AUSTRALIAN NEWS.

New Zealand Herald, Volume LVII, Issue 17597, 9 October 1920, Page 7

AUSTRALIAN NEWS.

PROFITEERING PREVENTION. MINISTER DEFENDS HIS BELL. Australian and N.Z. Cable Association. (Kecd. 8.45 p.m.) SYDNEY, Oct. 8. In the Legislative Assembly the Attor-ney-General, Mr. H. McTiernan, explaining the Profiteering Prevention Bill, said that it provided a new and independent tribunal. The Profiteering Prevention Court would be free from, political control. Referring to the protest of the Chamber of Commerce, he said the wealthy extremists and gilded Bolsheviks were goading the country int,o revolution. Desp.te all the added costs, merchants wee making more profit than ever. Owing to watering of stock and reconstruction, many firms were making hundreds of i thousands per cent, on the actual capital employed. The rich were growing richer, and the poor poorer. The Bill gave wide powers against cornering and foref|alling. He mentioned that among the necessary services included in the measure was the burial of the dead. This was added because he was informed the undertakers were making extravagant charges.

NEW BASIC WAGE. <

IS THE PINNACLE REACHED? SYDNEY, Oct. 8. The Board of Trade is making a declaration to-day increasing the basic wage by eight shillings a week, the new amount being £4 ss. This will apply to all employees under State awards in receipt of less than £525 a year. It is estimated that the increase will involve the Government in an extra £1.000,000, and private employers in £5,000.000. The declaration does not apply to rural industries and certain country districts covered by separate declarations. An accompanying statement shows that prices have increased 18 per cent, and the purchasing power of money decreased 15 per cent, since the previous declaration was made. The statement adds: "It is possible that the pinnacle of high prices has been reached and that a decline will have started before the next declaration is due. When this occurs, and a proposal is made to reduce wages, the system will be put to the real test. Trades unionises express themselves as disappointed. They anticipated that the rise would be to at least £4 10s, and some claim that £5 would have been justified. MUTTON PRICES FALL, SYDNEY, Oct. 8. Mutton fell 3s to 5s at the Homebush sales. Large supplies are coming forward, totalling over 35,000 carcases, and averaging 5Jd to 6d a pound. SENATE'S REJECTION OP TAX. MELBOURNE, Oct. 8. In the House of Representatives Mr. W. M. Hughes, replying to Mr. F. G. Tudor, said that the Government had not considered the Senate's action in rejecting the entertainment tax, but it would insist on zealously guarding the right of the House of Representatives to impose taxation.