I now four months since the Prime Minister declared that Australia was at war with Germany, but, excepting in the number of men in military uniform there are relatively few outward signs in this country of the change in conditions, Australia. has been sheltered by distance and the British navy from the destructive effects of actual fighting, and has made good use of the time strengthening its defences and organizing its industrial equipment for the purpose of contributing as fully and usefully as possible to the Empire's war effort. Diversion of resources from their normal uses to those of the military machine cannot be effected in a short period of time, or without disturbances and difficulties arising. So far, however, the troubles which have arisen have been comparatively unimportant, excepting in those industries and trades which rely upon imported materials, states the National Bank of Australasia Ltd. in their January summary.
Text read from the printed page and cleaned; old type leaves the occasional error.