THE FLOUR MARKET.

Southland Times, Volume I, Issue 20, 16 July 1864, Page 4

THE FLOUR MARKET.

In our issue of Tuesday, we offered a few remarks on the present position of the flour market, and of its future prospects. "We -were scarcely prepared, however, to find our opinions so fully endorsed as they are by the following extract from the New Zealand Herald, of the 28th June. The hint we threw out as to the object of Australian speculators in enhancing the price of flour, is also caught up in the Herald, and dealt with rather severely, biit not too severely. In alluding directly to the scheme of the speculators, we quote as follows : — " There was one rock ahead, however, to any such speculation, and that rock was California. Luckily for the project, an unusual extent of dry weather in California threatened almost to the last minute to destroy the prospects of the coming harvest. This was too good an opportunity to be lost of exaggerating our necessities, and when their private communications informed these speculators that rain was likely to fall in Califorfornia, and entirely dissipate all fear of a deficient harvest, we find then* confederates in Sydney actually hiring a steamer for the purpose of intercepting the Charlotte Andrews when about to enter Sydney, and obtaining possession of every Californian paper on board. But this was not enough : Auckland, and Auckland men must unwittingly be made the tools of these designing speculators, and that medium of canards, the electric telegraph, was resorted to. A telegram was received from Sydney in Melbourne, stating that £1000 had been offered on the cargo of the Constance, by a speculator who was anxious to return with it to California, flour there having gone up to a famine price in consequence of the the drought, but that the offer was refused because the Auckland people were starving, and it was added that so great was the scarcity of flour in Auckland that the captains of three vessels in port handed over their spare stock of breadstuffs to the commissariat to prevent worse — a phase which we suppose is meant to convey the meaning ' to pre - vent its being forcibly carried away by the starving inhabitants of Auckland.' " Really, in the name of all that is decent and honorable, we must protest against this resort to such dishonest means by the speculators in Melbourne and other places in Australia. Our own Auckland merchants are, we are thankful to say, clear of this iniquitous piece of business — so also, indeed, is Captain Barnes, of the Constance ; for his name, though used, was evidently used without his knowledge. We think, however, that the Melbourne journals will fail in their duty, if they do not publish for general information and. execration the names of these Australian speculators who have been guilty of such acts of public spoliation and bare-faced robbery of the people. These transactions must necessarily have been confined within a small circle; but, let it be never so powerful a one, we shall look upon the Australian press as unworthy of holding the high'position it has hitherto done, if it fail to expose to public indignation the names of men who, for their own individual profit, could trade so shamelessly on the necessities of the bulk of the people. . . : " The facts which have since- transpired, that there is more than sufficient surplus grainin California to supply the wants of the;, Australian colonies, will, of cpxirse nullify the . ; attempts .of these Australian speculators. Wo gave, in: our issue of Saturday, Borne account of the . state of the Californian markets, andpf the harvest pros- j pects in that State, and in the State of Oregon. ,| The fact that flour in Auckland- ia selling at £28 j per. ton, and in California, at. about £14 to £15 per ton, and. that there is plenty of it there, -will;: we should think, be sufficient inducement i.to C our r enterprising Auckland merchants to effect" a speedy change in the present state of affairs."