THE WORST OVER

Dominion, Volume 25, Issue 293, 6 September 1932, Page 8

THE WORST OVER

Depression in Australia BETTER WOOL PRICES Government Economies ' “The general feeling among the Australian people is that they have seen the worst of the depression,"’ said Mr. G. Shirtcliffe, 0.8. E., of Wellington, who returned by the Makura from Sydney yesterday morning, after a six weeks’ holiday visit to Australia. That feeling, added Mr. Shirtcliffe, had been very greatly enhanced by the very acceptable rise in values at the Sydney wool auctions last week. Mr. Shirtcliffe said that while up to the present the Australian people appeared to have been concerned with exchange inflation, they were now tackling the question of costs in much the same way that New Zealand had already had done. Drastic reductions were being made in Government expenditure, and Interest rates generally, were being reduced. The general feeling seemed to be that Australia had seen the worst of the depression, and that feeling had been enhanced by the very acceptable rise in the price for wool at the Sydney auction sales, which were being held when he left last week. If that rise were maintained, it would mean an increase of about £2 per bale on the whole of the Australian clip, which was about 2,000,000 bales. Reference was made by Mr. Shirtcliffe to the Australian viewpoint of the Ottawa Conference. From the articles in the Australian Press, he said, it seemed that the results of the conference were satisfactory to Australian interests, and that Australia had given very little, but obtained substantial concessions from the Old Country. One thing he had noticed while in the Commonwealth was the large trade that Australia did with the East He thought the Commonwealth sold to Japan last yeay some 500,000 bales of wool, besides heavy shipments of wheat and flour and general goods. The Old Country absorbed a bigger percentage of New Zealand wool than she did of the Australian clip. Discussing the secondary industries of Australia, Mr. Shirtcliffe said he judged that they were in a more or less flourishing condition. The decrease in imports during the past two years had been enormous, and still the market seemed to be well supplied with manufactured goods of all descriptions. One was struck by the excellent quality of the goods manufactured in the Commonwealth, particularly boots and shoes and clothing.