AUSTRALIAN EXCHANGE

Hokitika Guardian, 10 January 1931, Page 5

AUSTRALIAN EXCHANGE

BRITISH PRESS VIEWS. (United Press Association—By Electric Telegr ap li. —Copyright.) (Received 8.30 a.m.) LONDON, January 9. The “Financial News” says the market for Austialian stocks is more difficult and dealers found it impossible to handle all offered. It was impossible even at one time, to get a bid tor New South W ales and Victorian loans. The dormer were most unpopular with the public. Sel.ing oiueis write definite that yiV.tei day’sj prices had to he taken to avoid the risk of worse.

Australian exchange depreciation made a deep impression on the public whose memory of post war cuiivncy troubles in Europe is lively enough to cause grave fears.

Urging it was time Britain took cognisance of Australia’s magnifiecent fight, to re-establish her position, the “Daily Express” complains that the affairs of the Empire take second place in the City of London compared with those of almost any other country. The editorial points out that an Australian wishing to buy ten thousand sterling worth of electrical equipment in Britain has to pay £11,250. W’e here have not only huge hoardey of unused money, but the power of extending credit is also limitless. The time has come when the money masters of the city should execute a change of' front and assist Britain and Australia hv abolishing the tax on Anglo-Australia commerce represented by the difference in exchange.

BRITISH COMMENT

LONDON, Jan. S. I lie Australian breakdown has given a deadly Glow to the econcrnics of Socialism, declared Mr A. M. Samuel, Conservative M.P. for Farnham, Surrey, and formerly Secretary to the Treasury in the last Conservative Ministry, in the course of a mid-day address at the Tradesmens’ Club. Ho said if Australian wheat and wool cost more to produce than the customers could pay, they must remain unsold. Unemployment, lie said, created by Socialistic economies, had caused the Australian State Railway to lose eight millions last year. “The Australians say: AYe borrowed money from the diabolical capitalists to Ibuild, run, and meet losses on our railways; now the diabolic capitalists refuse to lend more. There is no reason why Australian Socialists should not find capital for the railways, but they cannot unlesst they sell their products, which are too dear.”