REMARKABLE EVIDENCE

Evening Post, Volume CXIV, Issue 149, 21 December 1932, Page 9

REMARKABLE EVIDENCE

Evidence of the recovery of business in Australia has been assembled by the "Australian News-Letter." Government revenues have increased sufficiently to enable the Commonwealth Government to begin reducing the heavier taxes imposed to square the Federal accounts during the depression. In July, at the beginning of the financial year, 1932-33, the Commonwealth Treasurer estimated a surplus by the 30th June, 1933, of £12,000. Last month the tax collections were so good that he altered his estimated surplus to one of £3,512,000. Following upon this came the announcement that the Government proposed to remit taxation to the amount of £I,6oo,ooo—deduction of land tax, £600,000; extended relief under the Land Tax Act, £300,000; reduction in super tax on property income, £500,000; remission of sales tax and primage,- £200,000. In addition to this the Commonwealth has granted £2,000,000 to the States-on a wheat production basis, to assist wheat growers who are in distress through low prices. Another £250,000 has been granted to the farmers as a, subsidy on sperphosphates for next year's tillage. ■ ■ , OVERSEAS TRADE., Commenting on Australia's overseas trade for the July-September quarter, .which showed an increase of £5,000,000" in imports and £1,400,000 in exports compared with the previous year, the National Bank's circular says:—"The increase in the aggregate value of trade for the three months of over £6,000,000 is a hopeful sign iii these days of industrial depression. A parallel movement the world over would be regarded as an indication that the depression was ovecome. An analysis of the goods imported duringthe three months indicates that approximately 45 per cent, are consumption goods, while 55 per cent, are production goods—that is, machinery or raw materials for a substantial amount of manufacture." : Optimistic views are taken by representative exporters of wine in Melbourne respecting the prospects of the sale of Australian -wine in British, markets. Several British wine traders who have not handled Australian wine hitherto are showing interest in the product, and a number of inquiries "have been received by snippers which indicate that the outlook is for increased sales. . . More than £9,000,000 of tobacco leaf will be purchased by manufacturing companies this season from Australian tobacco growers. The average price is ,2s 3d per pound. \ The total amount of leaf used in Australian factories is about 19,000,000 pound. IN NEW SOUTH WALES, Special inquiries carried out by Government officials 'indicate that there is a steady and consistent improvement in employment in New South Wales. Many industries reported increases in staffs, not only in the city but in: some of the country, districts. The retailers in-. Sydney . reported monthly increases as compared with figures of the previous year, and manufacturing industries in some branches, such as bootmaking, experienced definite improvement in trade, the manufacturers being under the necessity of advertising their needs. There was seven overtime worked in some quarters. Official building permits have again been applied, for after a lapse in which some municipalities were without any building for months. The progress of the State toward normality is regarded by the Government as real and substantial in the light of the information obtained, verification being given in somo directions by the records of the sales tax and a decrease in the issue of Government coupons for the supply of food rations. The Association of Motor Traders reported that their records of new car sales were on the increase and that truck business was also advancing. By arrangement among the States and Commonwealth, in which the money was made available, a vigorous programmo of constructive works that are urgently necessary either for commencement, or completion of operations that had been suspended, has been laid out for the financial year ending June, 1933. The undertakings are '• to be strictly reproductive as to revenue returns, and will substantially diminish the number of unemployed in the State. By arrangements with shires and municipalities those bodies will open up works upon which the unemployed will be engaged, loans for the purpose being repayable over a term of years from the revenue to be obtained. VICTORIA'S PROGRESS. The number of officially registered unemployed during the last week of November (for the whole of Victoria) was 27,000, or 12,000 fewer than for the corresponding period of last year. A great amount of work is being given for the Christmas season. Over 1700 men have just been engaged for extending the beautiful boulevards along the Yarra River. Some elotlang factories report a permanent upward movement. One of the largest Melbourne firms, which was employing 503 hands a year ago, now has 785 on its pay roll, and reports an increase of 67 per cent, in production and sales. Another has increased its staff by 200 during the year, and expects to add a further 200 during the next 12 months. A third, with 1250 employees, ha 3 been working full timo for six months. Increased activity iv the primary industry field, which was reflected in a fourfold rise of employment at the McKay-Massey Harris, Harvester Works, is also influencing the fertiliser trade. : In factories where foodstuffs are pre-