AUSTRALIA’S POSITION

Poverty Bay Herald, Volume LXI, Issue 18586, 21 December 1934, Page 3

AUSTRALIA’S POSITION

•PROGRESS OF RECOVERY LOWER PRICES FOR WOOL Although lower prices for wool had been expected in Australia this season, compared with last season, there had been some disappointment with the rates so far obtained, said Mr. A. Boifville Were, of Melbourne, chairman of directors of the Colonial Mutual Life Assurance Society, Limited, who lias arrived at Auckland. The average price so far, lie said, was about 9pl per lb., but it was hoped that at the January sales it would increase to Is. Last year the average price was Is fid. The clip would probably he bigger than last. year. Australia, was, however, recovering slowly and unemployment was decreasing. ’ The country had borrowed a lot of money and the interest, bill and general taxation were heavy. lie thought taxation would be still heavier in flie future. It had been easy to impose unemployment taxation, but it would be a more difficult, matter to remove

With regard to the interest bill, it was true that the rates on loans had been reduced considerably in London, hut Australia was only taking advantage of the lower rates to start borrowing more. The Commonwealth, however, was getting over its troubles. Mr. Were, who is well known in the commercial life of Australia and New Zealand for his connection with prominent business enterprises, is visiting New Zealand to bo, present at the opening in Wellington on* February 17 of the new building erected for the Colonial Mutual Life Assurance Society. He is accompanied by Mrs. Were, and will remain in the Dominion until the end of March, during which time lie will tour the country and fish at Rotorua.