20 DECEMBER 1930, Page 2

The Australian Effort We heartily congratulate the Australian people on

the blow they have struck for honest finance. It is an inspiring example. Here was personal self-sacrifice in response to an obvious call to a national duty. Thousands of persons who in normal circumstances would not have contributed to the Conversion Loan which has just been raised in Australia must have made great efforts to scrape money together for the unpre- cedented purpose. They understood what was at stake. Their action meant that there would be no financial repudiation if they could prevent it. The good news of the success of the Loan was announced by Mr. Fenton, the Acting Prime Minister, in the House of Representatives on Tuesday. £28,000,000 had been asked for and by Monday evening £26,000,000 had been received and there were many more applications in the post. Mr. Fenton said that the list would be kept open for a day or two longer, although the situation was already safe, as part of the Conversion—g5,000,000—was not yet due. Mr. Lyons, the Acting Treasurer, who has carried through this transaction in spite of the threats of the Labour Caucus, must be a happy man. He is; and deserves to be, an idol among all Australians who care for the national credit.