Prest Our Own Comesroxnerr Melbourne, Sept. 1.
Despite the adverse effects of the Japanese trade reprisals Australia appears to be entering a phase of remarkable economic activity and consequent prosperity. Secondary Industries are expanding, wholesale and retail trade has been unusually brisk in most of the capital cities and the prospects of the staple primary industries are brighter than they have been for several years. Above all, there has been a psychological reaction of incalculable "value, and people have ceased to think to terms of recovery from the economic depression, and are now considering renewed prosperity as a sim of national progress and development.
When the new Empire tariff provoked retaliation by Japan a few months ego, it was feared that Australian primary producers would suiter severely. Japanese buying had been w decisive factor in sustaining. the price of Australian wool for some years and the withdrawal of such Valuable competition caused considerable anxiety. "However, the first of the series of wool sales for this scazon opened in Sydney yesterday with a keen demand and. average prices as high as for the opening sales of last year. Japanese buyers all ended the sales as observers, but did not tid. It is generally agreed that with their participation prices would have been at least ten per cent. higher, but it is equally obvious that their abstention is now unlikely fo have as serious effects os was anticipated.
Text read from the printed page and cleaned; old type leaves the occasional error.