AUSTRALIA’S RISE

Dominion, Volume 26, Issue 220, 13 June 1933, Page 11

AUSTRALIA’S RISE

Progress of Industries

BUSINESS MAN’S VIEWS

The opinion that secondary industries in Australia are continuing their steady progress toward a normal condition was expressed by Mr. F. J. Nathan, chairman of directors of Joseph Nathan and Company, Ltd., who returned to Wellington from Sydney on the Makura yesterday morning. He spent about six weeks in Sydney and Melbourne, and from his recent acquaintance with business life in those cities considers that their return to a more confident atmosphere is not without a solid foundation, and promises well for the future.

Every business man he saw was buoyed up extremely by the successful outcome of the conversion loan, Mr. Nathan said. Together with the increased prices for wool and gold, and the referendum in New South Wales, the conversion success meant a tremendous encouragement to business. With the tariff generally on their side, Australian firms were now manufacturing many articles that previously had been imported. It could not be suggested that there was anything like a boom expected in the near future, but the feeling of confidence was reflected in . the buoyant position of the stock markets in gold shares and industrials. Mr. Nathan said he anticipated that the Patterson scheme under trial by butter manufacturers would have to go on account of the increased quantity now being exported, while in its place there would be an equalisation or stabilisation scheme inaugurated by the Commonwealth Government. Resolutions favouring that change had been passed by various dairy associations in Queensland, New South Wales and Victoria.

It might take some little time to eventuate, he said, but there was no doubt that some scheme to take the other's place would have to be inaugurated. The Patterson scheme eouid be a success only provided that the country consumed one-third of the butter produced and exported the rest. Exactly the same' sort of scheme obtained for the protection of the dried fruit and sugar industries. “I was impressed with the great bid Australian secondary industries have been making for increased trade with the East,” said .Mr, Nathan. “According to what can be read in Australian papers, the venture of the trade ship Nleuw,Holland in the East has been very successful in enlarging and opening up trade with the markets there. Already in secondary, as well as. primary industries, Australia’s trade with the East has increased to a most encouraging extent.”