RECORD PROSPERITY

Greymouth Evening Star, 21 June 1938, Page 12

RECORD PROSPERITY

CONDITIONS IN AUSTRALIA. Australia was enjoying greater prosperity to-day than she had evei done before and reports of improved conditions in the Commonwealth were well founded, said Mr C. E. Critchley, Australian .Trade. Commissioner in New Zealand, addressing the Wellington Optimists’ Club. Other countries always took a. big interest in the doings of Australia and New Zealand, and recent events such as the centenary celebrations had focussed additional attention on the Commonwealth.

There was ample evidence of Australian prosperity, said Mr Critchley. Thu output of factories last year had been greater than that'of the boom year, 1928-29, and trade reports were most satisfactory. Nearly all companies were paying increased dividends. Employment was 15 per cent, better than it had been previously. Only 8 per cent, of trade unionists were unemployed, compared with 30 per cent, during the depression. Taxation had been reduced and savings bank deposits were higher. After 10 months of the financial year there were indications of a £2,000,000 surplus for the Commonwealth Budget and the revenue would greatly exceed that estimated. In building an exhigh monthly average of £2,250,000 had been maintained in the capital cities since last July. Secondary industries were advancing rapidly and could stand on their own feet. Australia was. producing practically every article necessary for everyday life. The Government was aiming at industrial completeness so that, the country could be completely independent and was putting large sums into research. Undoubtedly the Commonwealth was approaching the point of mass production. There were, however, one or two detractions from their prosperity such as the fall in world trade and prices and their decreased wool cheque, concluded Mr Critchley. In addition Australia had suffered a severe drought which had done considerable damage and would affect production.