AUSTRALIA’S S.O.S.

Sun (Auckland), Volume IV, Issue 1004, 21 June 1930, Page 11

AUSTRALIA’S S.O.S.

FINANCIER WILL SIFT EXCHANGE PROBLEM BUSINESS WITH BRITAIN Irutrcl r.A.—By Telegraph Copyright LONDON, Friday. The invitation of the Prime Minister of Australia, Mr. J. H. Sc ullin, to the Bank of England to send a representative to the Comonwealth for a consultation about the exchange problem as it affects Australia overseas is generally approved by financial writers. The “Financial Times” says Sir Otto Niemeyer, who is to make the journey on behalf of the bank, will be accompanied by two assistants. The paper says both Britain and Australia are to be congratulated unon the appointment of Sir Otto, whose* investigation must be far broader than an inquiry into the mere mechanism of exchange. 3he more the Australian authorities and the Bank of England know each other’s views, and plans, says the article, the smother will he the path to subsequent financial intercourse on sound lines. FREE TRADE IMPRACTICABLE A mesage from Sydney says Mr. J. E. Fenton, Federal Minister of Trade and Customs, returned to Sydney by the Aorangi. He brought back a long list of manufacturers who contemplate opening businesses in Australia. Mr. Fenton says he is more than ever convinced that protection is the right policy for the Commonwealth and that Empire free trade is absolutely outside the bounds of practical politics. Financiers abroad have complete confidence in the Commonwealth’s financial future.