RECOVERY IN AUSTRALIA.

Press, Volume LXVIII, Issue 20648, 10 September 1932, Page 15

RECOVERY IN AUSTRALIA.

HEAVY SACRIFICES INVOLVED. | MR STANLEY BRUCE INTER--1 VIEWED. * (BRlTldll OmCUL WIRELESS.) RUGB-Y, September 8. ' The Rt. Hon. Stanley Bruce (Australian Resident Minister in London), in aii interview, referring to Australia's recovery, said the Commonwealth Government had not only balanced its Budget, but showed a surplus, against an. estimated deficit. The recovery involved heavy sacrifices. Wages had been reduced throughout Australia by between 20 per cent, and 80 per cent., and all adjustable expenuiture, embracing practically the I whole of Australia's expenditure upon social services, except interest and k sinking fund, had been reduced. ' • Discussing his visit, after the r Ottawa Conference, to Washington and p New York, Mr Bruce said there was a distinctly better' feeling there, and r the Government and financial authorip ties with y.'hom he conferred considered that the worst*of the depression had passed. r He attributed the success at Ottawa, ® which had placed Empire, trade on a » new basis, to the fact that tyifie and > moderate counsels had prevailed. The • position of British trade in Australia would. certainly b<j „ substantially' imr proved by the agreements, reached. Great Britain ' fully recognised - that the Dominions > would [ tinue to develop their manufacturing activities, and, the DominiQns JiaU . agreed to limit such development to , the industries for which they were ■ economically .fitted. That afforded .a- ---' proper basis for complementary proauction.. WARSHIP TO BE SCUTTLED. " SYDNEY, 9. r ' The' hulk of" the : 'wdrßhl|i' Encounter, whteh in 191? . ficted as escort for New Zealand and Australian troopships, will be taken out to sod and scuttled. ■ 1