The Press. MONDAY, SEPTEMBER 9, 1907. A GOLDEN YEAR.

Press, Volume LXIII, Issue 12904, 9 September 1907, Page 6

The Press. MONDAY, SEPTEMBER 9, 1907. A GOLDEN YEAR.

No feature of Australian commerce is more remarkable tban its violent changes. Every country in the world has its ups and downs, its periods of depression and of prospentv, but in Australia the difference seems more sharply denned, and the alternations seem more frequent, than in other lands. Apart from such influence as may bo exerted upon Australian trade by seasons of depression in England, and by the course of foreign markete, the great factor in determining the result of the trading year in Australia is the weather. The difference between poverty and prosperity is the difference between drought and a good rainfall. It was but yesterday that the Commonwealth was experiencing the bitter effects of a long series of lean, dry years; to-day it ie rejoicing in the affluence that has followed the breakup of the drought. The -ecuperative power oP Australia at such times is marvellous, and suggests tho enormous benefit that would accrue from the conservation of water and the adoption of irrigation ou a grand scale. Some day, it is to bo hoped, an Australian statesman will come into power who will give these undertakings the attention they deserve. In the meantime Australian commerce is growing as if drought were unknown. Lost year was unprecedentedly successful and, according to the "Insurance and Banking Record," has "placed the " affairs of the country on a more sub- " stantial basis than has ever existed " before." Droughts and low markets may recur as before, "but there is a " greater reserve of realised wealth to " meet them." Coming to plain figures, the statistics presented by the Commonwealth statistician show that the total exports for the year were worth very nearly seventy millions sterling, an advance of close upon thirteen millions over the previous year, whilo the value of the imports, £44,700,000, was considerably more than six millions greater than in 1905. The excess of exports was mado up of seven millions in merchandise and five millions in specie and bullion, nearly the whole of the increased imports beting represented by merchandise. Details show that the rise in exports was due mainly to wool (practically three millions greater than in the preceding year), metala except gold (one and a half millions), and butter (one million). The principal increases in imports wero in apparel and textiles and in metala and machinery, the former being rather under and the latter slightly over a million and a half more than in 1905. The total value of production from land industries, mining, and manufactures -was thirty-six millions, an increase of 20 per cent, in three years; of this amount the land industries contributed about 62 per cent, nnd manufactures, excluding cost of raw materials, 28 per cent. Prosperous seasons imply an increase in tho earning power of the people, hence we find that whereas in 1903 the earning power per head in Australia was £24 19s 2d, last year it was £29 15s Bd.

The question of -where Australia's imports come from, and where her exporte go to is of interest, but in considering the figures, certain changes in commercial conditions have to be romembered. "Formerly," we are reminded, "tlio greet bulk of the im"portatiohs arrived in British vessels, "and the goods were generally as"eumed to be British, even when "transhipped from the Continent at "London, or from America at Liver* " pool." Thero are now, however, shipping lines connecting Australia directly with Franco, Germany <and America, with the inevitable result that the volume of importe from the United Kingdom has apparently diminished. The statistics showing the "imports of "merchandise according to port of sail"ing," give the United Kingdom 63.36 per cent, of the whole, British possessions 10.72 per cent., and foreign countries 28.92 per cent. A comparison of the figures for the last three years shows that British possessions have gained elightly at the expense of foreign countries, while importe from the United Kingdom have remained practically stationary. But, arranging the imports according to the "declared "country of origin," Great Britain's ahare drops to £3.70 per cent., while the imports from foreign countries constitute 36.21 per cent. Compared with the previous year, the former indicates a slight fall, and the latter a corresThis, however, is explaineeto be duo to increased demand forjpfw materials not produced by

Great Britain, evnd not to »ny decay in British trade. The United Kingdom still remains Australia , * -bestcus- ,- tomer but to a diminishing extent. Three years ago, 56.11 per cent, of her exports went Home; last year the proportion was only 5081 per cent., while the percentage of total exports absorbed by foreign countries rose from 32.07 to 38.81. This is, however, accounted for by the increased foreign demand, for Australian wool. American and Continental buyers will not be deniod, md in threo years their purchases have risen from eight and c half millions sterling to twelve millions. For various reasons, the "Record" is inclined to think that the exports of 6taplo products during the coming season will chow no advance over last year, and that tho pact season witnessed "the "crest of tho wave." But if the seaeon is es prosperous as the last two years, Australia will have good reason to be satisfied, and thore are no indications just now that the present conditions will not, at least, bo maintained.