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Evening Post, Volume CXXVIII, Issue 14, 17 July 1939, Page 12

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A BANK REVIEW

AUSTRALIAN POSITION ! ( ; "Evening Post,*' July 17. '; The statistical bulletin issued by the I Commonwealth Bank of Australia for j' Julie remarked: "Pastoral and agricul- j • tural prospects are generally excel- ' lent." Owing mainly to an increase of 10 per cent, in the price of wool, Australian export prices improved during June. The export price index (1927 equals 100) at June 22 was 66.4, compared with 63.7 in May. 1939, and 71.4 in June, 1938. Besides wool, prices of butter, mutton, lamb, lead, and spelter were higher. Wheat, sugar, and silver declined. Since the report was compiled by the bank the wheat market has further declined. Butter production in New South Wales. Victoria, and Queensland has: shown further improvement over last year's figures, the seasonal downward trend being less pronounced than usual Latest available estimates indicate a total Australian wheat harvest of 155,000,000 bushels. It was probable that the wool carryover would be reduced to normal by June 30, but the wheat carry-over was expected.to be larger than last year. GOLD PRODUCTION. ■On the-basis of available estimates, exports, including gold produced, are likely to be valued at £A 135,000,000. This allows for a wheat carry-over valued at approximately £A3,500,000. The value of exports in 1937-38 was £.A 154,000,000. Imports, of merchandise for the first eleven months of 1938-39 were valued at £A 114,100,000, compared with £A 128,500,000 in the corresponding months of 1937-38. If tlie flow evident in recent weeks.continued for the rest of the year imports during 1938-39 would be valued at about £A 125,000--.--000,: compared with-£A139,600,000 last year. , ■ Manufacturing production in New South Wales in March showed further improvement in the durable producers' goods' section, but declined in industries producing durable consumers' goods. Both non-durable sections remained at about the same level as in February. The light- electrical equipment and motor bodies and parts groups remained much below last year's level, while heavy metal and engineering was the most active group compared, with last year. .Preliminary figures for April suggest a decline throughout the whole range of industry, activity being below last year in all groups. The norn-durable consumers' goods industries showed most buoyancy. Purchases; of plant remain below the level of last year. •Unemployment in New Sojuth Wales is again higher than in the corresponding month of last year. T|he proportion of available wage-earniers unemployed, (regarding part-tirjie relief workers as unemployed) wias- 6.7 per cent, in May, 1939. compared with 6.5 ■ per cent, in April, and .5.2 per cent, in May, 1J938. Unemployment ;in Queensland continues to decline ;. ..The number of new motor vehicles registered declined more than seasonally in April, but available figures for May show -an improvement. Imports of motor chassis in April;.were again ( higher than in the previous year. Railway earnings and freight carried for April were * lower than a, year ago in all States. ' Reports suggest that the value of sales by Sydney retail stores in May had regained the level of May, 1938.