AUSTRALIA'S PROGRESS

New Zealand Herald, Volume LXXV, Issue 23010, 11 April 1938, Page 7

AUSTRALIA'S PROGRESS

BUOYANT CONDITIONS UNCERTAINTY OF FUTURE PROSPECT OF LOWER FJRICES Reference to Australia's steady progress in the face of the persistent retrogression in America and the levelling off in England is made by H. Byron Moore, Day and Journcaux, a Melbourne share-broking firm, in its monthly review. "This improvement," the review states, "has been a tribute to earlier good management financially, economically and politically, but has been preponderantly due to the excellent experience in the matter of commodity prices over the latter part of 1936 and the first quarter of 1937. Even over the greater part of the closing threequarters of the year prices of wool, wheat and gold were higher, and of butter and base metals decidedly profitable.

"Employment in factories, in retail s,tores and generally showed better figures for the opening month of the current year than for the opening month of 1937. Moreover, trade union .unemployment returns for November were -at the lowest point on record. These favourable features, however, are not likely' to persist in the face of overseas unrest.

"Australia faces the prospect of low prices for wool, borderline—perhaps even economically unpayable—prices for wheat and low prices for base metals. On the other side is the certainty of continued high taxation. If events alter that picture for the good the gain will be Australia's. It -will also, by implication, be the world's."

FAT LAMB TRADE AUSTRALIAN INTEREST EWES FROM NEW ZEALAND Australian sheep breeders are giving great attention to the fat lamb export trade and good Southdown stock from New Zealand is being bought. Several purchases made recently through the New Zealand Loan and Mercantile Agency Company, Limited, include the purchase by Messrs. D. K. McMillan. Victoria, and R. Champness, Western Australia, from Ellis Brothers' Killymoon Stud, Bulls, of 150 high-class one-shear Southdown ewes, in lamb to Ford Crusader, an imported ram. Fifty one-shear Southdown ewes have been bought by a South Australian breeder from Mr. R. M. Perry, Masterton. Twelve Southdown ewes from Mr. A. K. Weld, Marlborough, and 40 Ryeland ewes, some from Mr. M. S. Chambers. Havelock North, are to form the nucleus of two studs in Victoria. ' The same breeder is also buying 60 Southdown ram lambs to mate with liis Merino sheep for the production of fat lambs. Mr. R. F. Cooper, Perth. Western Australia, has also come to New Zealand for ewes to found a Southdown stud near Albany, WesternAustralia. NEW ZEALAND APPLES GOOD DEMAND IN LONDON (Received April 10, 5.5 p.m.) LONDON, April U Apples are in good demand. New Zealand Coxs are selling at 9s to 16s and Woreesters at 8s to 10s. COTTON, RUBBER, COPRA, ETC. (Kcceived April 10, 5.5 p.m.) LONDON,, April » (Quotations on April 2 in parentheses.) Cotton.—Spot. 4.79 d (4.91 d) a lb.; May delivery, 4.69 d (4.78(1). Rubber. Para, s|d (52d) a lb.; plantation -and smoked, 5 13-16 d (5 7-16 d). Jute. April-May shipments, £l7 8s 9.1 (£l7 13s 9d)a ton. Copra.—April-May shipments, South Sea, sun-dried £lO 15s to London and Rotterdam (£lO 12s 6d) a ton; South Sea, smoked, £lO 12s Od to .Marseilles and Genoa (£lO 10s); plantation, Rabaul, hot air dried £ll 12s 6d to London and Rotterdam (£ll 10s). Linseed Oil. —£27 os (£28 (| a ton. Turpentine.—3ls 3d (31s lOd). a cwt.