SIR O. NIEMEYER

Hokitika Guardian, 28 October 1930, Page 6

SIR O. NIEMEYER

FROM JUS VIEWPOINT

(Australian Press Association \

(Received this day at S a.m.)

SYDNEY, Out. 28

Replying to criticism of Mr Lang and hijs supporters during the election campaign, :Bir Otto Niemeyer to-night said he came to Australia at tlie invitation of the Commonwealth Government, purely as the representative of the Bank of England and such advice as he has given, was based on twenty-five years experience in public finance. The. agreement arrived at between the various Premiers at the Melbourne Conference in August was thoir’s, not hjs. It was they who published it, not him. “I neither Raid nor implied that Australia must be a hewer of wood and a drawer of water for other countries, but I have said that Australian manufactured goods are unlikely to play an effective part in her export trade for a considerable period.” He added that there never had been any question of tlie Bank of England taking over Australia’s overdraft in London. It will be obvious that the problem is how to deal with those overdrafts and short debts l,v issues in the market. ’1 lie Bank of England has no interest in Australian finance, other than a desire to help in averting a serious financial crisis.