1 OCTOBER 1932, Page 44

good deal of the cheerfulness in markets which commenced some

few months ago was born of the result of .the TILE BANK'S BY-LAWS.

probably involved in the expected resignation this week * * * * of certain Liberal Ministers, the fact remains that much of the improvement which has taken place in economic If only because a 'year' or two' bade 'it 'kill nee" • essa ry` to conditions here during the past- year, and much of the criticize Australian Governments with regard to : excessive recovery in confidence, have been due to the establishment expenditure, overborrowing :and unsound_ social :legislation, of a National Government which it was felt was required . it is. the more satisfactory to be able to-day to pay a tribute cannot be regarded other than seriously, and I feel, ' stocks any case have caused a sympathetic movement therefore, that while there is a good deal in the financial 'hi Australian stocks in London, but_the,moyerrient eould not and economic developments of the past few months , conditions, it would be promise fiilleave til t 3f Zolisicreia, 1 I mino0Wealth Budget showed - that estimated deficits had tion some of the political-factors terWliieliAlai e.referied. yen ylace!tO' small. realized. surpluses, 'and even in the case ments, Tocah of international, might have a decidedly disturbing effect, upon general markets, which for their further advance inust; in my judgement, depend 'upon a fairly early—even if only moderate—improvement in trade, and :unsettled political conditions do not make