HIGH PRICES.

Taranaki Daily News, 9 October 1920, Page 5

HIGH PRICES.

Profits in Australia. BURIAL A NECESSITYS Bj Telegraph.—Press Assn.—Copyright. Received Oct. $ 7.35 p.m. Sydney, Oct. S. In the Assembly the Attorney-General, explaining the Profiteering Prevention Bill, said it provided a new independent tribunal for profiteering prevention, a court free from political control. Referring to the Chamber of Commerce, he said tk"- wealthy extremists and gilded Bolsh<j....a were goading the country into revolution. Despite all pdded costs, merchants were making more profit than ever. Owing to watering stock and reconstruction many firms were making hundreds and thousands per cent, on the actual capital employed. The rich were growing richer and the poor poorer. The Bill gave wide powers against cornering and forestalling. He mentioned that amongst the necessary services included in the measure was the burial of the dead. This was added because he was informed that undertakers were making extravagant charges.— Aus.-N.Z. Cable Assn. HOW PRICES GROW. | BASIC WSGE INCREASED. Received Oct. 8, 10,30 p.m. Sydney, Oct. 8. The Board of Trade's decision increasing the basic wage by 8s weekly has been issued. It does not apply to rural industries and certain country districts covered by separate declarations. The accompanying statement shows that prices have increased by 18 per cent, and the purchasing power of money has decreased by lo per cent, since the previous declaration was made. TEe statement adds that it is possible the pinnacle of high prices has been reached and that a decline will have started before the next declaration is due. When this occurs, and the proposal is made to reduce wages, the system' will he put to a real test. Unionists express themselves as din(appointed. They anticipated a rise to at least £4 10s. Some claim that £5 would.be only a fair thing to meet the increased cost of living.—Aus.-N.Z. Cable Assn.