The Daily Telegraph. SATURDAY, NOVEMBER 7, 1885.

Daily Telegraph (Napier), Issue 4455, 7 November 1885, Page 2

The Daily Telegraph. SATURDAY, NOVEMBER 7, 1885.

Under tho oxisting condition of tho wool market, sheopfarmcrs aro certainly entitled to every crumb of comfort that may bo discovered in tho surrounding circumstances of their position. Tho Sydney Morning Herald thinks that there is something left to bo thankful for, and that matters arc not so bad as they might bo. Although there has been a serious decline iv tho value of wool, and au increase in the cost of production in rospect of the rent and interest on land, thero are aspects of the position of ■ woolgrowers of a cheering character; and perhaps it is well, when thero is too great a disposition to look at tho dark side of the picturo, that the brighter features should .bo presented. Of courso it would bo impossible to show that a dcclino of 2d. to 3d. per lb. in tho prico of our staple product is not a matter to bo deplored. Taking tho reduction in the prico as tho first unfavorable feature, what ma) bo sot against that ? If wool Ims fallen, says our Sydney contemporary, has not everything else fallen, in somo cases in oven a greater degree? Somo timo back wo showed from the Economist that of all tho leading raw productions, thoso which had suffered least in value in the general decline that had taken placo wero pastoral products. Whereas wheat had fallen 40 per cent, and sugar 63 per cent, in the thirty years, wool had fallen but 16 per cent. Although wool has receded further since then, and thero has been no further fall in wheat, and an actual advanco in sugar—the difference is still in favor of wool. Articles of clothing as well us articles of food havo fallen in value. If wool is cheaper now than it was thirty years ago, the woollen garment is cheaper also. Tho cheapening process has gone all round. Tho grimier may sell his wool from 25 to 30 per cent, lower, but ho buys his wheat, his clothing, his farm implements, and almost everything he requires lower, say from 10 to 50 por cent. Thoro is probably not an imported article for which ho pays so much now as ho paid a few years back, and somo he buys at half tho prico. No doubt it will bo replied — "Yes; but we pay so much moro for tho land. Tho Government has appraised our runs at higher prico. And wo havo bought up largo areas of land at prices tho interest on which constitutes a much higher rental than wo paid when wo leased tho land. How ia it possible that wo can pay so much moro rent for precisely tho samo land r" To this our Sydney contemporary replies by figures, showing tho difference in the value of land and tho amounts puid for Grown land since 1870, by which it is proved that tho cost of growing wool has been increased from this cuuso by fully 3d. per lb. As compensation, however, it is shown that since 1870 something like a sum of £15,000,000 has been spent in extending tho railways for tho benefit of the squatters. Whero they had 330 miles in 1870 they had 1320 milesin 1883. By tho uso of thoso railways their produce is convoyed to market at a much lower prico than was possiblo fifteen years ago. Whero, in many cases, they paid from £20 to £40 per ton for convoy anco, £3 per ton now suffices. Tho reduction iv tho chargo for conveyimco must, on the averugo, bo equal to fully 2d. per lb. in tho convoyanco of wool from tho most distant stations. The saving in timo is also very considerable. Tho wool season is thrco months' earlier than it was, and by threo months' interest on their woolclips they aro benefited. Often tho graziers had to keep their clip throughout a year ou their stations. Thus, through tho railway convoyanco, tho saving ill interest is also considerable. And as tho grazier saves in tho carriage of his produce to market, so ho saves in the carriage of his supplies to his station. Thin saving in cost of conveyance, in interest, and in insurance, would probably show that tho squatter is better able to pay £2,000,000 moro for his land than he paid fifteen years ago. But that does not represent all tho compensation for tho extra chargo on land ; for on freehold land, as well as on leasehold land on the better tenure required to givo tho onlarged rental, it has been possiblo to make improvements which havo given increased productiveness. Whero the squatters grew 47,000,0001b. of wool in 1870, they grew 188,000,0001b in 1883; whero they producod 13G,GGlcwt. of fallow in the former year, they produced 220,360cwt. in flic luttcr. Thus, if tho squatter has to pay £2,000,000 more for tho use of his land sinco 1870, he lias a production of 140,000,0001b of wool extra to set /igainst the increased rontal.

In order to elicit tho opinion of Captain Russell, M.H.R., on tho proposal of the Government to apply the proceeds of tho North Island Main Trunk Railway loan to general purposes, and as to what ho understood would bo the effect of tho carrying of the motion moved by him to reduce tho Estimates by £500,000, the New Zealand Herald communicated with him, and received the following answer:—" Hastings, Tuesday. Me Vogel's telegrams : So far from' understanding my motion meant tho North Island Trunk loan for general purposes, I havo a distinct recollection of suggesting to Major Atkinson tho possibility of Ministers trying to make use of it during the recess, aud tho advisability of endoavoring to pass a resolution prohibiting such being done. He replied to the effect that thero weie ample funds available for all works authorised, and ho felt sure no Government would acf so directly against the wishes of tho House, and theroforo it would bo unnecessary. W. R. Russell."