Australia Resurgent The figures of the Australian budget are a
striking indication of the extent and rapidity of Australia's recovery. An anticipated deficit of over .a million has been converted into a surplus of £1,302,000, every, source of revenue is buoyant, and the Public Debt has been reduced by £5,800,000. This improvement has coincided with a drastic reduction. in the numbers of the unem- ployed, the percentage indeed being only half what it was in 1931. The whole position is an abundant justification for the unpopular economies to which Mr. Lyons, the Australian Prime Minister, had to devote the early months of his Government. Probably no country in the world presents a greater contrast than Australia between the gloom of 1931 and . the optimism of 1934. The first country to feel thefull force of the slump, she is well ahead of most others in getting out of it. It will be of particular satisfaction to English traders that she has signalled her returning prosperity by reductions in primage duties on over 144 items in the customs tariff, thus punctually, honouring her agreement at Ottawa to remove or reduce these charges so far as the goods of Great Britain were concerned, as soon us the financial situation allowed it.
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