Review of Reviews, SO/S/OQ. 



History of the Month, 



219 



report, and Senator Gray has presented a report 

 which is very much a minority one. It will be re- 

 membered that the (Commission had to enquire as to 

 whether a combine existed, whether it had any effect 

 on the industry of the cultivation of -tobacco in Aus- 

 tralia, and whether it was advisable or otherwise for 

 the Government to take O'ver the industry. The 

 majority report affirms that a combine does exist, 

 that it "has a prejudicial effect on the cultivation of 

 tobacco in the Commonwealth, and that it is advis- 

 able for the Government to run the business. As 

 there seems to be no provision in the present consti- 

 tution to enable the tobacco business to be taken 

 over, the Commissioners suggest that the matter 

 should be submitted to a referendum at the next 

 general election. After all, it is questionable whe- 

 ther verv much good has been obtained by the in- 

 quiry. Those who indulge in the soporific drug 

 are inclined to look upon it as a luxury, and it prob- 

 ably does not do the Commonwealth or the smokers 

 any harm that they should have to pay the higher 

 prices which the Commission asserts the combine re- 

 sults in. It is interesting, however, to note that the 

 Trust evil is with us. From 70 to 80 per cent, of 

 the Australian tobacco trade it is supposed the com- 

 bine handles. Certainly it is an indication of the 

 fact that anti-trust legislation is necessary. Com- 

 bines are not good, and whether it be of tobacco 

 or any staple form of produce, it is not the best 

 thing to have the output controlled by a few men. 

 Mr. Deakin well deser\'es the thanks of the com- 

 munity if he makes these things, which have proved 

 such a curse in America, impossible in Australia. 



The croakers who are continually 



Australasian asserting that capital is leaving 



Loans. Australia must have received rather 



an unwelcome blow the other day 

 when it was known that New Zealand had success- 

 fully floated a loan of ;^5oo,ooo at 4 per cent, in 

 Mellx>urne and Sydney, and that the Victorian Go- 

 vernment had also got very much more money than 

 they wanted in their application for ;^i,6oo,ooo of 

 the public's money. The fact is that Australasia is 

 in an extremely prosperous condition, and there is 

 any amount of money awaiting investment, a very 

 different condition of affairs to that which existed 

 some three or four years ago, when very few had 

 money to spare, and it was almost impossible to get 

 money either for love or money. Matters look ex- 

 tremely hopeful with regard to all the States. Tt 

 is expected that Victoria will have a very large sur- 

 plus, South Australia is in the happy position of 

 being able to offer the other States friendly loans, 

 and, given no more national disasters in the shape 

 of droughts, things ought to be merry in Australia 

 for some time tO' come. The cables from London, 

 which announce that London financiers were some- 

 what irritated at the issue of the loans locally, came 

 rather as a matter of surprise. Probably a good 



Johnstone, O'Shaniiessy and Co.'] [^Photo. 



The Late Mr. F. W. Haddon. 

 Editor of the Argus for 31 years. 



deal of personal pique lay behind it, for a rich 

 harvest was saved for Australian people which would 

 otherwise have gone to London. It is not at all 

 likely, however, that Australia will gO' to London 

 for money, if she can raise it locally. The expenses 

 of the loans, although they total some ^26,600, will 

 have a set-off, for interest will be paid in Melbourne 

 in future instead of London, thus giving the Trea- 

 surer the use of the interest money for one hundred 

 days, and there will also be a saving on exchange. 

 Furthermore, the rate of interest is 3I per cent., as 

 against 4^ per cent, in London, and the Govern- 

 ment, therefore, gains all the way round. 



Australia has been thrown into 

 The somewhat of commotion during the 



New Hebrides, last few days by a cable message 

 to the effect that the New Hebrides 

 question has been settled by a joint British -French 

 Commission. It was unfortunate that some days 

 elapsed before any official word reached Australia. 

 At first sight it seemed as though the decision had 

 been arrived at without any reference to the Federal 

 Government, a course of action it was hard to be- 

 lieve the British Government would adopt. How- 

 ever, fears were set aside, and it seems that the 

 proposals are to be referred tO' Australia. On the 

 face of them, they are not going to be satisfactory 

 to Australians. The constitution of a tribunal to 

 settle land disputes is not by any means the most 

 important thing to be done. It seems to be forgot- 

 ten that the islands weie originally annexed by Bri- 

 tain, and that the natives themselves have expressly 

 stated their desire, and indeed have prayed, to be 

 placed under British rule. Another point, which it 



