New-York tribune., 1921-12-25

ooo,ooo as against 372,o0o,ooo for the
corresponding period last year. Bank
cleariNgs in Sydney fer the same FIVE
weeks were $4,000 900, against e5i.-
100000 for the corresponding five weeks
last year. These figures indicate less
activity during October than during
September, particularly in Sydney,
since fer the four weeks ended October
4, 1921, bank clearings in Melbourne
were s4S.0uo,o00 and in Sydney ESQ.,
o00 900
The slackened business activity is
further evidenced by decreasing bank
loans accompanied by a gradual shrink
age IN checking and savings deposits.
From January l to November 7, 1921,
bank ciearlngs in Melbourne totaled
s52l 100000 and in Sydney feoT 900 900.
compared with 1924. 100000 and f655,-
100000. respectively, for the same
period of 1920. In using these figures
for comparison OF the business &C
tlvlty OF this year with last year II is
necessary TO consider the change in
price levels as iudicated by the COM
modify index numbers given above.
The Rank of Queensland has merged
with the National Bank Of Australia,
but the details of the merger have not
been announced.
Australian Nheaf fOOi
There has been q great deal of dis
cusSion as to whether the wheat pool
should he continued another year,
either along the lines of the control
during the last year or along lines
somewhat modified. The question was
made an important political issue in
some states and the wheat growers
were given an opportunity to express
their opinions through preferential
ballot. The latest decision is that the
Australian (Conmonwealthl Wheat
Board, which has handled all the ex-
port wheat of all the states, shall ter
inmate its operations at the end Of
December and that open selling of
wheat will be resumed at the begin
ming of January, except in West
Australia, which will continue sepa-
rate state wheat board with the prob
ability that the present selling price
for domestic consumption OF shl-
lings bushel will be guaranteed to
the growers of that state.
AS West Australia is so primarily
agricultural, and as wheat is one Of
the most prominent of Australian ex-
port commodities, it is difficult to see
any great benefit which can accrue to
the farmers of West Australia from
such a program, particularly when the
other states OF the Commonwealth,
which normally produce nearly 80 per
cent of Australias wheat, resume open
selling. Then, too exported wheat has
to meet the considerably lower world
price, as is shown by the fact that the
Wheat Board was selling wheat for
export to the Orient and South Africa
at 6 shillings 10 pence a bushel during
September
Situation of Meat Trade Acute
The depression in the meat trade IS
very acute. Accumulated meat stocks
are vast, and practically all the pack
ing houses are still closed depu-
tation representing all the grazing and
meat packing interests in the Common
wealth advised the acting Prime Min
ister that unless the Commonwealth
Government Line took the lead in re-
ducing freights on refrigerated car
goes the meat industry could not be
revived alleging that since 1914 freight
rates on beef had increased 23S per
cent; on mutton, $50 per cent, and on
lamb, 220 per cent. Although the de-
mand for shipping space continues dull,
except for wheat, charter rates remain
about the same as they were last
month.
Building construction continues
subnormal, mainly owing to the very
wholesale prices OF which average
about $50 per cent of the 1914 average.
The Melbourne harbor authorities pro-
pose the erection Of piers, the esti-
mated cost Of which Will be s492 900.