AUSTRALIAN NEWS.

Taranaki Daily News, 22 June 1917, Page 4

AUSTRALIAN NEWS.

INDUSTRIAL DEVELOPMENT. AN IMPORTANT SCHEME. ) Melbourne, Juno 21, A correspondent of the Daily Tel* graph states that the Federal Govern- • wont is considering the expenditure over a term of years of ten millions in - the establishment of certain factories under joint Government and private supervision, a National Industrial D», partment, with a group of experts, ii i proposed, and if application*)* inan> fojt financial assistance, the experts *ill advise as to capitalisation, tariff aid, and organisation, It is proposed to. have a Government representative on the board of directors, and to limit profits, the pro. portion to shareholders not to exceed 7 per cent., the excess to be paid into too consolidated revenue. Promoter* will obtain 75 per cent, net of the proposed capitalisation at 5 per cent. If is estimated that a million will be advanced for developing the wool industry, half a million for new chemical industries one million for iron and steel proceei works. r Received June 21, 9.45 p.m. • „ _ Sydney, June 21. Mr. Hughes denies knowledge of the new industrial scheme as cabled. ' Storms and gales and heavy ran are disorganising shipping and delaying telegraphic communication. , • 4 Melbourne, June 21. A uaaette, order requests return* of« shipbuilding materials and facilities for manufacturing. It is understood the Federal authorities are considering the curtailment of racing in connection with the •forthcom. mg recruiting; scheme, although officers are reticent. It is reported that the Director of Recruiting has stated that a decision » w expocted in a week or ten iiays,