EMPLOYMENT IN AUSTRALIA

Press, Volume LXXXVIII, Issue 26672, 5 March 1952, Page 11

EMPLOYMENT IN AUSTRALIA

EFFECT OF FEDERAL POLICY “RESULTS MORE THAN DISQUIETING ” “Now that the economic policy of ‘disemployment’ has been effectively set in motion by the Commonwealth Government, results coming to hand are more than disquieting," says the mid-February issue of the Australian publication, "Jobson’s Investment Digest.” “Unfortunately, the programme has coincided with a normal trade recession. After months of uncertainty, everyone is beginning .to realise that unless the present position is handled carefully it could become a full scale recession. “Falling wool prices, lowered production of basic foods, droughts, bush-fires, and, most important, an overwhelming flood of imports, have set Australia back on her heels.

“Even bureaucratic planners, engaged in a frenfied paper war on economic theory, should stop occasionally to discover what is going on in actual practice. And, having discovered that Australia’s overseas funds are sliding at an alarming rate, that unemployment is already with us, they should check any further desires for the fulfilment of a 'disemployment' scheme—a scheme, incidentally, which could have been introduced more appropriately 12 or 18 months ago. "Continued artificial tinkering with the economy at this stage could be disastrous. Unemployment creates unemployment. It reduces consumer demand and causes hardship where it is least expected. Although ’disemployment’ may be a satisfactory method of disciplining employees and employers alike, it is not a complete remedy for gaining workers in essential industry. Salesgirls, forced out of work, are hardly expected to start digging coal. And the growing pool of unemployed salesmen, textile workers, radio mechanics, wholesale softgoods employees, and others, surely cannot be placed Immediately in basic industries like steel mills. Eventually thev may replace men who will in turn take up jobs in heavy industry, but this period of transition can wreak havoc in the Australian economy.

The flood of imports into Australia in the last six or. eight months already has rocked Australia’s infant seconcftiry in* dustry to its foundations. The unemployment which has developed, and will continue to develop, from this influence, is sufficient to cause enough ’disemployment’ «.nsy en most ardent planner. The Commonwealth Government would do well to pause in its uneconomic tinkering and assist industry to meet the problems which have arisen from normal causes.

COMPANY NEWS KAITANGATA COAL n«wi l 2!. at l« ns .i? ave b ? en . corn P le ted by both parties to the projected sale of the shares in the Kaitangata Coal Company, Ltd to the Government. Preliminary discussions will be held between representatives of the company and the Government in Dunedin this month and will be followed by an arbitration hearing in Wellington. Mills.—Whakatane Board Mills, Ltd., has decided to make its half-yearly payments of preference diviends in future in April and October. No Interim dividend will be paid this year °n the 1951 issue preference shares. The dividend on the amount paid up on these snares during the financial year ending June 30, 1952, will be paid in one sum in October. The company states that the reason for this course is that if an interim payment was made on the 1951 issue preference shares, it would only be pavable on 2s 6d a share from December 10,' 1951 (the date of allotment), to December 31, 1951, the end of the half-year. The company says thnt the lar"e amount of Work which would be involved in calculating and paying this small amount of monCv would not be warranted. British Tobacco.—British Tobacco is raying an interim dividend of 2 ner cent. Shares become ex dividend on March 11.

VEGETABLES AND FRUIT The stone fruit season is now nearly over and those housewives who have not done their bottling will need to buy fruit in the next few days to be sure of getting their preferred varieties. The season was not a goodlone in Central Otago and the smaller quantities of fruit sold in Christchurch (brought correspondingly higher prices t|an last year. Freestone peaches have ryrived in Christchurch in some quantity this week, but the arrival of this fruit heralds the end of the stone fruit season. North Island lemons continue to be scarce, but other citrus fruits are still in good supply. More varieties of apples are coming on the market each week and the harvest is now well under way. Pumpkins and celery are the latest vegetables to riiake their appearance on fruiterers’ shelves. Retail Prices Lettuce (each), 4d to lOd: cauliflowers (each), fld to 2s Bd; rhubarb (bunch), 6d to Is 3d; cabbage, Is to Is Bd each; spinach (bunch), Bd to Is; potatoes, 3d per lb; beetroot, 6d to 9d a bunch; garlic. 2d an ounce; lemons (New Zealand), Is 6d per lb; tomatoes, hothouse. 2s to 2s 6d per lb; Nelson tomatoes. Is 3d to 2s per lb: radishes, bunch, 4d; onions, Bd per lb; Cox’s Orange apples, )0d per lb; Worcester Permain apples, 8d per lb; Gravenstein apples, 9d per lb; Bon Chretien pears, 9d per lb; Australian oranges. Is 4|d per lb; Jamaican oranges. Is 2|d per lb; Jamaican grapp fruit, lid per lb: green peas. is to Is 3d per lb; cucumbers. 2s per lb (hothouse); outdoor cucumbers. Is to Is Bd each; grapes, 6s to 8s per lb; sweet turnips. 4d per lb; spring qarrots, 6d per lb; strawberries. 4s to 5s a punnet; raspberries. 2s Bd to 3s a punnet; greengages. Is 6d per lb; peaches, Is to 2s per lb. mushrooms, 5s fld ner lb: dessert plums. Is to Is Bd per lb; dessert apricots, 2s per lb; cooking apricots, Is to Is 6d per lb; nectarines, Is and Is Bd per lo; Satsuma plums 4s 3d per lb: French beans, Is 4d per lb; runnei beans. Is 4d per lb; marrows, 6d per lb: pumpkins, 9d per lb; sweet corn, 8d a cob; celery. 2s a bunch. DRY SHEEPSKIN AUCTION POSTPONED (New Zealand Press Association; AUCKLAND, March 4. The unsettled political conditions overseas, particularly in France, caused the indefinite postponement of the Auckland dry sheepskin auction to-day. French buyers usually are active for dry sheepskins on the New Zealand market. Prices for hides and salted sheepskins reflected the easiness of overseas markets and the fall in wool prices in Auckland on Monday. Auckland abattoir ox hides reached only 14gd per lb compared with 20Jd a fortnight ago and*22Jd early in February. Cow hides suffered an equally sharp reduction but fairly moderate competition for yearlings held the decline to modest proportions Salted sheepskins showed a marked easing. Sound three-quarter woolled skins sold up to 15s Bd, compared with 18s a fortnight ago and 22s Bd early in February. No first-grade hogget or full-woolled sheep skins were offered.

SYDENHAM MONEY CLUB The club continued to make steady progress, said the ahairman of the Sydenham Money Club (Mr H. B. Duckworth) at the annual general meeting of shareholders. Total shareholders’ funds had risen to £222,784. The club had during the 12 months made new mortgage advances totalling £76,472. The net profit for the second half of the year had been £4BBB, making £9815 for the year. It was decided that the balance standing to the credit of profit and loss appropriation account should be used in maintaining the dividend at 4} per cent., and that £750 would be added to the reserve fund, making £1750 for the year. Directors elected were Messrs H. B. Duckworth (chairman), P. W. Miller (vicechairman), E. A. Calvert, F. J. Jacobsen, T. H. Munro, and D. V. Wilson.