AUSTRALIA FELIX.

Dominion, Volume 3, Issue 830, 31 May 1910, Page 6

AUSTRALIA FELIX.

1 — FINANCE AND POLITICS. AN INTERESTING INTERVIEW Mr. T. H. Martyn,' one of tho oldest members of the Sydney Stock Exchange, has been spending a few. days in Wellington, and when interviewed by a Dominion representative yesterday, throw some interesting light upon financial and political affairs in New South Wales. Financially speaking, he' reports, that State is now. in an exceedingly flourishing condition, after a series of big seasons, which have resulted in an enormous increase in tho production of wool, wheat, and dairy produce for export, while at the same time.the prices for wool and wheat have been very high. The money obtained from these prodnets has been, accumulating,-and the effect is seen in the valuo of all classes of investment stocks. Any time during the last three years people have been nble to invest money in industrial stocks in London and get a better interest for it than they could in Sydney; oiving to the fact that thero' is such a plethora of 'money for investment in these' stocks in New South Wales. A-' considerable amount has also been spent in city property, and new buildings have been going up everywhere in Sydney. These prosperous financial conditions have affected all trades. , . New Federal Government. , Among the trading class,' states Mr. Martyn, there is rather a good feeling towards the new Federal' Government, not because the members of that class voted for Labour, but .because the.leading members of the Labour Government are considered to be" strong Imen. ".. They won the election very largely on their policy of ; a-progressive land tax, which is supported by a large number .' of business people who are not affected by the impost. It is recognised in ,New South- Wales that the big estates must be cut up, and small holdings established. This', feeling has been accentuated by a succession of good seasons, owing to which thousands of miles of country formerly regarded as unsuitable' for farms have been proved capable of successful working.

In New South Wales enormous areas of pastoral land are owned b> individuals. Large experiments are about to be made in the way of irrigation, and in the Yass district a huge water conservation scheme is now: being completed which will supply some hundreds of thousands of acres with water. In -Victoria aiime big irrigation schemes have, been established, land has been subdivided " and offered for sale, and there have been very few applicants for. the land. One reason for this is that the areas of 25 acres in which the land, is offered are thought to be too small. The Mildura irrigation colony, under Government control, is now quite.a success. "There is undoubtedly a desire on the part of farmers," said Mr. Martyn, "to go in- for large' estates." Very close cultivation and very strenuous work are required to get satisfactory results from the small areas under irrigation, and for Hhis reason, large areas are preferred. ' A Sydney Example. Th« population of Sydney, according to the census which wae completed a few weeks ago, was 605,000 people. The city improvement scheme goes on very slowly, aa an enormous expenditure is required. Parts of the city nave been greatly improved in appearance by taking down the railings round public parks and gardens, and the public has not abused this innovation in any way. In some of the suburbs owners of large gardens where there are plenty of trees are adopting the same principle- By enclosing them only with small wire fences, which have - a very pleasing appearance. It, will bo remembered that similar action by. the corporation and citizens of Wellington has .been, urged by the ex-Mayor (Dr. Newman), who. referred to the example of numerous. American cities. ■The prosperity of New South Wales, Mr. Martyn thinks, is likely to continue for. some) time to come. It is becoming generally recognised that the seasons are a matter of cycles.' A series of bad years was experienced, and now the State is a series of good years, and irrigation is ,a wise precaution against the next succession of dry seasons. In Victoria there has been a big demand for land, and the tendency has been to cut up agricultural land into small areas. Lately the small farmers have been. selling their farms at big prices and going in hundreds to take up big areas in' Queensland, where there are now one or two quite distinct Victorian colonies. Aims of Labour. A State bank is one of the chief planks of the new Labour. Government of the' Commonwealth, but it does not frighten people, says Mr. Martyn. "After all," he explained, "a bank's a bank, and must compete with the existing institutions, which are run on >very equitable lines. They have also talked . of . buying up the Sugar Company, which they call - a-monopoly. I think that, is ridiculous. The company is a splendidly managed concern, which supplies Australia with sugar at as low 0 price as it could be supplied, and gives them a good article, too. I am sure that it could not be managed better under State control, and probably the management would be a good deal worse." The new Government have not talked of any very extreme legislation that will affect the mass of the people. A great deal of their legislation has been put through during recent years by- other 'Governments. It is generally expected that the Labour' party will sweep" New South Wales at the election due a few months hence. Another of the"'-Government's main planks will probably be legislation to provide protection that will protect the workers as well as the merchant. "Of course, unionism, though it has done a good many foolish things—the Newcastle strike was a foolish thing, .and brought unionism into disrepute with many who would otherwise have been sympathetic— has done a great deal of good in establishing, a fair wage in many occupations; and experience shows that .where a good wage is paid everyone is better off. Moreover, it has, become very necessary that rates of wages should advance, because since we have had protection through the Commonwealth the cost of living has advanced, I should say, from "25 to 35 per. cent; I oppose unionism,;' I think that it has gone mad, but there is no doubt that it has done good in the past." Mr. Martyn , voted against' the Labour party, but he does not 6ee anything to fear in the fact of their taking office.