PROSPEROUS AUSTRALIA.

Dominion, Volume 2, Issue 571, 28 July 1909, Page 8

PROSPEROUS AUSTRALIA.

A BANKER'S IMPRESSIONS. GOOD HARVESTS AND PLENTIFUL I ' . ~ ~ ■ MONEY. . ' "Exceedingly prosperous," was Mr. H. Bcaucliamp's verdict on Australia, as seen by him during the visit from which-ho returned yesterday. Conversing with a Dominion reporter, he attributed this satisfactory condition mainly to tho recent favourable seasons'-and the excellent prices rca-: liscd for wool, grain, and other produce. Ho found also in going- through : New 'South Wales and Victoria that tho mineral resources of those. States.wcro still being developed on satisfactory lines. Magnificent rains'having fallen oyer the, whole continent,abundant harvests were anticipated, and, as in Now Zealand, so also in Victoria and Now South Wales, it was ; feared that a shorta(;o of trucks would cause some difficulty in ing transit facilities for tho harvest. Mr. Beauchamp noted that great activity was being displayed by tho Governments of : Victoria and Now South, Wales in acquiring largo estates for closo sottlemont, and that thero was a strong demand for tho sections. To him, as a Now Zcalander, it. seemed strange that tho Governments of those; two, ■States encouraged tho selectors to becomo freeholders upon particularly advantageous-, terms, a low rate of interest being charged, and: tho principal being repayable by instalments extending over a period of years. It waß questionable, ho thought, how long tho Governments would be able to continue 'this policy of purchasing estates, as it meant' piling :up their debts. He' rather ■thought that, with a'view to obviating that result, and,-.at-the samp time, perhaps adding something to the '..exchequer," a graduated land tax would bo imposed at no distant date, and this would/presumably bo - fol-: lowed by the voluntary salo and of largo tracts of country.',. As chairman-of the Bank of Now Zealand, • Mr. Beauchamp was asked for his observations as to tho state of tlie,money market in Australia. Ho replied that in the threo Stated which he visited—New South Wales, Victoria, and Tasmania—money was much cheaper than in New Zealand,' and thero .was an ample supply for all legitimate enterprises. Current rates for wero from 4J< nor cent, to ■ SJ: per ccnt. : , according to tho nature of tho security. The banks; as in New Zealand, were not financing their customers for land purchases,, but wants of that kind in Australia were .fully supplied bynumerous mortgage- and .investment' com-, panics, and many wealthy private investors. He, did riot see, any'danger;,of .another land boom.' ■;'-"■' .'■'■•''"■ ' :il ' :' '.-;,'.' ,"i : ,'.A': .:■ ."'./"Many people in Australia-questioned me," said .'Mr;' Beauchamp, "aboiit ,tbo alleged financial'. depression in New Zealand, and. the great, exodus of people from -thisjcpun-' try. I was glad to bo in a position to tellthem that they need not bo unduly concerned about pur present condition arid' our imme-' diate;outlook. I pointed out that both; in New Zealand and there is, and has. been for-many years, a large migratory population, which follows its, employment in each country alternately, according '.to .the. seasons. Shearers, slaughtermen, and'agricultural labourers are of this class.'' -