AUSTRALIAN INDUSTRY

Southland Times, Issue 19388, 31 October 1924, Page 7

AUSTRALIAN INDUSTRY

POSITION DISCUSSED. MR BRUCE ON BEEF TRADE. SYDNEY, October 28. Mr H. E. Pratten, Minister of Trade and Customs, speaking at the annual dinner of the Chamber of Manufacturers, said: “Australia’s economic position is not satisfactory. The exchange is taking toll of our exports and giving a premium upon imports. The first step to be taken regarding a rectification of the present position is to place some limitation on Government borrowing abroad, and to make an honest attempt to pay the interest on loans abroad out of our exports, instead of out of our borrowings.’ Sir George Fuller (Premier of New South Wales) said that the decentralisation of our industries into the country towns was needed, but, more important still, was decentralisation from the head of the Empire of her people and her manufacturing industries into the Commonwealth. He said that there was no use in dealing with the question of migration, with the trickle of people that was coming out to-day in connection with the primary industries. BRISBANE, October 28.

Speaking at Rockhampton on the beef industry, Mr Bruce said that the future of the cattle industry was good. During the last three years the industry had been faced with intense competition from the Argentine, and the resultant struggle had reacted against high prices for Australian beef, but the Argentina, too, had been losing money. They were reaching their limit there, and the end must come soon. It was certain that Argentine prices would have to rise in the near future, and that a rise would have a greater effect on the Australian beef industry as far as the export trade was concerned. The Prime Minister said that Great Britain was now alive to the necessity of keeping the cattle industry going, and if the proposal to establish a Licensing Board in Great Britain which would give licenses to import beef from countries other than the dominions only when supplies from the dominions were absorbed, was adopted, it would make an extraordinary difference to the Australian meat trade.