Finance Stocks And Mining

Free Lance, Volume III, Issue 132, 10 January 1903, Page 5

Finance Stocks And Mining

THI'lRh is no doubt that last year uas one of the very best experienced b-\ New Zealand Trade was good tluoughout the year, and mone\ remained plentiful It was a yepi" ot extieme prospeuty, and the results weie indicated during the holiday s, when trams and steamers were eiowded with well-dressed folk bent on enjoying themselves. If the new year 1? but as good as the one that has just passed away, we sihould have no cause foi complaint « • • Theie were many leasons for the splendid prosperity of last yeai. As a matter of fact, New Zealand was benefittmg bv the misfortunes of two other producing countries. The war in South Africa brought us our share of ordei-s tor produce of various kinds, and the terrible drought in Australia added to our advantages, and, to further assist us, there was a very heavy expenditure of borrowed money. When these facts are considered, it may be fairly assumed that 1902 was a year of abnormal prosperity. # » * There can be no sudden cessation, no collapse, notwithstanding that the drought m Australia has broken up and South Afnca is en]ovmg the blessings of peace It wall take these countries seveial "sears to °:et back to normal conditions and while this mocess is in evidence New Zealand will obtain a measure of benefit There is thus good giounds for believing that the current year will be fairly good so far as trade is concerned ♦ • * The lugh prices of produce, and the consequent general trade activity, are to be seen in all parts of the colony In the southern portion of the North Island the e\ idence of prosperity is most maiked Land values have advanced, impio\ements of a substantial charactei are to be noted m all directions, and the buildeis ha\e been kept busy erecting houses foi our prosperous people. This activit\ has occasioned some comment, and thoie aie some people who piofess to see in all this over-speculation and a boom. This pessimism is sea 1 ccl v wa.r1 anted for the business of to-day is conducted on sounder lines, and a very large peicentage is on a cash basis. The people ha^ c the money and the money has been obtained by the ready sale of enoimous quantities of produce at splendid puces. # Butter is now being exported from the colony in large quantities, although the season has been a backward one. In the danwnp- districts there is an abundance of feed for the milch stock, and the excellent quality of the produce is helping; oui dairymen to realise high prices Messrs. W. Weddel and Co . of London, writing under date 21st Novembei, give New Zealand butter the following splendid testimonial — "The Paparoa arrived to-day with 1815 boxes of New Zealand new season's fresh <n-ass butter, which is making virtually the same pi ices as Danish, and is sriving great satisfaction." There is promise of considerable competition in the butter trade, but so long as the quality of the New Zealand product is as good as it is now we need have no fear of competitors * # * The South African meat contract is again engaging attention. The present contract expires on the 31st March, and tenders aie now being invted for a fresh contract. The present contract was originally secured by Mr. Bergl, who formed a company known as the Imperial Cold Storage Company, to carry out the conditions. Prior to this, the South African Cold Storage Company held tilie contract, and in the early days, of the war made very large profits The terms of Beryl's contract were amended so that a fair proportion of Australian a.nd New Zealand meat was supplied to the British troops. Owing to this condition there has been fairly large purchases of New Zeauand mutton. # * There is now a demand that in the new contract it shall be stipulated that rTie w hole of the meat required shall be obtained from within the Empire, and the question arises whether the sur-^lv is available at reasonable rates. Australia will now be able to furnish a consideiable ouantitv. and so also will New Zealand and nrobably Canada, and, as the number of soldiers in South Africa is about ai fifth of what it was during the war, it is very probable that the British Government w ill accede to the demands

of the colonies. The new contiact w ill no doubt be at a lower late than the one just about expiring, and the chief benefit will be derived bv Victoria, which is now capable of supplying about 30, C00 cai cases a month. • * • The military lequirements are a mere trifle to the lequirements of the civilian population of South Afnca, and to meet this supnhes will be drawn from the cheapest markets. Argentine w ill thusi get an excellent opportunity of selling her meat, and it will be impossible to shut the Republic out of the South African market On the whole the prospects of trade w ith South Africa, for the current year are not very brilliant so far as New Zealand is concernIf the present contractors lose the War Office contract, then we may be pretty sure that the South African direct service will be terminated as soon as the terms wiJl admit, unless, of course the shipowners find that they have a "soft thing." Tlie vessels have the ri^ht to call at one other Australian port besides Fremantle to load up provided sufficient cargo is not obtainable in New Zealand. If Australia can furnish supplies at cheaper rates than New Zealand, then, no doubt full advantage will be taken of this privilege, and we shall be paying £2500 a month purelyfar the benefit of Australian producers. However, matters may take a more favourable aspect than is anticipated. * ♦ • Mining throughout Australasia has been exceptionally good, nearly every gold-producing colony showing a substantial improvement. New Zealand's gold yield is a record for thirty veais, and vet mining shares have never been so dull Speculation in other directions hais diveited public attention from mining, but there is reason for believing that this year will see more activity m the Mining Exchanges. The troubles and trials of the dredging industry are now practically at an end, and most of the companies operating are on a fairly sound basis at am rate the fittest have survived