AUSTRALIAN INDUSTRY

Feilding Star, Volume XVIII, Issue 4575, 28 April 1922, Page 4

AUSTRALIAN INDUSTRY

A BRIGHTER OUTLOOK. Australian industrial undertakings, which have for some time been languishing, now show signs of revival, according to Mr A. Goninian, who is closely connected with the iron and steel industry in New Soutli Wales. Mr Goninian employs upwards of 1000 men in his undertakings, his activity being mostly centred at Newcastle. He told the Auckland Star he is on his way to England to purchase plant for one of the concerns with which he is connected. Tho immense steel works of the Broken Hill Proprietary at Newcastle, in which between five and six millions sterling are invested, are practically at a standstill at tho present time, whilst G. and O. Hoskins’ great works at ‘Lithgow are also almost idle, so that tho promise of improved conditions is gratefully welcomed. “In Australia we have been suffering from that general world-wide trade depression which was the aftermath of war,” said Mr Goninian. This slump was greatly aggravated by high wages and reduced hours of work. The reduction of prices in other parts of the world allowed of tho goods of other nations being imported to Australia and landed at a less cost than our manufacturers could produce them. Trade was further depressed in New South Wales because under the Labour regime investors had no sense of security, and would not place their money in productive enterprises. “The decisive defeat at the polls of the Labour Government lias greatly cleared tho outlook. Confidence has been re-established, and the pursestrings of investors are being loosened. They can feel now that at any rate their interests will be protected and not exploited and scattered by mad extremists. The extreme Labour crowd got a- proper drubbing, and deserved all they got. ’ I do not talce any active part in politics, but it is conceded that the people of Now South Wales proved their sanity at the last'State elections by ousting the extremists and insisting upon a reversion to sound Government. “I am going away quite optimistic that things will improve, and that New South Wales will now have no trouble in securing adequate money in the form of now loans in London. Now that the bank rate of interest has been reduced in London, the same thing should take place here at any early date, and money for investment in sound concerns should he plentiful again.