LARGE SHIPMENT OF DAIRY PRODUCE.

Press, Volume LXIV, Issue 13005, 6 January 1908, Page 9

LARGE SHIPMENT OF DAIRY PRODUCE.

rraass association* tm.egraj_., WELLINGTON, January 4. The largest consignment of cheese from New Zealand to Ixmdon was taken away by the lonic yesterday. It consisted of 17,371 packages, valued at £65,516. The lonic also took 42,734 taxes of butter, valued at £106.835. Over 38,000 l>oxes came from the North Island. The total value of tho butter and cheese shipped by the steamer was £172,351.

AMERICAN TRADE CONDITIONS. Under date Now York, November 80th, Messrs Arkell and Douglas report :— "We referred in our la-st to the financial panic which we were going through, especially in tho Eastern Slates, and regret to say tlio condition has remained ncuto during tho last thirty days. The banks have issued clearing houso certificates, 6eventy-iivo to ono hundred millions of gold has ln*>n imported from Europe, the United States Government have loaned tho banks over one hundred millions of dollars, and have issued notes to tho extent of one hundred millions more, and yet currency is extremely scarce, and the banks hold back from loaning money oven on tho best securities, and without paying a heavy premium it is impossible to transfer money from ono section of tho country to another. It is almost unaccountablo to explain whero four or five hundred millions of dollars suddenly goes to when, confidence U' weakened, and the only wav to comprehend it is that the banks themselves hoard the money by feeling they must strengthen their reservee, and aro not willing to put it out, and again firms throughout the country and j individuals tako tho cash out of tho banks, and keep it from circulation. The general impression is that the | worst is over, nnd we will soon again return to normal conditions. In tho meantime, however, it has had a most disastrous effect on tho commercial Erosperity of the country, and has rought about heavy losses to many individuals and firms who aro merely doing a legitimate business. Railroads i and large corporations have not been able to secure necessary funds to carry their legitimate expense accounts properly, nnd this has led to tbo curtailment of their commercial activity, and the rr_.uufacturo of goods. The Block market lias been adversely affected and even men of independent means havo had to throw large amounts of securities on the market to meet commercial necessities, ,and there has been a decline in values equalling in some cases as much as 30 to 40 per cent. Tho country itself in a general business way appears sound. Tho crops are largo, prices aro high, and thero does not seem to be any good reason why matters should not change and be decidedly better before any great length of time. The Presidential election coming on, however, next year with the certainty of tariff agitation and tho further curtailment of the powers of large trusts in this oountry has a disquieting effect. "Wa consider that the turning point has been reached, and that within a fovr months deliveries by ibo manufacturers of orders placed for foreign shipment will bo much more expeditieus. Wo also aro inclined to look, if anything, for lower prices on general manufactured articles in tho future. Uriends will please understand that while wo give these remarks, wo do not wish them to think that there will bo any violent or sudden changes, but oux idea is simply to, in a general way, state what seems to be a likely conclusion, based on our present financial and commercial condition. Such articles aa wheat, corn, oats, hay, ootton, beef, pork, canned goods etc., are not likely to declino unless the foreign demand should materially fall off."