NOTES OF THE DAY

Dominion, Volume 23, Issue 44, 15 November 1929, Page 10

NOTES OF THE DAY

The fall in wool values at yesterday’s opening sale was not unexpected. The decline took the course forecasted, being felt more severely by 'the growers of fjner wools. Fortunately the weakening of the market was not quite so drastic as was generally anticipated. At the same time it was sufficiently marked to give citttse for concern, not only to the individual grower, but to the Dominion. Our prosperity depends principally on our receipts from primary produce to which wool contributes one of the largest cheques. The set-back to the sheep farmer is aggravated by the Government's action in imposing on him additional land taxes, to which has to be added in some cases the penal super-tax. This burden has been added to a hard winter and a declining market. It cannot be doubted that there will be much work for the “Hardship Commission,” and the sooner it is constituted the better.

Time was when the Labour politician took pride in standing or falling by his principles. Nowadays, however, he is becoming noted for his readiness to modify them, or scrap them altogether, to suit his circumstances. When the former Prime Minister of Australia (Mr. Bruce) proposed to abolish the Federal Industrial Arbitration system the Labour Party raised the strongest opposition, and the outcome was the defeat of their opponents at the elections. Now that Labour has been comfortably installed in power, the arbitration system seems to have lost some of its attraction. "Arbitration,” says a member of the new Labour Ministry, as reported yesterday, “has served its purpose in carrying us along up to the present, but it has had its day. We must come forward with a new scheme to meet new conditions.” So. having defeated the National Government on the arbitration issue, the Labour Party now changes front.