AUSTRALIAN CONDITIONS.

New Zealand Herald, Volume LXVIII, Issue 21068, 30 December 1931, Page 5

AUSTRALIAN CONDITIONS.

TH Z PASTORAL INDUSTRY, MORE REAL ECONOMY NEEDED. Operations of Goldsbrough-Mort and Company, Limited, an Australian pastoral company, during the past six months were reviewed by tho chairman of directors, Mr. J. M. Niall, at the half-yearly meeting in Melbourne recently. Ho said that, with the exception of Queensland, where tho season had been patchy, the seasonal conditions in Australia had been mainly good. Since the last meeting of the company in June further economies had been effected. Tho directors had been called upon to find means to help their clients to carry on. Tho premium of 30 per cent, on exchange rates, which had been very useful to the primary industry, had been reduced to 25 per cent., and no one could fore cast, what would happen to I lie exchange rate. It, would bo very serious for producers at present if they were called upon to bear the present load of taxes, and there was fear of the complete disappearance, of the exchange premium. "In tlie face of present world conditions of finance and - trade," snid Mr. Niall, "and the political position in Australia, with its continued extravagant expenditure and oppressive taxation, it. is impossible to make a;iv attempt to indicate what tho year's results of the company's business will lie. In contrast with the flamboyant political - slogans of the present Governments with which the public have been inundated recently, I would warn those interested that the principal exportable product of Australia —wool—is still below cost of production, notwithstanding that it was for a long time receiving the support of 30 per cent, from exchange, and is still receiving 25 petcent. Unless taxation, particularly land tax, is largely decreased, unless tariffs are amended and the promised reductions in all Governmental expenditure are more fully honoured, it appears to me that there is little hope for the return of prosperity to tho primaty producing industries, without which there cart be no permanent improvement in Australia. '■' We are disappointed," continued Mr. Niall, "that the Government did not honour more fully its undertakings after the conversion loan. Great sums were obtained by the loan floated to redeem £28.000.000, maturing last. year. Ihe people provided £32.000,000 in connection with the conversion loan. We were promised reduced expenditure by the Government, but this has not been realised. Something lias been done, but real economy has been almost overlooked. It must not be forgotten that a large amount of damage has been done. Mr. Lang has done an enormous amount of harm, and we arc not going to restore prosperity in a short period. ' There is 100 much leeway to make, up for it to be possible for any Government, to do that." FOSTERING TRADE. CANADA' AND AUSTRALIA. ACTION BY BAKING INDUSTRY. An illustration of the manner in which friendly trade relations are being built up between Canada and Australia is afforded in a letter republished in the Bakers and Grocers' Review. The letter

is a circular sent out by the Bread and Cake Bakers' Association of Canada inviting members of the trade to give special publicity to Australian currants and raisins.

"The association has beun approached on behalf of Australia for the assistance of the bread and cake bakers in Canada in bringing before the consumers prominently the fact that bakers in general are supporting the sale of Australian raisins and currants in this country," states the circular.

"As you may be aware, a new trade treaty recently came into effect between Canada and Australia and to signalise this new agreement a 'goodwill' ship (Canadian Constructor) will arrive in Montreal from Australia . about October 23, carrying a special cargo of Australian goods, and will return to Australia leaving Montreal about October 31, with a special cargo of Canadian goods. During the period around the ship's arrival there will be considerable publicity in Canada connected with Australia, particularly throughout Eastern Canada. "It has been suggested that the bread and cake bakers should jorn in and take advantage of this publicity by featuring in any of their advertising Australian raisin bread and Australian 'goodwill' cake. Possibly also something -night be done in connection with an Australian Christmas pudding by those who engage in .the making of such puddings. "It has been made clear that the Australian raisin and currant growers are very appreciative of the support the bakers of Canada, have given them in tho past and this demonstration of goodwill now suggested would, be welcomed as a further friendly gesture on the part of the Canadian bakers toward Australia. It would also, without any doubt, react to the benefit of Canadian trade with the Commonwealth. "Let us all join in and give our Australian friends the benefit of a real Australian raisin week throughout the baking trade of Canada from October 23 to 31, featuring in your advertising Australian raisin pie, Australian raisin bread, Australian raisin cake, Australian 'goodwill' cake and Christmas pudding made from Australian raisins." BRADFORD TOPS. LONDON. Dec. 23. The Bradford wool market is quiet. Merino tops are about steady. Crossbrcds tend to bo easier.