The result is seen in a quickening in the tempo of industrial effort, in a reduction in the number of unemployed, in higher wage rates and much double-shift and overtime working. It is difficult to estimate how much of the increase in industrial activity and the expansion in trade turnovers of December, 1939, on those for December, 1938, may be ascribed to the national war effort, and how much to the better pastoral and agricultural conditions now being experienced. Twelve months ago, the bulk of the productive lands in Australia was in the grip of drought, with fodder reserves low, following a poor season for grasses and cereal crops, In fact, rural conditions were bad and prospects worse, but widespread rains in January and February ushered in a season of prolific growth. The wool clip is well above expectations, wheat harvest estimates have been raised substantially, feed for sheep and cattle is abundant in all but a few sections, and the only immediate risk is the danger of grass fires due to the heavy growth of the last few months. The important export commodities for which transport and markets appear unfavourable are wheat, apples and pears. The other main products comprising Australia's export trade are in the fortunate position of being cared for under the marketing arrangements entered into by the Imperial Government, The export price index of the Commonwealth Bank has moved up from 658 in August to 803 on December 14. These numbers compare with 661 for the twelve months ended June last, and with 819 for the previous twelve months. The rise in wheat prices from its pre-war value of 2/3d. a bushel to 3/6d. is, however, not effective under present conditions, but the Commonwealth Government is paying an advance on wheat delivered at sidings or silos equal to 2/6d. a bushel for bagged wheat.
Text read from the printed page and cleaned; old type leaves the occasional error.