THE FARMING OUTLOOK.

Clutha Leader, Volume XXXVI, Issue 51, 7 December 1909, Page 6

THE FARMING OUTLOOK.

"A GOOD TIME COMING." Speaking at the half-yearly meeting of the bank of Mew Zealand at Wellington yesterday the chairman (Mr Beauchamp) remarked, "The prices obtained for the first of the new season's wool clip sold in Wellington and other parts of the Dominion, as well as at the sales h«ld at the -e+yrf centres of the Commonwealth, indicate very clearly that, at the moment, there is a strong demand for this staple, as was anticipated by our London advices. Values realised at these sales were considerably in advance*of those current a year ago, and latest London cables show that the market presents features of great strength. Whether this firmness will be carried into the New Year is problematical, for wool men are likely to be guided by their own well-known maxim: 'When wool is dear it is dangerous; when it is very dear it is very dangerous.' Values are extremely high just now, and only twice in the last nineteen years have they been quite as high. There may bo a reaction, but in any case it is very probable that higher prices than last season will be obtained. New Zealand will produce a larger clip this year, and with the higher range of values quite two millions sterling should be added to the income of the producers. "Tlio exports of both butter and clieese show very substantial increases in quantity, and as values are practically i;p to tho level of last year we are justified in anticipating a fairly substantial increase in the income iron) this source. Roughly, the increase should represent £250,000. Mutton and lamb have recovered from the depression that affected them in July and August, and although the market is showing signs of weakening from pressure of supplies the Dominion should, with an increased output, be ablo to maintain its income from tliis branch of industry. Hemp has improved materially, the c.i.f. quotations for JanuaryMarch shipments being well in advance of those ruling a year ago. Hemp is in point of fact at a remunerative level, and most of the mills can be operated to pay. All expansion in the output of this produce is, I believe, one of the certainties of the season.

•'Wheat and oats and other grain and pillsc will again add materially to the volume of our exports, and taking all the factors into consideration I am of opinion that when the produce year ends on September 30, 1910, the amount of our exports will -establish a record in point of value. The prospects before us are decidedly good, and this bank, with its ramifications and close connection with the, producers, must necessarily benefit." "