THE Bay of Plenty Times. AND THAMES VALLEY WARDEN.

Bay of Plenty Times, Volume XIV, Issue 2005, 29 June 1886, Page 2

THE Bay of Plenty Times. AND THAMES VALLEY WARDEN.

" The Spirit of the Times shall teach /we speed —KIKO JOHN, ACT IV. TUESDAY, JUNE 29, 1886.

PROSPECTS BKIGHTENING. It is ft pleasant thing to be able to congratulate the Colony upon any reliable signs of a revived prosperity. We hare been so much accustomed of late to hear of nothing but depression that we are disposed either to be incredulous of any improvement or to inspect ourselves of a tendency to orer-magnify it. It is of course the natural outcome of adversity either to diminish the buoyancy of hope or to attach an undue importance to small mercies ; and, hence, the symptoms of a recurring period of prosperity are very often misunderstood one way or another. And such, if we mistake not, has been the prevalent state of mind among New Zealand colonists for some time back. Now, however, events are auguring well for the departure of that cloud which had settled down upon their prospect and seem to proclaim with a firm voice that the Colony has seen itf worst and that a favourable and to all appearance a lasting reaction ia about to give a welcome impulse to «fl iti industries. It has always been maintained by careful observers that the prices obtained of late for all kinds of Colonial produce in the foreign markets were ■o low than an advance might within a measurable distance be reckoned on. And that distance seems now to fcava-been paced. Some time ago a decided improvement in the wheat and tallow market was reported, as well m a steady ri»e in the demand for wool. These were the indications of a return of trade to its norma] state, and the prices realised at the opening wool sales, on the 16th inst., showed that they who had so interpreted them were not astray m their calculatipns. On that occasion there was ,» brisk' 'demand among both foreign and Home buyers, and all qualities were parted with at figures

jonsiderably in advance of thoße irbich had for some time back been ruling.^ Creasy crossbred had advanced Id ; greasy l£d to 2d ; clothing washed and combing washed, 2d to 2Jd; scoured 2£d to 3d per lb as compared with prices obtained at the close of the proceeding sales. ». Since that time every day's operations have shewn that these rates were maintained ; and the latest accounts not only state that the tone of the market is firm, but also give promise of even more satisfactory results. From these it appears that the rise on prices for greasy wool, low to interior qualities, was threepence to fourpence per lb on those ruling at last sales. This perhaps is the most assuring portion of the intelligence inasmuch as it shows that it was not on special parcels of secured wool alone that advanced prices were obtained; but also, and in some instances specially, in the coarser specimens; which warrant the inference that the improvement is likely to prove permanent. The latest cable, that we mean of the 23rd inst., which enters into details; indicates the place which New Zealand wools held in the estimation of buyers. These, it is said, ranged about three-halfpence above prices obtained at last sales and fine crbssbreds were about one penny higher. The average advance on New Zealand wools might thus be. estimated at lid per lb, which would prove a splendid and assuring result for the Colony, adding at least a quarter of a million to its income. Such good news, coming in the rear of a prolonged depression, and cotemporaneously with Jthe misgivings as to the effect which the recent volcanic eruptions might have both within the Colony and outside of it, ought to inspire the hearts of all the -settlers with fresh hope and courage and lead them to renew .their faith in the country's future. All the more should this be the expected outcome, that, collaterally with the improved tone of the wool market, that also of the market for frozen meat is becoming more healthy. The advices just received of the rates obtained for the prime joints of beef shipped by the Auckland Freezing Company, by the steamer Kimutaka, are of a most encouraging nature. For these 6f d per lb was obtained in the London market, which would leave a profit of 2d per lb for the company and give renewed life to the farmers. The farming and wool-growing industries lie at the foundation of the Colony's prosperity ; and, when these are in a healthy state, all other industries are sure to prosper. For this reason the cheering intelligence of the favour-'aUe.jEqapearance.-of the foreign market for the staple experts of the Colony ought to have an invigorating effect on all departments of trade and commerce. Encouragement may well be derived therefrom by all classes of the community and the dejected feeling which had generally taken possession of them ought to give place to ope of buoyant and healthy expectation.