CAUTION NEEDED.

Dominion, Volume 5, Issue 1509, 3 August 1912, Page 5

CAUTION NEEDED.

AUSTRALIAN OUTLOOK. By Tclcsmph-Prcsß Aesociation-Copjrieht Sydney, August 2, At the annual meeting of the Chamber of Commerce, tho president (Mr. Brad(lon), in his address, referred to -tho late drought, and said it was likely to result in a decrease- of 100,000 bnles of wool, valued at .£1,875,000. Touching on tho financial position, tho president said that when caution was particularly, needed the Government expenditure was needlessly lavish. Theso things did not tend to create confidence. Back of all was tho Federal "land tax, which had made a bad impression on tho British investor, who had stipulated for the withdrawal of British capital. Ee foreshadowed a period of possible- mon&. tary stress. In ten years tho taxation in New South Wales had grown from £2 is. id. per head to nearly £5. Mr. Braddon declared that it would bo very generally conceded that compulsory arbitration for practical purposes had been demonstrated a failure. He suggested that tho Act should bo dropped, as it was impossible to apply the measure to employer and cmployeo alike.