The Oamaru Mail. MONDAY, MAY 17, 1880.

Oamaru Mail, Volume IV, Issue 1282, 17 May 1880, Page 2

The Oamaru Mail. MONDAY, MAY 17, 1880.

About a year ago we endeavored to impress upon the minds of tlie farmers the advisableness of grow > > as much wheat and as i' w oats !>--> possible. Unfortunately, whether tl- ! - advice was taken or not, it is by iar too patent that the farmers of this district, like those of other districts in the Colony, are sadlv over-weighted with this lastmentioned cereal. Indeed, beyond the Colony —everywhere—there seems to be a plethora of oats, and the price has dropped down to a standard at which it is impossible even for this district to ijrow them anything like profitably. \Vc are really no worse off than our neighbors, who also have been too sweet on oats. Wc have, in fact, an advantage over' almost every other part of the world. There are few places in which such large yields are realised. So that, when oats rise to a standard more consistent with the cost of growing them—as they must inevitably do when the market recovers from its present x'edundancy—the farmers of this part of the Colony will enjoy the advantages which will spring from a rate fixed in the markets of the world according to the average expense of growing them and the average yield. It will only be necessary for our farmers to keep down the expenses of cultivation, and they will reap the advantage derivable from superior yields. But all this applies to the future. "We have the bitter present to deal with, and deal with it we must, for its remorseless hand is compelling us to suffer its hardships and to comply with its demands. We need no telling that numbers of our farmers must be dx*iven to great straits at this season. Depreciation in price of one cereal would have been enough ; but, whilst they are compelled either to sell their wheat at unremunerative prices or retain it in store or elsewhere in view of an improvement, they are sorely handicapped by the largest yield of oats they have ever reaped. Virtually, therefore, they have transferred their hard cash into produce which will, for a time, be a drug. This is the position of growers. How is it to be ameliorated 1 The capitalist could,, by interposing himself at this juncture, between the farmers and surfeited markets, ensure a direct benefit by, securing a handsome profit, and an indirect benefit by relieving the farmers | and this market. Now is the time for capitalists to step forward and exercise their financial power by investing in | oats. Before another year is over this j cereal will realise to double its present rates. There can be no doubt about that. Such a serious depression is, in every department of commerce, followed by a corresponding revival, as surely as in Nature a storm is followed by a calm. We know that there is plenty of capital lying idle in the Colony which could thus be profitably used. There will be still more capital here presently. We hear that, through the advance in the price of wool, and other causes favorable to us, there are now several millions of money more than we received last year on its way to the Colony. This will give an impetus to trade. It will assuredly find its way into circulation, and it is to be fondly hoped that the farmers will thus be enabled to tide over their difficulties.