AUSTRALIA’S PROGRESS

Wanganui Chronicle, Volume 80, Issue 87, 13 April 1938, Page 11

AUSTRALIA’S PROGRESS

BUOYANT CONDITIONS.

UNCERTAINTY OF FUTURE.

Reference to Australia’s steady progress in the face of the persistent retrogression in America and the levelling off in England is made by H. Byron Moore, Day and Journeaux, a Melbourne share-broking firm, in its monthly review. “This improvement,” the review states, “has been a tribute to earlier good management financially, economically and politically, but has been preponderantly due to the execellent experience in the matter of commodity prices over the latter part of 1936 and the first quarter of 1937. Even over the greater part of the closing three-quarters of the year prices of wool, wheat and gold were higher, and of butter and base metals decidedly profitable. “Employment in factories, in retail stores and generally showed better figures for the opening month of the current year than for the opening month of 1937. Moreover, trade union unemployment returns for November were at the lowest point on record. These favourable features, however, are not likely to persist in the face of overseas unrest.

“Australia faces the prospect of low prices for wool, borderline—perhaps even economically unpayable —prices for wheat and low prices for base metals. On the other side is the certainty of continued high taxation. If events alter that picture for the good the gain will be Australia’s. It will also, by implication, be the world’s.”