NOT IN A GOOD WAY.

Auckland Star, Volume LX, Issue 142, 18 June 1929, Page 10

NOT IN A GOOD WAY.

AUSTRALIA'S OUTLOOK.

DOMINION'S FINANCE

AFFECTED.

SIR GEORGE FOWLDS' IMPRESSIONS

"I am more and more convinced that the close tie-ups between the Australian and New Zealand banks are, at the present time at any rate, "working against the progress and prosperity of this Dominion," said Sir Geo. Fowlds, who returned by the Marama from Sydney 1 this morning. "Interest is higher over there, and there is no doubt that large sums of money liave been attracted from New Zealand on that account. Millions of pounds have been invested, and that is one of the reasons responsible for this Dominion's slow emergence from its depression." Sir George was away from Auckland for five weeks, and attended the annual meeting of the Congregational Union of Australia and New Zealand, which was held in Brisbane. Later he went to Sydney to attend a meeting of the Australian committee of the London Missionary Society. Sir George also visited Canberra and Melbourne. "The Queensland election result came as a great surprise to everybody, and was a relief after 14 years of Labour Government," said Sir George. "I will say, however, that many people were fair enough to admit that the Government had seven years of drought and now that the rains had come they would no doubt be of great help to the new treasurer in the direction of squaring his budget. Generally speaking, however, Australia is not in a very good way and the outlook is not good. High tariffs, high wages and industrial conditions are against all the industries. Protection has increased the cost of living and has made the primary industries unprofitable.