BIG ISSUE

Rotorua Morning Post, Volume 2, Issue 312, 27 August 1932, Page 2

BIG ISSUE

AUSTRALIAN FINANCIAL POLICY CAUSES GRAYE CONCERN. MANIPULATION OF EXCHANGE RATE. SYDNEY, Sat. How will the monetary position in Australia he affected in the immediate future by the financial decision of the Ottawa Conference? This question is causing grave concern to business men, primary producers, manufacturers and the community generally. Inquiries indicate that this will he one of the principal matters to he discussed at the Premiers' Cohference next month. The issue will boil down to the demands of the State Governments for furth'er release of credits to assist in the restoring of industry, while on the other hand, the Commonwealth Bank will presue its policy of avoiding anything in the nature of iriflation. Pressure may again he brought to

or expending increased credits. Stevens for London. The suggestion h'as been made that so momentous are the monetary issues, especially in their affect on our primary industries, that Mr. Stevens should go to London and assist Mr. Bruee in handling our loan problems there. Mr. Stevens could not, of course, go to England until after the Premiers' Conference, and even then it is douhtf ul whether his presenee would not be most urgently required in Australia. His grip on our financial problems is such that he could assist Mr. Bruee more by remaining here. Mr. Stevens holds very strong views on the monetary situation, being of the opinion that Australia is now advanced beyond limits of the original Niemeyer Plan, and that a definite policy of reconstruction should follow the economy programme of the past two years.