NOTES OF THE DAY

Dominion, Volume 26, Issue 286, 29 August 1933, Page 8

NOTES OF THE DAY

Confident as were the anticipations of a substantial rise at the opening of the new season’s Australian wool sales, expectation has been outdone by the values made at Sydney yesterday. Experts forecast an advance of 25 to 30 per cent, on rates ruling twelve months ago but the gain is actually 45 per cent. The improved prices at which ' the market closed in June were exceeded by 30 per cent. Not only that but practically the whole offering was cleared with large private sales in addition. This is the best news for a long time. New Zealand sells crossbreds for the greater part and her sales do not open until three months hence, but the lead given by Australian merinos should be followed here later on. The demand for wook is keen, held-over stocks are small and the new clip will definitely be lighter. There is every reason to expect, therefore, that values at the robust opening in Sydney will be maintained.

Professor Moley’s resignation from the Roosevelt Administration is an event of some significance. It is, we are told, the first breach in the Roosevelt government family. His retirement will cause some surprise to those who have been following carefully the course of recent developments in American world policy and its swing-back at the World Economic Conference from internationalism to nationalism. Mr. Cordell Hull, Secretary of State, believes in international co-operation. Professor Moley’s idea is to set the stage for an American recovery, believing that upon such a recovery the welfare of the world will largely depend. There is thus a clear divergence of principle between Mr. Hull and Professor Moley, entirely incompatible with their relationships in Mr. Roosevelt’s Administration. But the surprise is that Mr. Hull, whose policy has been overruled, was not the one to resign. The incident is indicative of the warring interests with which the President is surrounded, and raises the question whether he will be able to hold to his course in spite of these.

When Arkansas and Alabama, two of the “solidly dry” Southern States,'voted for the repeal of prohibition last month, many American observers considered that their decision had sounded the death-knell of national prohibition. A few days later another Southern State, Tennessee, “went wet” and those for repeal felt that the final victory was secure. The prohibitionists, however, would not admit defeat, declaring that “the contest from now on goes into drier territory, and the drys can and should win.” An affirmative vote for repeal is required in 36 out of the 48 States and the Anti-Saloon League decided to concentrate on certain States so that at least 13 would negative repeal. One of the centres of resistance was to be Texas, another Southern State, but latest advices report that it has voted overwhelmingly against prohibition. The “ayes” for repeal now number 23 and it is hoped to secure the necessary 36 by the end of the year. If repeal is carried, it makes an end of national prohibition but it should be remembered that the question then reverts to the States who can make their own laws and, prior to 1918, did prohibit alcoholic liquor in large areas of the United S,tates.