FINANCE AND COMMERCE.

Press, Volume LXV, Issue 19683, 29 July 1929, Page 10

FINANCE AND COMMERCE.

AUSTRALIAN OUTLOOK.

THE DROUGHT POSITION. A Christchureh resident connected with the stock and station business has just returned from a trip to Australia, during which lie travelled very extensive areas of New South Wales. To a Press representative- he expressed the ©pinion that the drought was nearing tin aoute stage in many parts. The country for mile after mile was as bare as the proverbial board, water •was scarce, and the transport of fodder was now general and it was increasing in cost. On much of the country he had passed through ewes were leaving their lambs, a bad sign, as it indicated a condition of semi starvation. I'nlcss rain came very soon it would be an extremely serious matter for the country, as part of the wheat belt, particularly in Victoria, would otherwise experience a complete crop failure. The prospects of an ordinary lambing were remote, and it appeared inevitable that the sheep strength of the Commonwealth as a whole, which last season just touched the highest point on record (106 million), would be considerably reduced. A further cause of pessimism was the drop recorded in merino wool values. At the Brisbane sale held during the course of the visit the average was 14d a lb for the whole offering. This is a •teep drop on the values ruling twelve months ago at this centre, where the wool is of the highest merino character. Borne brightness had been added to the general position by the rapid advance in the price of wheat. Some compensa tion for the lower wool prices would be ordinarily provided by the record flocks, but the absence of feed will make this possibility of little worth. Australia has had a lengthy run of excellent years, and there is an uneasy feeling that the present visitation is the prelude to the drought that the pessimists claim is due. A good rain, even at this belated stage, would completely alter the position.

CANADIAN LUMBER TRADE. NOMENCLATURE QUESTION. (PKITED rRESB ABBOCIATION —BY ELBCTHIO TELEGRAPH—COPYRIGHT.) VANCOUVER, July 26. Considerable dissatisfaction is being •xpressed by British Columbia lumbermen over tho fact that it is reported that Australians refuse to change the name of Oregon pine to Douglas fir. It is claimed that the use of the word Oregon tends to point to the United States, instead of Canada. Lone ago England changed the name in the specifications. Douglas fir of the highest quality is the pioduct of British Columbia. The matter will bo discussed when a delegation of lumbermen reaches Australia.—Australian Press Association. BRITAIN'S TRADE OVERSEAS. SALESMANSHIP AND ADVERTISING. Mr F. W. Goodcnough, chairman of the Incorporated Sales Managers' Association of Britain, in an address to the Advertising Convention at Newcastle last month, echoed the pleas of the Prince of Wales for better salesmanship overseas. He said: — "We are getting a large volume of evidence that all is not well with our salesmanship overseas. To say that we are not going the right way to work to sell our goods is not to decry those goods in the iv. at, nor to decry our brains. "Our brains are right enough, if we will only apply them to the problems that confront our export trade. Our goods are the best in the world, and thoir reputation ought to give us a good start against all competitors. "Let us advertise our goods in the world's markets—we do not do half enough of that; but do not let us pretend we are all perfect salesmen, because our competitors know the truth about that a great deal better than we know it ourselves. "It was common sense to say that we need a better appreciation of tho importance of salesmanship in the high places of the industrial world. When that appreciation comes, with its inevitable demand for more and better salesmen, we want to bje prepared to supply the demand and enable our factories to work overtime in supplying the world with British goods. We can do it once we face the facts and tackle the job."

WINTER SHOW. OPENS SATURDAY WEEK. One week from next Saturday sees the opening of Canterbury's Annual Pageant of Progress. With many interesting exhibits, the Canterbury Winter Show and Exhibition assures every visitor hours of entertainment and amusement. An unusually fine musical programme has been arranged, and with the bright decorations and gay crowds the show offers a rare opportunity for hours of pleasure. The citizens of Christchurch are especially asked to give their co-operation by attending the show on the opening night. QUEST FOR GOLD. (FSESS ASSOCIATION TBUtQSAM.) INVERCARGILL, July 27. A revival of mining on the Shotover in foreshadowed by the launching of a large pontoon for the Golden Terrace Company. Good progress has been made with the big dredge and the power plant, and operations are expected to commence in a few months. EXPORT OF FRUIT. (PBMB ASBOCIATIOK TBIJIOEAM.) WELLINGTON, July 27. The export of fruit from New Zealand did not reach the previous season's record, but was much larger than expected in view of the conditions early in the season. The Tasmanian export was exceeded, as production was maintained while Tasmania had a short crop. Nelson and Hawke's Bay were the largest producing districts. The total export was 892.054 cases, of which 341,903 went to London, 264,435 to other parts of the United Kingdom, and the rest to Europe, bouth America, and Halifax (Nova Scotia).

INDUSTRIAL LEGISLATION.

PROPOSED CHANGES IN AUSTRALIA. Eeference was made in a recent issue of The Press, to the fact that at the Conference of Commonwealth and State Ministers, on May 28th, the Prime Minister (Mr Bruce) made a statement to the effect that, if the powers of the Federal Government could not, or would not be extended to enable it to exercise sole control in industrial matters, Parliament would be asked to repeal existing Federal Arbitration legislation covering all industries other than ship2>ing and waterside industries. The effect would be to place the responsibility for legislative control of all industries, other than the two indicated, upon the State .Legislative bodies. It appears fairly certain, states the Monthly Summary, issued by the National Bank of Australasia, Ltd., that the added powers mentioned by Mr Bruce will not be accorded to the Federal Government, consequently the announcement indicates that a very large part of the body of Commonwealth legislative and legal regulation of industry, built up since the passing of the Federal Arbitration Act in 1904, and the subsequent inauguration of the Federal Arbitration Court, will be put aside, and that the State Governments will have to extend their activities to control the relations between employers and employees within their several territories. This is the most important proposal made in Australia with regard to industrial relations for years past, and is one which is welcomed by the employers and the business section generally. In effect, it admits the failure of the Arbitration system, as practised in Aus- ; tralia for twenty-five years, and indicates that peace in industry must be sought through other means than the Arbitration Court. The opinion of the Federal Government of the results of dual control and arbitration may be gathered from the following extract taken from Mr Bruce's announcement: "It is most desirable that industry should accept, as far as possible, the responsibility of managing its own affairs, and an urgent question which arises is whether the existence side by side of Commonwealth and State systems of industrial regulation is an obstacle to progress in this direction. Legislation cannot, by itself, solve any industrial problem. But we should be careful to see that legislation is not creating artificial difficulties which tend to prevent industry from solving its own problems. The Commonwealth Government does not believe that industrial regulation should be abolished. It considers that legislative safeguards of proper wage standards, and of proper working conditions, are essential. At the present time, however both the Commonwealth and the States are separately dealing with these problems. In the same industry we find that conditions are governed by Commonwealth awards, State laws, State awards or determinations, and various agreements. The requirements of these laws, awards and agreements are often inconsistent and conflicting. "The Commonwealth Government has arrived at the definite conclusion that the present duplication of powers in the Commonwealth and the States is not only unsatisfactory in principle, but that in practice it is responsible for serious economic waste and for irritation of personal relations between employers and employees." Labour organisations have strongly protested against the proposal, but their statements are unlikely to influence the opinions of the main body of the electors. It is generally recognsed that, if the Labour group had insisted upon the obedience of its members to the orders and awards of the Arbitration Court, the movement directed towards the limitation of the activities of the Court would have made but slow progress. Most, if not all, of the State Governments are thought to welcome the proposals of the Prime Minister, and to be likely to make the arrangements necessary for State instrumentalities, such as Wages Boards and Industrial Courts, to take over the duties and responsibilities, of whieh the Commonwealth Government proposes to divest itself.

GRAIN MARKETING CORPORATION.

U.S. FARM BOARD'S SCHEME. (CNrrw> PRsna association' —bt electric TBLEGBAPH—COPYBIGHT.) (Received July 28th, 5.5 p.m.) NEW YORK, July 27. A Chicago report states that it is learned that the Federal Farm Board's first proposal for farm relief will be the formation of a 20,000,000 dollar grain marketing corporation which would sell its products throughout the world. According to the chairman, Mr Alexander Legge, such an organisation would be formed through a merger of farmer-owned grain pools, co-opera-tives, and elevator associations. It would be established along co-opera-tive lines and would be eligible for loans under the new Farm Relief Act. It would also serve as intermediary between the Board and farmers cooperative groups. Mr Legge declared, however, that the details are yet to be worked out. —Australian Press Association.

STRANGE'S BLOCK.

BIG DEPARTMENT STORES. Uncertainty as to the future of the main block of Strange's Buildings in High and Lichfield streets still exists, and it is reported that the negotiations for the sale of the lease and the foodwill of the business 'ormerly conucted by Messrs Strange and So.. Ltd., having fallen through, the premises will not now be reopened for the carrying-on of a drapery and genera! importing business, as was proposed. There is now little likelihood of the block being occupied for some time. Meanwhile, the arcade which lias been under construction between High and Lichfield streets in the portion of the block nearest the corner has been completed, and several of the new shops made in conjunction with this improvement are in occupation. Doubts as to the intentions of Mr J. R. McKensie, the lessee, in regard to the two upper storeys of this part of the buildings have been set at rest by his decision to open department stores, the ( branch being the third lii# in a chain which will unite the four main cities of the Dominion.