A GREAT FIGHT.
This last item calls to memory the gallant fight put up by the Commonwealth Bank against the extremists in the previous political Administration in Australia, a fight, however, in which they received the support of a few of the Statesmen on the Labour side, among them being Mr. Lyons, who, it will be remembered, had to stand up against unsound measures which the extremists of the Government attempted to carry in the absence in this country of the then Prime Minister, Mr. Scullin. Thanks very largely to Mr. Lyons' lead, a great voluntary conversion of the Australian debt was achieved, a circumstance which, of course, has played a great part in con- tributing to the realized surplus for the past year. Nor will investors here forget that it has been under Mr. Lyons' ad- ministration that the Commonwealth Government, when New South Wales defaulted on its external obligations last year, promptly accepted responsibility and thereby saved the whole credit of Australia.
Previous page