A BANAER ABROAD.

Gisborne Times, Volume XXVII, Issue 2575, 9 August 1909, Page 2

A BANAER ABROAD.

THE OUTLOOK UN AUSTRALIA. NEW ZEALAND FROM A. DISTANCE. Mr. Harold Beauchamp, chairman of the Bank of Now Zealand, has just returned from a short holiday in Austra.ia, where ho visited New South Wales, Victoria, and Tasmania. When seen by a representative of. the “Post” and asked for his impressions of , the' Commonwealth, Mr. Beauchamp observed that there could be no doubt that New South Wales and Victoria were in an exceedingly prosperous condition, which happy state.of affairs was brought about by the recent favorable seasons, and the excellent prices realised for grain and other produce. In addition there was the great development of the mineral resources of those States continued upon satisfactory hues. ( “Through the length and breadth of the whole Australian Continent.” Mr. Beauchamp continued, “mner-dfioent rains have fallen la'te'y, and the land has recerved a thorough soakago. As the outcome of this those districts devoted to agriculture are ant'e’peting nhonomenal harvests. Already in New South Wales and Vic- • t'M'io some apprehension is evinced as to the ability of the railway .authorities to cone with the expected great strain mi + he transit facilities.” “Did vou have time to look into the land nupstion in the States vmi .visited?” Mr, Beauchamp wm asked. THE LAND HUNGER. “Well,” ho replied, “in New South Wales .and Victoria there is an eager demand for land for both agricultural and pastoral purposes, and to meet this as far os they can the Governments of the States named arc acquiring considerable areas, for . closer settlement. In this connection I was surprised to find that settlers in New South Wa es and Victoria are encouraged to convert into freeholds upon the most advantageous terms land, purchased by the Government . for closer settlement. This, of course, is not permissible in New Zealand. With a view to appeasing the land hanger and possibly with the object of adding to tho Exchequer. I think owners of large estates in Australia will s-'v-n have t-o face a graduated'Tax on land. This is already a burning question in many of the Australian States at the present time.” THE MONEY MARKET. Mr. Beaucaamp was lisiveu what he sa\V of the moiie,y market in Australia and it was gathered from him that in ail three bDates tiiat no visited money was much cheaper than it is in New Zealand. “Moreover,” he added, “there appeals to be ample for all legiti mate enterprises. ’ ’ “And what are the rates?” “Current rates for mortagages are from 4-j per cent, to 5j per cent., ac- ■ cording to the attractiveness or otherwise of the security offered.” “This bv the banks?” “We.l, the banks, as in New Zealand, are not financing their customers for land purchases, but owing to tho largo numlier of mortgage and investment companies in Australia and the numerous wealthy ~ "ivato investors, tlicro is, as I have already said, an ample supply of money available . for all classes of legitimate enterprise including the purchase of land.” “You do not forsoo another land boom?” “Oh, dear no. So far as I could as-, certain there was nothing approaching that. Australians havo still a lively recollection of tho acute trouble that followed the bursting of tho land boom in their country in the early nineties of the past century.” UNDER FEDERATION. While in rusmaiua i>ir. Beauchamp had an opportunity of ascertaining at first liand the position ot that Island state under tlie reaeration. It appeared to him tiiat. the out.ook for Tasmania wa* not too bright. “The clause in the Federal Constitution known as tne ‘Brauaon Blot,’” he said, “whereby Tasmania was materially affected in the matter of customs revenue for a period of ten years as f rom the passing of the Commonwealth Act, expires in 1810. and it rests with the Federal Farliament to sar whether or not that clause shall be renewed. If Parliament, as it appears probable, decides to renew the ‘blot,’ it will be necessary to raise additional revenue in Tasmania through additional direct taxation, and the State, with its somewhat limited resources, is not in a good position to bear this further strain.” “We, in New Zealand,’ ? Mr. Beauchamp continued, “ought to cordially congratulate ourselves upon the fact that we decided to maintain our independence, and thus he able to carve out our own future. Had we been mergod into the Commonwealth,. I fear our position would have been much . akin to that of Tasmania.” AS OTHERS SEE US. Mr. Beauchamp was naturally asked what was thought of New Zealand in ' Australia by people whose opinions were worth having. “I was closely questioned while in Australia,” lie said, “as to the alleged financial depression in oms country, and the great exodus of people from our shores. I was glad to be able to inform my friends and acquaintances tiiat they need not be* unduly concerned as to our present' position and immediate prospects. I pointed out that both in Australia and New Zealand there is, and has been for years past, a large migratory population, which according to tlie seasons,, follows its employment m both countries. This class comprises shearers, slaughtermen, and agricultural hands.” RAILWAY MANAGEMENT. As he did a large amount of railway travelling. Mr. Beauchamp was ask eel for an opinion as to the management of the systems of tho States in which he travelled. He was much impressed with the excellence of the railway systems of both New South Wales and Victoria, and the general concensus of opinion in those States appeared to be that the administration of railways and tramways, by independent boards- or commissidners made for greater efficiency, economy, and earning power than if these undertakings were under direct control of the Government. “Mr. T,ait, Chief Railway Commissioner for Victoria,” Mr. Beauchamp added,., ‘urns placed the railways of that State upon , a marvellously good footing from every point of view! With parlor and observation cars, sleepers, and other aids to comfortable travel, one novyadays travels in great luxury between Sydney and Melbourne and vice versa. “As usual.” concluded Mr. Beau- , champ, very little New Zealand news made its appearance in. Australian papers.” , - - -- -—Un— —«