AUSTRALIAN NEWS

Otago Daily Times, Issue 23118, 18 February 1937, Page 9

AUSTRALIAN NEWS

TRADE WITH AMERICA A FAVOURABLE BALANCE SYDNEY. Feb. 17. The Sydney Morning Herald’s Canberra correspondent says that for the first time in 'many years trade between Australia and the United States has shown a balance in favour of Australia. For , the first half of the current financial year the balance in favour of Australia is £ 1,000,000, which is reached after gold and gold concentrates valued at about £2,500,000 are included in the exports' to ' the United States. Even' if gold exports are excluded, the ratio of the commodity trade shows a complete change from the trade situation prevailing between the Wo countries in recent years. This change is likely to be used as an argument against the continuance of the clauses in the Commonwealth trade diversion policy which are discriminatory against the United States. It is recognised, however, that the incidence of this policy on the American export indpstry may have been a factor in inducing American exporters to come to Australia for products formerly purchased elsewhere, and thus restore the balance of trade between the two countries, which would justify Australia in resuming normal trade with the United States. The development of the export trade of America shows how little the Commonwealth suffered from the formal retaliatory measures applied by Washington against Australian .produce when the trade diversion policy was announced in May. SYDNEY WOOL SALES SYDNEY, Feb. 17. (Received Feb. 18, at 0.15 a.m.) At the wool sales 12,608 bales were offered and 10,306 sold, while 1124 were disposed of privately. All good wools sold freely at firm rates, while irregularity continued in regard to inferior and doubtful yielding lines. Greasy merino made 30-Jd.