BREAKING THE GERMAN METAL RING

Dominion, Volume 9, Issue 2612, 6 November 1915, Page 3

BREAKING THE GERMAN METAL RING

THE AUSTRALIAN EXCHANGE

A '' FREEZING-OUT 'I MACHINE

In view of the fact that the 'Aus- ( tralian Metal Exchange is to be opened ( officially on November 15, tho Federal I'rimo Minister (Mr. Hughes) recently i made a statement setting out the un- 1 derlying principles of the policy of the i Ministry in the matter and tne rules 1 of tho exchange. He said:— i "Tlie conditions existing in the metal i industry at tho outbreak of war and ] lor somo months subsequently wore at i onco a gravo reflection upon tho capac- i ity of our race, an insult to, our na- < tional pride, and a menace to our na- i tional safety. The domination of the metal industry in Australia by Germany was practically complete. A scheme of organisation—masterly, complex, and far-reaching—had boeii firmly established, and by these means the fortunes and development of the industry wero by German capital and influence, and its profits flowed into German pockets. This great German octopus, whose tentacles gripped tho Australian metal trade, stretched throughout the world. Britain, Franco, Belgium, America!, Africa, all -ropro within its grip. Its power had long been tremendous, and was daily growing greater, and everywhere this great power was used to further Germany's national ambition for world-power. Its members were the agents of tho Prussian despotism, and under cover of the national cloak of tho people amongst whom they lived, they prepared for the great day when German kultur wa6 to bo stamped into the mangled bodies of those who dared to protest against it. To free Australia from this groat combine was no easy task. Its power was I very great, the interests at stake tremendous. Its influence was widespread, and manifested itself ift unexpected quarters. It had no scruples. .Tho German Ring. "When the war broke' out Merton's was tho trusted broker of the British Government;, tho selling broker of tlio wholo Australian 'lead was Aaron ■Hirsch; for copper, Beer Sondheimer; and for zinc, Morton's and Metallgeßellscbaft. Whatever metals Britain wanted she had to purchase from or through these German firms. Munitions, the life's blood 1 of modern war, flowed into British hands through these polluted channels. After fourteen months of war we are able to say, at any rate, that it does so no longer. The Australian metal industry is completely free from the grip of Germany. The trusted Merton's are no longer brokers for the British Government; Aaron Hirsch and Beer, Sondheimer are no longer names to conjure with in the Commonwealth. Markets have been found for Australian products direct with Great Britain and the Allies. As a result of co-operative efforts arrangements have been made which will ensure tho refining of all Australian lead and copper ores in Australia. Negotiations are now proceeding which, it is hoped, will enable a very large proportion of the zinc concentrates of the Commonwealth to be distilled in Great Britain. The policy of tho Government is to encourage the development of mining and of the metal industry, so that all ores produced in the Commonwealth may be treated therein, and, 'above all, the policy of the Government is that the industry must not fall into German hands after the war. We-are going to "cut every trace of the German cancer out. The Australian Metal Exchange is tho means through which these objects can bo carried out. Furthermore, one object of the exchange beyond the actual buying and selling is to have an institution which can voice the'opinions of its members on all matters appertaining to the mineral industries of the Commonwealth. It is believed that advantage will be taken of associate membership of the exchange to give a commercial ■ status to all persons enrolled, and, by bringing together persons interested in the various branches of the mineral industry, lead to general betterment and fresh developments. . . ' Since the outbreak' of the war, said Mr. Hughes, it has been imperative that all applications for the exportation of minerals and metals should be rigorously scrutinised, and care taken that none should directly or indirectly get into tho hands of tho enemy. These investigations caused delays, and delays in commerce mean inconvenience, irritation, and loss of business. Much of the work can be supervised by the exchange, the committee of which will bo persons approved by the Attorney-General, and through their long experience in the metal industry the most competent in the laud to advise tho Government on such matters and how best to deal with them. To begin with, exchanges will be established in Sydney and Melbourne, and as time goes on doubtless in tho capitals of other States, but a "branch exchange shall be subject to the rules and regulations of tho Australian Jletal Eschange." 1 "Minerals and Metals." To the general public "minerals and

metals" cover those of daily employment. Very few people indeed are aware of the magnitude, tlio variety, and tho value of the mineral resources of tho Commonwealth. Of Late the minerals wolframite, scheeliio, molybdenite, and tantalito liave .become common words, because of tlie attention drawn to them by tlie order o ftlie Imperial Government to the Federal Government to commandeer all stocks for munitions of war. The Commonwealth output of these rare minerals for this year will approximate £200,000. There are many other minerals at present neglected which will amply repay the prospector to work. Since the pubile announcement that an Australian J total Exchange had been decided upon inquiries have been received by almost every mail for particulars as to tho value, treatment, and markots for the rarer minerals, and it is evident that tho 3fetal Excliango, if properly managed, can ho the means of disseminating information regarding minerals and metals, detveloping new industries, and become one of the 'foremost institutions in tho Commonwealth.-