AMAZING CHANGE.

Star (Christchurch), Volume XLIV, Issue 279, 24 November 1931, Page 5

AMAZING CHANGE.

Australia Now Making Up Lost Ground. " MORE BUOYANT TREAD.” (Special to the “ Star.”) SYDNEY, November 10. The amazing change which has come over Australia within the last few weeks is something which the real Australian never doubted, says Mr A. Blakeley, Minister of Internal Affairs, in the course of an interview. I have travelled over thousands of miles of country, which never, within my memory, looked more prosperous. The official returns show that we have more wool, wheat, and moat available than ever before. It is impossible, in the face of such facts, to lose faith in the recovery of Australia. We have had a succession of good seasons, and, despite the academic discussions which have contributed to pessimism, every sane Australian knew that in the last analysis his country could take care of its own. The outstanding feature of our depression was the fundamental faith of the Australian citizen. That the faith is justified can be readily shown. Our wool clip for 1931-32 is estimated at 950 million pounds, as against our highest record clip of 968 million pounds in 1928-29. Our wheat harvest for 1931-32 is estimated to be 176 million bushels. Under the policy of protection, our industries have expanded in all directions. The position as I write is that wool has advanced in price 25 per cent over the previous week’s sales, and the greatest feature is the strong demand. Practically every bale offered is immediately taken up. Copper has risen nearly £6 a ton, lead nearly £4, spelter nearly £3, and tin nearly £l6. Meat is in increasing demand. Gold has gone to nearly £6 per fine ounce. Wheat has advanced Is a quarter. There are men all over the world paid for estimating accurately the many and diverse reasons for this amazing change in our economic situ ation, but the outstanding fact is that the depression which affected the buyer at home and abroad has definitely lifted. The Stock Exchanges are doing more business. Men and women are, in short, walking with a more buoyant tread. We have shown to the people of the world, and to some of our citizens in our own country, that Australia cannot be kept down.