AUSTRALIAN INDUSTRY.

Auckland Star, Volume LIII, Issue 96, 24 April 1922, Page 4

AUSTRALIAN INDUSTRY.

I ; l A BRIGHTER OUTLOOK. ! DEFEAT OF THE EXTREMIST& MONEY SHOULD BE PLENTIFUL - j | Australian industrial undertakings I which have for some time been languishing, now show signs of revival according to Mr. A. Goninian, who is closely connected with the iron and steel industry in New South Wales. Mr. Goninian employs upwards of 1000 men in his undertakings, his activity being mostly centred at Newcastle. He is on his way to England to purchase plant for one of the concerns with which he is connected. i The immense steel works of the j Broken Hill Proprietary at Newcastle in which between five and six millions sterling are invested, are practically at -' a standstill at the present time, whilst G. and C. Hoskins' great works at Lithgow are also almost idle, so that the . promise of improved conditions is gratej fully welcomed.

"In Australia we have been suffering from that general world-wide trade de- , pression which was the aftenmath of war," said Mr. Goninian. This slump was greatly aggravated by high wages and reduced hours of work. The reduction of prices in other parts of the I world allowed of the goods of other I nations being imported to Australia and landed at a less cost than our mannj facturers could produce them. Trade ' was further depressed in New South Wales because under the Labour regime investors had no sense of security, and would not place their money in productive enterprises. "The decisive defeat at the polls of the Labour Government ha» "veatlv

cleared the outlook. Confidence has been re-established, and the purse-strings of investors are being loosened. They e*n feel now that at any Tate their interests will be protected and not exploited and scattered by mad extremists. The extreme Labour crowd got a proper drubbing, and deserved all they got. I do not take any active ' part in politics, but it ia conceded that the people of New South Wales proved their sanity at the last State election? by ousting the extremists and insisting upon a reversion to sound Government. "I am going away quite optimistic I that things will improve, and that Xew South Wales will now have no trouble in securing adequate money in the form of new loans from London. Now th«t the bank rate of interest has been reduced in London, the same thing should take place here at any early date, and ■money for investment in sound concernt should be plentiful again."