SYDNEY'S REVIVAL.

Auckland Star, Volume LXIII, Issue 140, 15 June 1932, Page 5

SYDNEY'S REVIVAL.

AFTER LANG WENT OUT.

BIG BUILDING PROGRAMME,

INCREASE IN RETAIL SALES.

(From Our Own Correspondent.)

SYDNEY, June 10,

While the combatants on both sides in the State elections have been throwing themselves into the struggle, the city and the State have been responding in marvellous fashion to the impetus generated by the expulsion of Mr. Lang. It is confidently asserted that if the Stevens party is returned to power tomorrow, building to the amount of about £3,000,000 will be started in and about Svdnev. A £300,000 hotel, a £500,000 insurance office, a £400,000 shipping arcade, in George Street, a £350,000 block of offices in Wynyard Square, a new medical research school at the University for £100,000, are among the chief "items in this construction forecast. The Federal Government has asked the Loan Council to agree to the raising of a £2,000,000 loan on behalf of New South Wales to assist in relieving the industrial situation. Thousands of workers are no longer on dole, having received work and wages through the £600,000 grant already made by the Federal Government. The Standai ' Portland Cement Company has informed Mr. Stevens that it proposes to reopc) its works, giving employment to 30t hands.

On May 31, the "Sydney MorninHerald" pointed out that three daye after Mr. Lang's dismissal, the transfei of capital from Sydney to other States which had been going on continuously for weeks, suddenly ceased. Since Mi. Lang's dismissal. Government stocks have risen from £4 10/ to £13 15/ in the London market. In real estate for three weeks prior to Mr. Lang's downfall the average return was £0200 per week for the whole metropolitan area: but for the last two weeks, the average turnover has been nearly £45,000. Firms dealing in radio and electrics T equipment report a great increase in sales; the bookings at picture theatre* have increased within the past fortnight by 15 or 20 per cent; garage proprietors and retail traders report very large increases in daily business; and the State Treasurer reports that revenue received (excluding ineo ne taxi for the past two weeks has exceeded by 35 per cent the revenue received during the last fortnight of the Lang regime. Though during the eighteen month? for which Mr." Lang held office, 604 factories in this State" were closed down, as soon as the Stevens Government took office a company that had proposed to transfer its factory and organisation to Melbourne at an expense of £100,000 announced that it would stay here. As further signs of revived public confidence and optimism, it should be mentioned' that several cheques ranging from £50 to £250 and £500 have been forwarded to the Treasury as loans free of interest, to assist the new Government in its efforts to grapple with the financial depression. There can "be no doubt that a victory for the U.A.P. —C.P. alliance at the polls to-morrow will confirm and accentuate these signs of renewed confidence and returning prosperity.