AUSTRALIAN SUMMARY

Dominion, Volume 3, Issue 733, 4 February 1910, Page 6

AUSTRALIAN SUMMARY

. COMMONWEALTH FINANCE. , Sydney, January.•'■29'. For a long time past there has been a feeling amongst-Australian. financial men-that as soon as the Commonwealth required' to .borrow' money, the: question of,-the use of Australian:'banks, to'float' and ' manage, Australian loans should be settled on - a 'basis which would reverse the, existing States'.' policy of- .utilising British banks; for these, important -pur-, poses.". The' great strength of the'; Aus-" traßan banks and,, the influence '.. their directors wielded in the British, as well as the 'Australian money, market,: entitled them, it: was urged,, quite.;.apart, .from patriotic considerations, to.' ask that : the: Commonwealth 'Government should lead the 'way in the- new'departure proposed,, and' instruct'.the Treasurer., and .the: High Commissioner to float i the .' impending naval' loan of -03,500,000 and all" future loans .'through them.' During the past fortnight .the Victorian associated banks discussed 'the* problem with' various! Ministers and amongst them selves,' and yesterday morning.a conference was held at the Commonwealth .offices,' at. which the. Prime the High Commissioner and representatives of .the banks were pre? sent., The conference was of ' the. great-: est importance, from the-.standpoint of the - general' taxpayer,- because, it .has! to a large degree expedited-the, entire tendency towards ■ a concentration -'of all 'Australian Government, financial. business. into the hands of:the'Federal authorities, and has paved the .way to a-scheme'of borrowing control which 'will accompany the transfer :to the- Commonwealth of the States'debts., Before any of these things are ripe .'.for! further .dikussibn- by 'the Commonwealth Government the representatives 1 of all" the. Australian banks' -will have to' complete their arrangements: for the .'united performance. of huge: financial transactions, < and, then-, approach,'. Minis-, ters' again ; witii Retailed; proposals.' In the meantime,' Sir , George lleia,' as.JHigh Commissioner, will undertake certain *inv vestigations .in-; London,'' and'/ Sir. John Forrest; will be '.kept 'in touch,. confidents - ally, with developments amongst the local bankers.. THE COAL. VEND.' ; Interesting disclosures .'. are expected : during! the - hearing/, of/ the .evidence.' Before thb Compulsory Arbitration, Board -with regard r to some of: the operations''of- the coal, vend.ln the' .course of • its invests gatibris/the board,; in; order to determine ■upon':the/hewing.rate to.'be fixed," will j necessarily need to inquire' into the trade conditions of .the field, and it is understood >that iii fixing .the hewing- rate the' board will give attention to. She profits made, by the- oolliory. companies.-.. ' The': inter-State Jtrade.is-'hathrally '-the..i most; profitable..'' For somb ,- time the • selling priceVof, Newcastle -coal for * that trade has vbeeri; .fixed 'at ,11s. per' ton; and. no; 'members of the vend'have been allowed to. sell: at'a' less figure.' 'In the' foreign' trade, 'hbweyer,"';though the nominal sell-, ing price, is'.also,-'lis., .'.it is understoodthat in.';'certain', cases,! where strong competition', has s to,. be fought, other arranger merits' are- made "if' the Wend" consents. _Iri' .the." inter-State ..trade . this competition does, not'exist'to-any great extent. - Anpther,-. matter; that- will probably .be the subject!. of' evidence, •' is ■ the arrangement which is'-understood to" exist/whereby the output of the iespeptive"'collier|es. is .' controlled., !;It' is . alleged; that ■ -when the.' selling:'.price,;.is fixed,^',: generally.-'.to-. ward-the end of the year,'.each colliery in -the. vend"'is allotted'a''certain'amount of, trade..' 'If;,during .the following twelve months /that . output is exceeded,; the'; col-' liery has -to: pay: ,a fine; equal,' as- a rule, to. the "profit-, made; on. the, extra trade, into a fund .which, goes to .'reimburse those collieries':', which'', have not •' secured / ,their full,, share.' of - the • trade. . This.- airongemerit/has.been: a . special ' bugbear , of,, the Miners' Federation.'■; The collieries within the' vend- are . bound. by/ a heavy bond to obey-!the dictates of :the; majority.'; At first this bond;,was of a personal. nature, .but being'/.'.fotuid!-insufficient';.it;;, was changed, to a' heavy, cash bond,; which is paid into a. trust fund. ' An' interesting feature' in; the light -of ' after events, ':in connection with the "formation ;of -the vend, was' that , the/Miners', Federation' itself, was,, in thb -first-;placei^anxious for . its .'creation. .It/ was believid',at the_ time—arid: 'with; &;good dial'; of,, that ■' the. ruinous competition f ;which"took place betiveeri' tSe:.(»mpanies a;! -few; yeari agd 'would be- prevented. _ ' '- 1 ■ j-

. " LMMIGRANTB FROM INDIA. V ' By the'lhstmail from Geylon/ a statement 'was : received from . CaptainHolden showing that ; the°* Commonwealth 1 .Government has been fully aware 'of his" Australian -immigration wort; and • hasi-as-sisted, that. York by. supplying information, and .has received, many' reports as to r the;,fesuii3. | Captain; Holden; >.says: "The i scheme-' was- originally' negotiated with the Fisher Government,.; who, at a meeting of the Cabinet, gave its' unquali:: iied support., Unfortunately for the . project, the Government went out of. office just before : I 'left Australia.' On the" day that I sailed for India, I had a lengthy interview; with ther present Prime Minister Mr.-'Alfred: Deakin,'at the Commonwealth'.'office,' Melbourne/ 'who. expressed himself ; ' as' ; highly ' interested,- ■- and thoroughly in "accord Iwith the • main ; principle's'vof : the> scheme, /promising; to give it. .' his'''hearty; , support... :Since.;'.then ! '. a copy. of-:';-'every - letter .'/.written and.eyery detail in .'ronnection - Trith ; thebusiness' has .been-' sent --.to', him/ and .the; Minister for .. External' Affairs .to 'give them' the opportunity 'of' advising .us if it ,'did not meet with .the approbation of {their- colleagues." ' . • • •

' On . October 2 the Department of 'External Affairs - wrote to ...Captain. Holden that.the Minister had noted with interest that inquiries from' intending' settlers and tourists, were .coming forward freely; and he highly ' appreciated his effort to I 'make the advantages of Australia better known in India.- ■

LABOUR FARM. j .The ,Victbriah : Minister: .for Public ■Works" has"announced'the details'of. the scheme'-approved by his' Cabinet for..the', reorganisation.' .. of, the . labour;, bureau system;;': and"; the establishment ' of,'.a, labour -farm: " The: Government has "decided to utilise ;the',6eryioes 'of the "police ;as-;agents' for the bureau 'in''country 'districts; ! ; ),As-Supplementary''.to'-the work of - the: labour" bureau a labour, farm;' will : be established ..at,'.Wernbee.'.-•: .For'. 'this farih : an ; area; of ■ about 1000 acres has been ;set' .apart.' ;>Men' (without "ahy previous knowledge ■ will; be '.afforded: opportunities of 'acquiring: valuable 'experience,' and'of. 'developing:-inta,/.competent farm hands, for"whioh:;thfcre is always.a good demand.; ■In- this way; there • is; no, reason .why; the,' unskilled casual, constantly threatened by:'the "spectre-of unemployment" should' not, if ~he likes :to"-make use .of'.his'.op-; po'rtunities,; be'ixihyer.ted .into a; self, re-' liant', and'. sturdy ■ workman, always.Table. to command eriiployment. 'With the.'evidence before .'him -of .'what vthe"; soil .may! be ;made. to iprodiice,' and -ot'-the :im-. mediate: returns -that may be derived from; his labour, : he should be encouraged .to."qualify, as a. candidate for a small holding, -andi.his. feet: set: upon ..'the.path: leading: -' to - comparative - independence. Another feature; of the work , at Werri- ; bee' ' will consist in. the .training, of : lads: for , farm "work, s under conditions which 'should •be: calculated i; -to ; give i them • interest in their: work, and • a .-knowledge, of up-to-date methods, and .fit -them: at an early; age lor -employment :at ; reasonable I '-'-wages, "so ;• that,, withthe 'exercise of :'thrift,-' they, [should "be enabled" ulti-; mately 'to become-small holders. ' !

PAGEANT AT HOBAET. The Hobart carnival isito commence on February 191 and * continue until' March. 1 5.' : .The' Governor of ■ the 'State'; will , .de-; dare • the .'barnival' open, and then Trill follow:the historic .pageant. .'.The master of the -pageant,.(Mr.'.X H.'- Lyons) is. a South'" Australian ; artist,;, with 30 .years' experience of. the stago;.' Three hnndred or four liundrod: persons are''now being prepared .for; .the spectacular ; represc'ntalion of the .history of Tasmania from tlie date, of its: discovepr till 1 -the' first Commonwealth Union in. 1901. A'.'battle' ■'• of flowers on a lavish scale, a band'contest: in- which'' the, prize: moneys amount' to iGOO, 'at .ocean'yacht race, an .inter-State four-oared 'race, an; _inter-State - baseball match, a carnival rifle match, -in which the "prize . 'money'-'.' amounts to £300; athleno■"sports, : swimming. carnivals; vexhibitions, . fireworks displays, and a huh--1 dred ■ and one; other attractions'will■ be in, progress 'during the carnival. .; . • ■