Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-22
AUSTRALIA PASSES
DEPRESSION PERIOD.
Leaders Believe Island Is
Sound, Despite Series of
Economic Setbacks.
nv the Associated Press.

Nv the Associated Press.
SYDNEY.--That Australia Is eco.
Y,ornically sound despite serious slump
in the wool clip, years strike In the
coal industry and bad season tQr the
wheat crop, is the consensus opinion OF
Australian economists and induStrla1-
lists,
depression through which the country
has nassed Is not due TO domestic con-
0itiors. but to the general economic de-
preston that has affected the entire
The coal strike was an inevitable
nhase of the vast postwar def1atlon
,,eriod Because of Australians excep-
fional economic homogeneity and It's
favored position as the worlds greaVes'
wool producer. the wars a1termatn al
fected this dominion later than otnef
countries. but it came mere nhally anu
with undiminished strength
The inevitable reductions in wages
and increases in working hours resulted
IN bitter trials of strength IN the shape
The storm broke first in the timber
srd,Istrv For months a bitter ngnt
against saturday work, which had peSn
stopped during the prosperous yeAIS,
involved the loss of millions OF ooiIaIs
10 employers and employees. Backeo Dy
other employers. the owners $1,000 i ,anun
stairs out of unskilled labor. In the
end the unions gave way, but not be.
fore thousands of their members mao
permanently lost their jobs.
Securities Fall Heavily.
The next background was in New
South Wales. The dispute was connneo
to one state and aftected only one "a
the three great coalfields-the Malt
land or northern field. The western
and southern fields have been enjoying
unexampled prosperity.
Under these stresses, combined with
khe wool slump and the consequent al.
verse exchange rate between England
and Australia, the share market has
been cratic and number OF seml-ghG-
edged securities which were at nign
premiums have fallen rather heaviiys
Some bank stocks, for example, Iost 20
per cent in four months.
Good rains bettered the outlook over
extensive areas in the southern ana
western parts of Queensland ana the
northern half of New South Wales by
breaking a protracted drought. Ex-
pensive hand feeding has almost ceased
In those districts, restocking has COM
fnenced and the values OF sheep ana
cattle have vastly improved. AS re-
suit, the view is gaining ground that
new era has dawned for much OF the
back country.
Improvement Work Begun.
The almost general acceptance OF q
reduced wage award in the Queensland
rrazing industry and the abolition OF
fhe state award for. agricultural en-
Moves in New South Wales have enabled
much Improvement work to be COM
Ynenced. thus materially reducing un-
employment. The fact that New South
wales and Victoria ranches are SPEND
ing hundreds of thousands of dollars
in reviving the beef industry In Queens
land by buying several of the immense
state cattle stations and inaugurating
a policy of efficiency and economy is
cited as proof of confidence In the
future.
The Australian wheat season closed
with a harvest of approximately 12O,-
0OO. 600 bushels. This gives an export
surplus but of nearly 100000 bushels
below that of last year. Most OF the
states suffered from q dry Winter and
an erratic Spring. The yield, however.
was a triumph for modern methods OF
wheat growing.
The dairy industry throughout the
Commonwealth has enjoyed, on the
whole, q good season. The total exports
for the year ended December 81 were
] 1878 ,275 boxes, or 46.707 tons. This Is
rather better than for the past three
seasons, but still below the peak Pc
Rod, of 1925.