AUSTRALIAN OUTLOOK

Taranaki Daily News, 30 January 1930, Page 11

AUSTRALIAN OUTLOOK

REVIVAL OF GOLDMINING. CELEBRATION OF ANNIVERSARY. British Official Wireless. Rec. 5.5 p.m. Rugby, Jan. 28. Australia Day, the 142nd anniversary of tlie landing of the first British settlement at Botany Bay, was celebrated in London yesterday by a special church service, a .reception and a dinner at which Mr. James Fenton, Commonwealth Minister for Xi;ade and Commerce and Australian delegate to the Naval Conference, was the guest of honour. Mr. Fenton said Australia, in common with other countries, was feeling the effects of the stringent financial conditions which at present prevailed. He pointed out, however, that Australian Commonwealth stocks were stable at good prices. The Commonwealth had paid over a long series of years interest to the amount of £502,000,000 and had never yet failed in her obligations. . Australia had contributed about £630,000,000 to the wealth of the Empire in gold. Australia was on the eve of a great gold-mining revival. One company was spending £3,000,000 in introducing a new process and methods for making low grade ore payable. Another big interest, whose representative had just returned from Austria, intended to spend £600,000 in developing considerable mineral areas in New South Wales. •

Referring to the he\v Australian tariffs and the fears expressed regarding their effect on British trade, Mr. Fenton said the margin of preference had been maintained and it still was. the policy of the. country to give preference to British next to its own manufactures.