AUSTRALIAN CONDITIONS

Sun (Auckland), Volume IV, Issue 992, 7 June 1930, Page 6

AUSTRALIAN CONDITIONS

M.P. DESCRIBES VISIT “ATMOSPHERE OF PESSIMISM” Press Association NEW PLYMOUTH, Today. “An atmosphere of pessimism permeates the usually cheerful populace of Australia to an extent never before noted,” said Mr. H. G. Dickie, M.P., to the Hawera Rotarians yesterday, when describing conditions in Australia as he saw them during an extensive visit to many parts of the east and west. The financial stringency there might be expected to be reflected to some extent in New Zealand, Mr. Dickie believes. Australia had experienced an adverse trade balance since 192 J, and consequently money was difficult to obtain. Australia was reduced to the necessity of trying to raise loans within the Commonwealth to redeem loans falling due. Melbourne, Air. Dickie found to be one gigantic sale. Most drastic steps were being taken to deal with the depression, and in New South Wales alone the unemployed numbered 70,000. New Zealand had difficulties of its own, but not so great as in Australia. The Dominion might be expected, however, to attract many Australians in the future, and a proportion of them would probably add to the unemployment in New Zealand. The banks in Australia were at preseint offering more for deposits than were the branches of the same institutions in New Zealand and consequently in Australia the interest rates were higher. WHEAT INCREASE Wheat production was increasing greatly. Australia last year grew a total of 165,000,000 bushels, of which 30,000,000 bushels were produced in the west, which a few years ago had not grown sufficient to feed its own population of less than half a million. In a western wheat pool the price obtained was 3s 9d. The price in the east had been 4s. These figures would indicate the disadvantage confronting consumers in New Zealand where Ss had to be paid under the duty system adopted to keep out the Australian supply, a duty to the imposition of which he could not personally subscribe.