The Daily News SATURDAY, SEPTEMBER 11. OUR PROSPECTS THROUGH AUSTRALIAN EYES.

Taranaki Daily News, Volume LII, Issue 187, 11 September 1909, Page 2

The Daily News SATURDAY, SEPTEMBER 11. OUR PROSPECTS THROUGH AUSTRALIAN EYES.

The following article on New Zealand's outlook, from the pen of the editor of the Pastoralists' Eeview, published in Melbourne, should' be read with satisfaction by those who have not allowed their honest convictions 'to be pessimistically obscured by the few croakers iu our midst. No worthy New Zealandcr whose judgment was not completely blinded by unreasoning political prejudice had any doubt but that the late depression was quite temporary, and due to outside influences over which the Dominion had no control. It affords no little satisfaction, therefore, that this view of the Dominion's prospects is shared by so eminent an authority as tfie Review, which Btates:— "A year of plenty has averted from the little southern Dominion the perils of a prolonged financial depression. It is little more than a year since the influences of the financial troubles in America, followed by the acute and widespread industrial depression in the United Kingdom, began to be felt in New Zealand. Optimists proclaimed their belief that the Dominion would cscaps, and when money became tighter and tighter they prophesied that the end of last year would see the end of the trouble. They based their predictions on the marvellous producing powers of their country, and they were right, although tho recovery did not come as soon as they hoped, and, indeed, is still but partial, though tho patient is progressing favorably. The exports ol produce for the last nine months exceed in volume and value those of the twelve months preceding, and though the final quarter or the produce year will not contribute largely, it is certain that the year ending 30th September will be one of the most abundant in regard to production. It is, in fact, abundance r ather than high prices of products that has restored the equilibrium of New Zealand finance. The season's wool clip was large, but most of it was shipped "before the full recovery in prices wa»' established. Frozen meat shipments have surpassed all pre vious years in volume, but throughout the main season low rates, steadily tending downwards, have prevailed. Dairy produce also exceeded any previous year in bulk, and the producers were fortunate enough to sell most of their butter and much of their cheese in excess of prices which have since been current. The grain yield is the largest for many years, and prices of wheat are high, although oats are not returning a large margin of profit to tho growers. Hemp alone is at a low level of both production and price. Above all, the prospects arc for even better results in the ensuing season. The wool clip will be linger, and as the last clip> increased in valuo after being entered for export, last season's receipts at least may be calculated upon, even should some reverse occur in the meantime. Next year's frozen meat exports will probably bo smaller, but the present low prices will have the invariable effect of expanding consumption, and , with an improvement in the industrial situation in England prices of meat will doubtless recover, and quite possibly a greater cash return may be obtained from the smaller export. A substantial increase in the export of dairy produce can be calculated upon, and though the present season's, rates for outputs are not likely to be repeated, there is no doubt that improved trade at Home will ensure profitable prices for butter and cheese, and the revenue will be at least as great as in the season just closed. The production of wheat will' be larger, and of oats as large as in the past harvest, and theru is every indication of good prices. Even regarding hemp the situation is not without hope, improved machinery having so cheapened the cost of preparation as to enable millers to resume operations. Under such circumstances it would be surprising if confidence were not restored, and the greatest danger to bo apprehended is that the realisation of these anticipations may cause a renewal of the unwise speculation which opened the door for the entrance of the financial crisis."