SIGNS OF PROGRESS IN AUSTRALIA.

Timaru Herald, Volume CXLIV, Issue 21064, 16 June 1938, Page 6

SIGNS OF PROGRESS IN AUSTRALIA.

Athough the somewhat fantastic claim is being made in New Zealand that the ultimate salvation of the country reposes in the implementation of Socialism and the retention of the Labour Party in power, otherwise the country will drift into economic troubles, it is interesting and pertinent to point to the very solid progress beingmade in Australia, in spite of the emphatic fashion in which the Australian people declined to give Labpur the right to rule. In spite of this, the people of the Commonwealth rejected the offers of the Socialists to run the country. The most authoritative channels of information show that industrial and trading activities in Australia, apart from a normal seasonal recession, are maintained about the high level attained last year. Employment figures continue to be satisfactory, there is little labour unrest, and a shortage of skilled artisans and factory operatives is still reported by some sections. Company balance-sheets issued during the opening quarter of the year disclose substantially increased profits and higher rates of dividends on shareholders’ capital. The actual savings made by the community during the last few years, says The National Bank Review, cannot be ascertained with any reasonable degree of accuracy, but the following comparison of bank deposit totals indicates a substantial volume of monetary savings, and a consequent large addition to the real assets of the people:

In New Zealand much discussion has raged round the Savings Bank figures. These returns, however, speak for themselves. Another aspect of Australia’s strong position is given by the manufacturers. The Acting-Minister for Customs (Mr Perkins), opening the discussion on tariff amendments in the House of Representatives, recently said preliminary figures by the Commonwealth Statistician suggested that factory production in 1937-38 would reach £188,000,000, compared with the record of £178,000,000 in 1936-37. An average of 554,000 in factory employment for the present financial year was indicated. This would exceed by 104,000 the average number of workers in factories in any year before the depression. On returns from trades unions, unemployment now was at 8 per cent.—the lowest figure since the records were begun. Moreover, at least a dozen important manufacturing industries have been established, or planned, in Australia during the last year. The imposing list of advancements, in this “most progressive year in Australia’s manufacturing history,” is set Shut in a special annual number of the “Australasian Manufacturer.” It is perhaps pertinent to point out that Australia, under the impulse of the development of primary and secondary industries unhampered by the paralysing effect of Socialism, is making rapid progress, although the people of the Commonwealth rejected the Labour Party at the recent Federal elections, and put their faith in the well-tried and highly successful anti-Labour leaders.

State and Nine Trading Banks, Commonwealth Average for Month, Savings Banks, End of Month, £ Millions. £ Millions. 1936, June .. . 286.9 225.0 1937, March .. , 310.8 225.0 1938, March .. . 321.6 235.4