dispute is settled,, the underwriters there will not entertain projects for raising loans from Australia.” As Australia in general and New South Wales in particular, have been living largely on borrowed: money for some years past, this sudden decision on the part of the Money Market is a very serious matter. Mr Bavin has appealed to the Miners’ Federation to “realise the economic facts” and to make an effort to save the situation from the standpoint of national i v

by burying the hatchet, and co-operat-ing with the Government to reconstruct and restore the industry. It is very doubtful whether this appeal will produce the desired effect. But this much is certain, comments a contemporary, that the doctrine of the Class War, carried to its logical conclusion by systematic attempts to paralyse industry and undermine private capitalism, must react most speedily, injuriously and disastrously upon the workers themselves.