LABOUR’S DAILY

Hokitika Guardian, 24 August 1931, Page 5

LABOUR’S DAILY

ANOTHER HIT AT N.Z. (Australian Press Association.) (Received this day at 10 a.m.) SYDNEY, August 24. With a front page streamer of “S.O.S. from the land of propaganda,” the “Labour Daily” says:—How correct was this paper’s recent diagnosis of the financial, economic position in New Zealand, may be gauged by the cablegram from Wellington, published here on Saturday. Panic has seized the Tory legislature in the land of Forbes and Coates.

Since the “Labour Daily’s” criticism awakened the slumberous Dominion to the realities, there has been the first real stocktaking. . Neimeyerism’s—mere slashing of earnings—has failed even more dismally than in all other countries, where the, Otto blight has fallen. For two years New Zealand’s' Tory Press has cloaked the perilous position there by,, drawing attention every day to theC:shocking example.of Australia. As a result of this slandering of the Commonwealth, our securities depreciated twenty-five to thirtyfive per cent, below, par, while those of New Zealand have gone up to a premium of £7 10s to £l7 10s aboye par, Had the m’onngandn not taken place, prices would have heen reversed in favour of Australia and against New Zealand.