TELEGRAMS. THE OUTLOOK.

Evening Post, Volume LXXVIII, Issue 129, 27 November 1909, Page 9

TELEGRAMS. THE OUTLOOK.

AN OPTIMISTIC NOTE STRUCK. [BY TELEGRAPH — SPECIAL TO THE POST.] CHRISTOHURCH, This Day. The President of the Chamber of Commerce, Mr. F. M. Warren, in his address afc the quarterly meeting of' members yesterday, struck a decidedly optimistic note. He said that his forecast of August last — that the cloud of financial stringency >vas lifting — had been amply verified. The September banking returns showed that the heavy calls fc assistance made or the banks had ceased, and matters had regained a normal position. The advances showed a decrease of £2,554,710, as compared with September, 1908, while last year there was an increase of £2,449,959 over the previous year. The withdrawal of deposit morfby had also been cheeked, and the year showed a gain in fixed deposits of over £500,000. The stringency had been »*plieved without any serious disaster, and tho lesson of the last eighteen months would no doubt have its salutary effect. The financial outlook was now very promising, for the country was expariencing the beet of seasons, with every indication of a magnificent harvest. The position of . the svool market had never been brighter, and the frozen meat market was now much more hopeful, so far as Canterbury was concerned. They should have a record season, and the next few months should see a decided easing in the money market, with rates of -interest approximating to those of two years ago. Mr. Warren was especially appreciative of the position of the wool market. "Never before in the history of New Zealand has the wool industry appeared brighter." he said, "and there are three factors that should work ,to produce a record in the value of this our most important product. In the first place, •we have- a record flock of 213,480,907. Then we have the wool in splendid condition, owing to the unusually fine winter. The staple is sound and well grown, and what wool has come forward is bright, clean, and well-nourished. Finally, we have a buoyant market, and the prices current at last week's sale are such as to satisfy the most optimistic grower. Reports from all parts of the Dominion anticipate an extra weight per fleece of a quarter to half a pound, as compared' with last year. This additional weight, added to that of the extra 1,031,654 sheep, should produce 35,800 bales. Last year's export was 190,428,3261b, or 491,757 bales, valued at £5,975,283. I think I am within the mark in estimating this year to produce 528.000 bales, which, if prices hold somewhere near present values, wi' 1 yield a return of fully £7.500,000, or an increase over last year of £1,500,000."