Before 1930, the first year of depression, Australia borrowed at the rate of ubout 30 million a year in Groat Britain, Since then borrowing abroad has been abandoned, and Australia has financed herself, which she is likely to do for many years to come, During the dull years conversion loans were floated in Eng-Tand, with the purpose of redueing the high interest rates—ranging up to 6 per cent—previously paid.
The latest operation whereby £16, 500,000 of optional loans was con veried at an effective rate of £22 per cent, Is regarded as an undoubled sign of "confidence overseas in the present condition and future progress of this country, "It completes the programme of loan conversions overseas Altogether, £198,500,000 of Aust-rohan Toans have" been converted since October, 1932, at effective rates ranging from £4.40 to the minimum of £218.06 per cent for the latest offer, "The savings in the annual charge have progressively mounted, and Including £A336,000 on this latest transaction, total about £3,000,- 000 in English currency, or £3,750,000 /in Australian currency.
To manufacture aircraft in Australia primarily for the Royal Australian Air Force, a 21,000,000 company will} formed by 'a syndicate already established, comprising chiefly Broken Hill Ply, Ca, Ltd. Broken HIN Associated Smelters Ltd, and General Motors-Holden's Ltd." "Announcing the formation of the new companys the Prime Minister (Mr. Lyons) said It also proposed to exploit the commercial aviation market, and hoped to obtain not only a local market, but fo build up an export business. Manufacture of alr-frames will begin first Engine manufacture witl fol-
Mr. Lyons dia not disclose the proposed site of the factory. It is believed, however, that the factory may be' established in' Melbourne it the Victorian Government agrees to establish an airport at Fishermen's Bend, Port Melbourne, Mr. Lyons said Australia had found It dimeult in recent months to got prompt delivery of aircraft ordered In England for the Royal Australian Air Force. For orders placed in October, 1935, final delivery was not promised until April, 1987, because of heavy demands for expansion of the Royal Air Force.
Bad as the position was to-day it would become immeasurably worse a situation arose making still greater demands on British raanufacturers. Although at first certain parts and materials for the airframes fud engines would be Imported, the use "of local materials would be Aeveloped progressively and as much Australian labour would be used as possible.
The arcater part of the capital of the new company would be provided by Broken Hill Ply. Ca. Ltd. and Broken Hill Associated Smelters Ltd, and the company would be controlled by these and possibly other Australian Interests. "The British Government has undertaken to assist and ce-operate in the supply of shnieal information. Until the new:
Jeompany could cater for defence needs orders would continue to be placed in Britain as far as possible fu advance of actual requirements.
Aristocrats tu Wool One of the most important events in New South Wales is the annual sheep show. Tt ts held in Sydney. Each year at the time when the growth of wool on the backs of the sheep is at its best, and the qualities are at their highest point, all the stations and stud breeders sond their [best animals to the show, where the raziers inspect the results of tho} work and the developments in certain directions, and buy from each other the rams or ewes which will improve their flocks, Rams sometimes change hands after these shows at very high prices. As high as £5,000 each was twice pald some time for rams bred in the State, About, 118,000,000 sheen constitute the total flock in Australia. Of that umber 55,000,000 are depastured in Now South Wales. As far as can be ascertained, there are about 60 000,000 merinos in Australia. The total value of the Australian wool clip is, estimated to be about 33 per cent. of the folal value of the world's wool Jproduction, and the wool growers in New South Wales have confidence in the outstanding qualities of the Australian wool as a priceless factor Which will enable the troubles that are now besetting the industry to be overcome, The blue ribbons of championship are very highly prized.
addition to merinos, the. show Includes Corriedales, Romney Marsh, Border Leicesters, Dorset Horns and Southdowns, and' the display the aristocracy of the sheep world.
Legislation has been introduced by the State Government of Now South Wales to restrict criminals in their use of firearms. A law has been in Joperation for some years which forbade the possession without a licence of @ weapon of less than nine inches length. That law was easily evaded. Guns, pistols or automatics for the time being, as the next loan to be attended {o' does not mature until November, 1937, inches, and consequently were within the law, The new law will simply say
Text read from the printed page and cleaned; old type leaves the occasional error.