SYDNEY’S REVIVAL

Nelson Evening Mail, Volume LXVI, 20 June 1932, Page 6

SYDNEY’S REVIVAL

AFTER LANG WENT OUT

BIG BUILDING PROGRAMME

INOREASE IN RETAIL SALES SYDNEY, 10th June. While the combatants on both sides in the Stale elections have been throwing themselves into the struggle, the city and the State have been responding in "marvellous fashion to the impetus generated by the expulsion of Mr Lang. It is confidently asserted that ii B‘ e Stevens Party is returned to power tomorrow, building to the amount ol about £3.000,000 will be started in and about Sydney. A £300,000 hotel, a £500,000 insurance office, a £400,000 shipping arcade, in George street, a £350,000 block of offices in Wynyard Square, a. new medical research school at the Unicersitv for £IOO,OOO. are among the chief items of this construction forecast. The Federal Government has. asked the Loan Council to agree to the raising of a £2,000,000 loan on behalf of New South Wales to assist in relieving the industrial situation. Thousands of workers are no longer on dole, having received work and wages through the £600,000 grant already made . b' T the Federal Government. The Standard Portland Cement Company has informed Mr Stevens that it proposes to reopen its works, giving employment to 300 hands.

On 31st May the “Sydney Morning Herald” pointed out that three days after Mr Lang's dismissal, the transfer of capital from Sydney to other States, which had been going on continuously for weeks, suddenly ceased. Since Mr Lang’s dismissal, ’ Government stocks have risen from £4 10s to £l3 15s in the Loudon market. In real estate for three weeks prior to Mr Lang’s downfall the average return was £9200 per week for the whole metropolitan area ; but for the last two weeks, the average turnover has been nearly £45,000. Firms dealing in radio and electrical equipment report a great increase in sales; the hookings at picture theatres have- increased within the past fortnight by 15 or 20 per cent.; garage proprietors and retail traders report very large increases in daily business; and the State Treasurer reports that revenue received (excluding income tax) for the past two weeks has exceeded by 35 per cent, the revenue received during the last fortnight of the Lang regime. Though during the eighteen months for which Mr Lang hold office, 664 factories in this State were closed down, as soon as the Stevens Government took office a. company that had proposed to transfer its factory and organisation to Melbourne at an expense of £IOO,OOO announced that it would stay here. As further signs of revived public confidence and optimism, it should be mentioned that several cheques ranging from £SO to £250 and £SOO have been forwarded to the Treasury as loans free of interest, to assist the new Government in its efforts to grapple with the financial depression.