• 



— 11 



looking particularly healthy. To sum up, there is every reason, thus far, to 

 look forward to a good harvest in 1912/13. As the purchasing power of the 

 Indian population depends in the first place upon the result of the harvest, 

 the course of business in the near future may be awaited with confidence. 



In Australia our sales are increasing slowly but steadily, thanks to 

 the fact that it is evidently beginning to be more and more understood 

 there that in the end the best goods are also the cheapest. For some 

 time a very considerable extension in the &roducing-powers of the 

 local perfumery industry has been noticeable, one result of which is the 

 reduction in the export of finished articles of perfumery, including those 

 of German origin, and especially of soaps, to the Australian Commonwealth 

 which is being reported in various quarters. 



The Sydney Morning Herald publishes, on the basis of statistics 

 published by the Customs Department, a review of the imports and ex- 

 ports of Australia during the first four months of the present year as 

 compared with the same period of the six preceding years. According 

 to this publication the imports during the first four months were as 



follows: — M . .. Gold 



Merchandise and BulHon Total 



£ £ £ 



1906 13100 000 609 000 13 709 000 



1907 15 844 000 453 000 16 297 000 



1908 14 480 000 328 000 14 808 000 



1909 15 552 000 328 000 15 880 000 



1910 18 481000 305 000 18 786 000 



1911 20 771000 583 000 21354000 



1912 25 640 000 491000 26 131000 



The value of the exports during the same period was as follows : — 



Merchandise and G ^ lion Total 



£ £ £ 



1906 17 358 000 6 076 000 23 434 000 



1907 22 016 000 3 089 000 25105 000 



1908 15 536 000 5 076 000 20 612 000 



1909 19 489 000 2 605 000 22 094 000 



1910 24 249 000 1809 000 26 058 000 



1911 21594 000 2 403 000 23 997 000 



1912 20 538 000 3 547 000 24 085 000 



Q The above figures show that in the present year the value of the 

 imports of merchandise for the first time exceeded that of the exports, 

 and by a considerable amount, even the increased gold-exports having 

 failed to restore the equilibrium of the balance of trade. The value of 

 imports, which has steadily grown since 1908, has risen enormously in 

 the year 1912, whereas that of the exports has steadily fallen since 1910. 

 So far as the results at present available go, the finances of the 

 various States of the Commonwealth afford an equally favourable picture. 

 These States depend for their revenues to a large extent upon the receipts 



