AUSTRALIA'S TROUBLES.

New Zealand Herald, Volume LXVIII, Issue 20864, 5 May 1931, Page 10

AUSTRALIA'S TROUBLES.

"ANYTHING MAY HAPPEN."

AMERICAN FINANCIER'S VIEWS

" Anything may happen in Australia in the immediate future, but ultimately cominonsense will prevail and the country will win through," said Mr. J. C. Fiske, a retired financier of New "York, who is returning by the Niagara to the United States, via Vancouver, after having spent three years in the Commonwealth.

Australia, said Mr. Fiske, was a country of vast resources without a sufficient population to develop them. There had been a steady drift from Hie land to the cities, which had accentuated the condition of unemployment in tho present period of depression. Now there was distress among tho masses and the incomes of the well-to-do had been greatly reduced.

Sorno of tho pressing problems facing the country were listed by Mr. Fiske as follows:—Over-borrowing by tho various Governments; a debt per capita of £2OO, including Commonwealth and State debts; too much Government in business; too many labour restrictions, due to tho rulings of tho Arbitration Courts; a basic wage which afforded no real incentive to produce to full capacity; the inability to export manufactures in quantity owing to high costs; and excessive taxation. Advice given by tho British Economic Commission hejuied by Sir Arthur Duckharn was ignored, as was that of Sir Otto Nicmeyer. Politicians in power seemed to be afraid to try to balance their budgets in most cases, and tho condition of the country was causing gravo concern.