New-York tribune., 1922-02-12
Australia's Outlook Is BRIGHTER.

Australia's outlook for commercial
and financial activity during 1922 is
much brighter. as the result of the
combined Influences arising from an
increasing export trade. higher value
"f the pound sterling, lower freight
rates. decreasing stocks Of imported
merchandise and such improvement in
banking conditions as to render it
easier 20 obtain credit, according to
cable dispatch from Trade Commis-
sioner !. ". Sanger. of Melbourne.
under date Of January IS.
Tho further advance Of the conver-
SION value Of the pound sterling from
Sil5 on December 10. 1921, to 81 %
on January 13 has stimulated the plac-
lue Or still more new orders for Amer
ican goods The rate OF exchange on
London has declined slightly. The
money market is easier and loans
which were being granted reluctantly
during December owing TO the fear
of the banks that liquidation of mer-
chandisc stocks had not progressed far
"ncugh. are now more readily obtained
he discount rate remains unchanged
st to per cent on best commercial
paper and 6l2 20 ~ per cent on over
TRAITS
Bank clearings in Melbourne for the
period December 5 to 81 were 945, ,0OO,-
} eco, compared with g43. 10000 for the
reriod November to December and
with $4,000 600 for the corresponding
pcrioG of 1920. Sydney clearings from
December . TO 81 were r5l 900 900, the
same figure as for November to De
cembor 3. as AGAINST s63 900 900 for the
corresponding period last year These
reported clearings indicate greater
business activity during December
han during the preceding month in
both centerS. Total bank clearings for
The calendar year 1921 and the de-
crcases from the corresponding totals
FOR the year 1920 we're: Melbourne,
100000 600, a decrease of si15,oOO.Ooo;
Sydney. 100000 600. a decrease Of
A54 900 600; Adela dc. s157 ,OOO, 900.
decrease Of Gs.0O0.00o In 6sing these
comparisons of the bank clearings for
the two years as an index of relative
BUSINESS activity consideration should
re given to the fact that price levels
were higher in 1920 and that 1920 was
I year Of rather heavy speculation.
Bank Merger
An important incident in the finan-
cial history of the month has been the
consummation of the negotiations, in
progress Tor some time, whereby the
National Bank OF Australasia has ac-
quired the Bank of Queensland, there
cN increasing the resources OF the Ma
tional Bank to over 81 5 900 900 and
giving it desirable Queensland connec-
tions
While figures of imports and exports
for November are not yet available
the indications are that both. anG
especially exports, will show increases
over the figures for October see com
merce reports for December 26, 1920,
thus still further adding to the favor
able trade balance which for the four
months of the fiscal year, July to
October 81. an1mnted to S6,876,0O
compared with an adverse balance Of
G18.419 900 in the same period of 1920.
Stocks of imported merchandise on
hand are generally we'll proportioned
20 the demand, and the heavy over
stocks, which worried both banks and
merchants at this time last year, are
now pretty we'll worked down. Stocks
of export merchandise are normal ex-
cept those of meat and butter, which
are excessive. The prospects for wool
are encouraging, sales have been salts
factory and the market continues firm
and steady.
Prices of imported staples are gen
orally ruling lower than at the same
time last month, especially of oil prod
ucts, petrol. kerosene, etc. Prices of
export staples are also lower, par
ticularly of butter and metals.
A tendency toward general lowering
of wages is noticeable. Wage de- !
eyeases on the Melbourne tramway.
are likely to cause great dissatisfac- |