AUSTRALIA TO-DAY.

Otago Witness, Issue 3327, 19 December 1917, Page 28

AUSTRALIA TO-DAY.

(From Our Own Correspondent.) SYDNEY, November 29

Twelve months ago tho coal strike was settled in favour of the men. Tne latter claimed the bank-to-bank concession, and alter a lengthy and oostly strike, Mr Justice Edmunds, who was given wide powers and asked to settle the matter for good and all, gave the men what tney wanted. But ho also told the mine-owners that they were free to recompense themselves for the greater cost of wages by charging a slightly higher price for coal. An authoritative compilation which has now been made shows that the aggregate increase in the wages-of the men represents £390,000 per annum, but that there is an increase of not loss than £1,350,000 in tho gross returns of the colliery owners. There is a difference of a million sterling in favour of the colliery owners. These figures have been published and not denied; all that has been said is that the cost of working the bank-to-bank system must bo deducted from the million. No one, howover, has suggested that this extra cost is anything like £1,000,000. " No one will begrudge the workers an increase in their wag'es," says the Age, "but every successful demand of this kind is passed on to the consumer with compound interest, and in the long run no one benefits but tho employer." This coal deevkipmont is quite typical of the sort of thing that is very common in Australia. Tho average employer says he does not worry about/an increase in wages; he just meets other employers in the same business, and they fix the price of their product or service at a nriee which covers tho extra wages, and loaves the margin of profit even larger than it was before. MINERAL RESOURCES.

Evidence is accumulating to show that in the mineral resources of the Northern Territory the Government possesses a most important and valuable asset. For instance-, tho claim-holders and miners in the wolfram fields in the Murchison and Davenport Ranges, in the southern portion of the Territory, are now asking the Federal authorities to make better provision for important mining operations. Up to September last wolfram valued at £19,000 had been sent from the field, while 40 tons, worth £IBO per ton hi Sydney, was awaiting transport. About 50 men, earning up to £6 per week, were employed on the field, and the labour demand was unsatisfied. Excellent gold yields have been obtained on the Arltunga and Winnecke fields, 11,672 tons of ore" returning 14,9120 z of gold. A Presbyterian missioner, acting on behalf of tho men on one field, has reported that mica in unlimited quantities, asbestos, copper, and common rubies were to bo found m abundance, and that a place called White Range Hill, four miles long and about 1600 ft high, was estimated to have from 6dwt 'to Bdwt of gold in every ton of ft. The great problem in developing these most valuable mineral resources is the lack of transport. SUCCESS OF COMMONWEALTH BANK. The Commonwealth Bank of . Australia is a Federal department. It was established in 1913 in the face of violent opposition, and continued operations under a fire .of hostile criticism, which has gradually died away, until it is a -very small and feeble voice indeed. Which is equal to saying that the Commonwealth Bank has prospered. Here are some figures, the first taken from the bank records of its first half-year—from January to June of 1913 and the second column being the first halfyear of 1917: 1915. 1917. Deposits 00,000 £36,000,000 Savings Bank deposits 2,600,000 12,500,000 British colonial and Government securities 1.300,000 • 7,632,000 Federal securities Nil. 4,170,000 Fixed deposits, other banks 730.000 1,000.000 Profit and loss account 32.000 loss 226,000 profit Assets 5,000,000 50,500,000 The Australian Banking Review, which is the last word in financial criticism in this part of the world, and which fought tho Commonwealth Bank proposal tooth and nail, in its last issue, . very frankly acknowledged that the institution is a success in all respects and that it has come to stay. It is calculated that the bank is now showing a clear average profit of £IOOO per day, all the year round. LIBERALS ELECTED IN VICTORIA. The result of the Victorian general election is that a Liberal Cabinet wih again take charge of the State's affairs for a further term, but it will be an entirely new team of Liberals. The contest was a threecornered one. The Liberals, as a whole, were against the Labourites, but were split into two main parties—the Ministerialists, who supported the party led by Sir Alexander Peacock, and a Liberal Economy party, which considers that the Peacock policy results in an unjustifiably expensive administration. Summed up, the election has ended in a win for the Economy people. Here are the figures, as far as is known: — Ministerial 14 Liberal Economy 26 Official Labour ' 18 Independent Labour 3 Farmers' Union 4 The Labourites showed a net gain from tho Liberals, as a whole, of two or throe seats, and the Economy followers won about four seats from the Ministerialists. The most notable contest was at Essendon, between Mr Blackburn (a pacificist) and Mr Ryan (a staunch loyalist, but a stranger), Tho loyalist won easily. Since the only thing that would give the Government a majority over tho unfriendly Economy party was an impossible combination with Labour, the Peacock Ministry resigned and made way for tho Economy phalanx. The courses open to the Government wore:—Immediately to resign, or call a mooting of the whole of the Liberals and select by ballot a gentleman who could be recommended to the Governor as one competent to form a new Ministry; or wait until tho House met. early next month and take dismissal at its hands. The Loader of tho Economy Liberals is Mr John Bowser, and it is generally expected that ho will be the now Premier. There aro other ambitious gentlemen among the Economy party who have eager eyes on the Premiership, however, and there may bo a contest. Two probable candidates are Mr H. P. W.' Lawson and Mr J. E. Mackey. The Governor has sent for Mr Bowser, but his decision will await a general moetinrr of the Liberal party. The Economy Ministry will not ho exactly the envied of men. It is hard enough for the

average politician to economise under normal conditions; it will be interesting to soo how these Economy advocates proceed to justify their election under the present abnormal and difficult war conditions.