SEQUEL IN AUSTRALIA

Evening Post, Volume CIX, Issue 81, 5 April 1930, Page 9

SEQUEL IN AUSTRALIA

EEA'OF TEOSPEEITY?. OR MORE UNEMPLOYMENT United Pres3 Association—By Electric Telegraph—Copyright. - (Received sth April, ,10 a.m.) SYDNEY, This Day, With tho announcement of the tari? proposals local manufacturers clairh; that Australia is on the threshold of anera of prosperity similar to tho boom that followed when like action was adopted in the United States about sixty years ago. Opponents of the tariff point out many anomalies and predict greater, unemployment and trade depression. MAKERS AND TAKERS. Large manufacturers here are of opinion that the new tariff will result in lower prices for all goods protected. One firm of implement makers already has announced, a 5 per cent, reduction in farming and agricultural machinery. Manyyimporters, however, who placed orders overseas months ago for winter delivery have been placed in a most embarrassing position. Usually a sensitive barometer to any change in- the commercial and financial outlook, the Stock Exchange gave no ' appreciable reaction to-day to the new restrictive tariff schedule. The view is held that the Government will have to resort to direct taxation to compensate for, tho loss of revenue as a result of the curtailment of imports. EFFECT ON SHIPPING. Shipping men regard the new tariff with dismay, as there is bound to be a serious diminutjion of cargo from the United Kingdom, and. ballast will have to bo carried. It. is definitely stated that the Orient and P. and O. Companies will maintain their existing fortnightly service owing to being bon'nd by mail contracts. It is highly probable that a number of tramp steamers will no longer come to Australia owing to lack of cargo.