Wool and Dairy Prospects.

Patea Mail, 1 April 1882, Page 3

Wool and Dairy Prospects.

The Chairman of the N.Z. Loan and Mercantile Agency Company, ! speaking at the annual, general, meeting held in London, Pebry. 3rd, said : The English people are beginning to appreciate the ■ great future that lies before the Australasian Colonics, the resources of which are being every, day more and more developed, and one of the most recent and promising phases of that development is 'the'meat' refrigerating'process, which is going on in the Australian Colonies and in New Zealand. I have seen statements made'by old they are statements which; from my dong residence there I am-prepared to endorse—to the effect that before many years are over the dairy produce of New Zealand alone will rival her wool produce. New Zealand is one, of the most thriving, countries, and the refrigerating process will enable the colonists there to send their produce to the best market in the world. We look hopefully to ; the future from the knowledge that our operations are carried on amongst communities that are rising and prosperous, and from the fact that we are aiding them to develop resources which, as I have already said, are almost untouched and. illimitable ; and though this balance sheet is a good one, I confess :that I am sanguine, and believe that good ns this is, our future balance sheets will be better. lam glad that it. has fallen to. triy lot ;to-day to preside at this meeting,-when we are resuming our contributions to the reserve fund on a soniewbat more extended scale, for I remember two years ago apologising to you because wo did not then make any addition to the reserve, but at the same time, I ventured to predict that we should soon resume our contributions to it bn a more extended scale. Our business everywhere is in the best possible condition. We have branches and agencies in every part of New Zealand, we have a good connection in the two large centres of Australia, we have a most efficient staff, and in the last letter from our colonial , managing director, than whom is no better man of business, he informed us that “every thing is wellin hand.” ? - !

CHEAP MONEY & WOOL EXPORT.

NORTH ISLAND. Mr Larkworthy, managing director, also said: One of the chief bars to our success within, the last two years has been, the low rate of interest in the colonies. In fact, six per cent, is about the value of money in the Australasian colonies. When I was in Melbourne last year I was informed that a loan ;of £200,000 for two years had been negotiated with one of the leading joint stock banks at the rate of four per cent. That will give you some idea of what the rate of interest has been there for the last two or three years. I am happy to say that the depression which existed in New. Zealand, and the conse queht- cheapness of money, is not only passing away but in my opinion the era of cheap money has gone by. We have not yet, heard of any great advance in the rate, but judging from our past experience and . the state of things here, we have every reason to believe that a considerable increase in the colonial rates: will soon be established. But we do not desire any great enhancement oLthe value of money in the colony. If we can secure cheap money in England and lend it at a reasonable profit, in the colony, we have the condition most favorable for the prosperity of the colony: and of, this company. Dear money 1 deters borrowers and checks progress. At our last annual meeting we were enabled to tell you that we occupied the ' premier position, in ,the .world as consignees of colonial wool. On this occasion, > I regret to&ay, we hold only the second position. I must say, however, that instead of that being an unfavorable feature, we rather consider it a favourable one, as we have not beem dethroned by any lack of energy on our part, but we have dethroned onrselves by cutting off a portion of our business which we did not consider safe to re-

tain, Bot oar position us consignees of wool here does not repsescnt the .wholecase,- because both in New Zealand and in Australia we act as wool auctioneers and brokers, so that wool which is not sold by us in England still passes through our hands and is subject to sale commission in the colonies. When we first started this company we were assisted by the Bank of New Zealand, by whom we were represented at all, points where that institution had branches or agents, and by whom agency business was done 1 on bur behalf. Our transactions at last became so extensive that this arrangement was no longer practicable at the chief centres of our business ; and this conipany gradually appointed agents and, opened branches of its own ; and now we are not only represented at various places by the officials of the bank, but possess our own independent agents and managers in substantial; and extensive premises of our own. I may say that one of the chief encouragements in regard to the future 1 had while travelling through the colonies? last year, was to find that the . appointments made by our colonial board were in favor of men of high character and of good business experience. I made a point of visiting all the important parts of- the colony, and whilst I was, miibh gratified with the progress I; found to have been mader-l-the immense tracts of country reclaimed from nature ; the beautiful homesteads, the splendid roads, the I’ailways and other improvements I was much struck, especially in the North Island, with the immense amount of work yet to be . done. All round the coast improvements have to be carried out to a great extent, but in the great interior, comprising many millions of. acres, not a sod has been turned, and neither sheep nor cattle are to be seen; only a few wild horses. The land is at ; present in the hands of the natives, but they are willing to sell it! It is inviting the employment of capital which we hope to see applied- to; the development of that country. I -may say that the same condition of things exists to a certain extent in the. South Island. , That Island consists largely,of pastoral runs, and is also partially cultivated and occupied, but the cutting up of these runs by the Government, and their occupation by agriculturists will offer another and important field for the employment of capital. I will read yon a telegram 'which reached us.from Auckland a few days ago:-r-“Dry winter causes decreased average wool and it is light in grease but good quality!. Lambing satisfactory. New Zealand harvest prospects fair ; Australia b'elotf average. Farmers’ business prosperous. Colonial outlook satisfactory.” With regard to the meat refrigerating process, it is believed that a recent shipment per steamer from Australia, consisting of upwards of 8,000 carcases of realised an average of nearly s|d per lb. —a very satisfactory price, and will yield a profitable return, which ought to be a stimulus to the development of the trade. With" regard to New Zealand, we have thus far no ,direct steamers, so that no similar shipments have been made from that colony ; but two sailing vessels have already started from this country fitted with the freezing apparatus, and we soon expect to hear, of the arrival from New. Zealand of one of these ships. It is confidently hoped that the meat will be landed in good order, as if the freezing process be maintained, the length of time occupied on the voyage will not prejudicially affect the meat.

The Frozen Meat Company at Christchurch are communicating with the various shipping ■ companies trading to New Zealand, in order to obtain a -'sufficient number of ships fitted with freezing apparatus by next season. It is estimated that five to eight large ships will be required, and endeavors are being made to get at least one steamer also. A young man getting up late says he hasn’t as much spirits as lie had before he went to bed.