MANUFACTURE OF IRON AND STEEL.

Dominion, Volume 1, Issue 50, 22 November 1907, Page 7

MANUFACTURE OF IRON AND STEEL.

SCHEME OF BONUSES.

BI TBKEGBAPH—I'RESS ASSOCIATION— COPYRIGHT. Melbourne, November 21. Tho House of Representatives read tho Iron Bonus Bill a second timo, after a proposal by tho Labour party to nationalise the iron industry had beou defeated.

Speaking on tho second reading of the Iron Bonus i3ill, the Federal Treasuror (Sir Win. Lyne) said that the averago importe of iron and steel, unmanufactured and manufactured, into Australia, amounted to about ,£7,000,000 a year. Tlio iron industry coiild not bis established at ft less cost than J»00,000, or perhaps even J31,100,000. Capital was cautious through fear that tho Stuol Trust of America, with itd capital of would dump into Australia. Anti-trust legislation might not apply if (he Steel Trust dumped goods just under tho rates of locally-produced iron, flo understood that negotiations wero proceeding with a view to tho State of Now South Wales taking over Sandford's newly-established iron and steel works at Lithgow Valley. The total amount to bo apportioned for bounties is ,£30'1,000, to bo divided in thrco classes, as follow :— Pig iron and puddled bar iron made from Australian ore, .£250,000, at the rato of 12s. per ton, this bounty to expiro on January 1 1313. Galvanised iron wire notting arid wiro iron and steel tubes or pipes (oxcopt rivoted or cast), not moro than four inches internal diameter, .£50,000, at the rate of 10 per cont. on tho value, tho bounty to expire on January 1, 1911. J Reapers and binders. Tho first 500, .fiIOOO, at the nito of £& each. Bounty to expire July 1, 1009. j