WEALTH OF AUSTRALIA

Taranaki Daily News, 15 November 1926, Page 12

WEALTH OF AUSTRALIA

UNFAVOURABLE COMPARISONS. By Telegraph—Press Assn.—Copyright. Melbourne, Nov. 12. Giving evidence in the 44-hour week case at the Arbitration Court, Mr. F, C. Benham, lecturer on economies at Sydney University, said the national wealth of Australia measured per head of population in terms of commodities, was less than it was in 1901; it was less in 1921 than that of Canada, the country with which Australia could best be compared. The national income, measured per head of population in terms of commodities, is less than before the war. The public external debt is £B3 per hgad, compared with £l5 in Canada. The interest payable on the external debt has increased at. a greater rate than the national income in the past 15 years. Private wealth in America in 1922 was £GOO per head of population; in Canada in 1921 it was £519; in Australia in 1923 it was £426. Mr. BenhanT said that with 88 per cent, increase in horse-power in Australia it was surprising that there was only 8 per cent, increase in output. The net horse-power per wage earner in the United States from 1914 to 1923 increased 17 per cent.; this was accompanied by an increase of 26 per cent, in output. In reply to a question, witness said that economically the country was in a better position than it was at the beginning of the century.