THE FINANCIAL CRISIS.

Rangitikei Advocate and Manawatu Argus, Volume XXII, Issue 2035, 24 December 1907, Page 6

THE FINANCIAL CRISIS.

ITS EFFECT ON, HEW ZEALAND

Though the Premier, glibly says the Dominion, is outside the zone ot influence of New York, facts show how untrustworthy is the statement. Take tins season’s" wool clip. With dear money in the United States, their wool-buyers are not operating, in effect they are out of the market. That lowers our wool prices, and brings us within the zone. Dear money in the United States lias mane dear money in England—again help-in-t to bring down the price of our staple product, wool. The Americans, eager to sell any produce that will self, are hurrying wheat into England—and wheat has fallen. They arc hurrying forward beef into England—to gather in more money, and our frozen meat in England is down considerably-in consequence. Pelts (dressed sheep skins), which America used to buy largely, are down 30 per cent. Our New Zealand hemp has dropped £lO a ton. Cotton is being poured into London from the United States in their frantic endeavour to bring in gold—-that again helps to lower the price of our wool. Yet the Premier, in his reckless optimism, or in his_desiie to say the popular tiling, says Now Zealand is outside the zone. Sheep of all kinds in the Dominion are far cheaper than they were last summer. These facts are indisputablemoney is hardening, and will harden, and our staple products, except butter and cheese, are goiug dowu in price. In face of these and a host of kindred facts, it would have been wiser of the Premier to have sounded a note of warning. A statesman viewing these facts would have warned the people that the Dominion was.cnteriug into a period of lower prices for its products, and that, as money was very clear throughout the civilised _ world, money must become dearer in New Zealand. The public have a right to expect a lead from the Premier’s speeches. The public &ro sensible. If they realise that a lean year or