AUSTRALIAN STOCKS

Hokitika Guardian, 26 February 1931, Page 3

AUSTRALIAN STOCKS

LONDON PRESS COMMENT. 1 ‘(United Press Association—By Electric Telegraph.—Copyright.) t ’ LONDON, February 23. ’ Most Australian slocks have acl--5 winced by 20s to 60k per cent., while the Now South Wales six per cents, have been advanced by five pounds ‘ sterling. It is believed that tile conference of the bankers of the Federal Minis- ' try that is now sitting at Arelbourne will result in some amicable settlement winch will restore British investors’ confidence and will preserve Australia’s credit. Thp Nmv South w-l'v T>,. o „,ie,. 'v r T,an"’fi recent sDeecli lias been extensively featured in England. The “Morning Post’s” financial editor says: “It looks as tbonorh tile *it>Pt’on is fast working up to a political crisis. It would appear as though Giere would fin a ponodijpmn nf •>[. least, some portion nf the New Pouth Wales interest. Every line of the extravagant speech is to be deprecated. Every line is unfort"natelv palnpbPpd + o impair the credit of Now Pouth Wales. Tt must be remembornd, hrwpver, that the Commonwealth is responsible for the State as well as the Federal loans, and thus tlurn i«, i; ttl« dn."bt tlu't the Commonwealth wi’l >pp that no pains are spared to carry on I to the utmost, the obligations of both thp States and the Commonwealth.” Tlic “Daily TeloeranV” in its cR” edition, pays little attention to. what jt ternis “Air I,ape’s latest outburst.” Tt says it regards him as “the mad dog of Australian r>n l *‘G'. > « ” nrl tho* it “refuses to be influenced by IrP wildest rhetorical excesses.” N.S.W. LABOUR BPUT. SYDNEY, February 24. Political turmoil in Australia shows no signs of: abating. It is most difficult, even for those well versed in Labour’s methods, to size up the sitnyitioii correctly. The latest development in the clash between the New South Wales Executive and thp Federal Executive of the Labour Party arising out of the East Sydney byeejection and Air Lang’s resole- to play a lone hand with regard ufinance is a meeting that was held today of certain New South Wales nnn bei's of the- Federal House of R -prcsentatives, who expressed their determination to take no part in the byeflection, owing to the spurious issue upon which it is being fought. They are prepared to risk their political fate. On t-lie other hand, Air Keimeally, President of the Federal Labour Party Executive of the Labour Party, is reported as saying that he would recommend the expulsion of those Federal Labour members who do not take part in this campaign. Thus the result qt the bye-election will have an important bearing on future developments in the Labour camp. Air Lang’s speech last night lias caused an avalanche of criticism in the press, which has generally denounced it. - ■ . A message from Hobart states that Mr Lyons and another Tasmanian member, Mr Guy, are in danger of being expelled by the Labour Executive, which has asked them to explain their recent actions .in the Federal sphere. jjONDON, February 24. Australian stocks further recovered. Dealings were recorded in Commonwealth fives ranging from 67 to 70, sixes 74j to 78. Victorian fives 65. New South Wales threes 60 to 62i. 34 per cent, 48; oil per cent, 79Y to 80; six and a half 70 to 72. Queensland sixes, seventy-five.