COLONIAL TRADE RETURNS.

Hawke's Bay Herald, Volume XXI, Issue 5398, 3 June 1879, Page 3

COLONIAL TRADE RETURNS.

Many , will no doubt be surprised; to . hear that the exports of New Zealand , this year, in spite of the depression which prevails, have fallen off only 3 per cent, in value. If the, item of gold be left out there has been ,an . increase of between two and three per cent., notwithstanding the depreciation in the value of wool and grain. For 1877-8 the exports were of the declared , value of £6,058,392, while for 1878-9 they are estimated to be worth £5,784,515, showing a falling-off of only £285,969. Of course in this this return the last quarter's exports had to be estimated approximately, as the financial year does not close until the end : of June. This estimate .was,, however, made during the time when both wool and wheat were at their lowest figures, and , if . the recent miv provenient in prices be maintained we. may actually find an increase instead of a decrease in the value of our exports. Coming to items we find that there has been a decrease of ■ £41 5,49 I s v in the gold exports : and a decrease of £32,329 in timber. In grain there has been an increase of £236,662 ; flour, bran, , <fee, £18,360; and tallow, £23,360. Thus, leaving out of account* the decrease in the gold exports, there has been an increase of nearly £200,000. This is highly satisfactory, for it proves

that during the year New Zealand has made rapid strides in substantial prosperity. Had the prices of pastoral and agricultural produce remained the same as last year there would have been a large increase in the value of our exports, Of course the population is now somewhat larger, so that the exports per head will be about 5 instead of 3 per cent, less, but, heavy as this

loss undoubtedly is, it is not neax-ly so bad as political 'and newspaper pessimists would make it out to be. It is evident that our productive power has increased in even greater proportion than our population, and this holds out bright visions for the future, when

trade revives at Home, and oiir productions in consequence rise in price. Especially hopeful is the increase in the value of grain, for, when the lower ' prices are taken into account, this means an enormous increase in the quantity exported, showing that agriculture is rapidly progressing. With the return of prosperity we shall doubtless see many large sheep stations cut up into, small farms, greatly bo the benefit of the colony. At present the high price of labor prevents large holders of land from putting their estates under crop — it is to the small farmer, who, with his sons and one or two men, can farm the land in a far better manner, and with far less

proportionate expenditure, that we look for the spread of agriculture in New Zealand. Hawke's Bay has hitherto been too much regarded by outsiders as country fit only for wool-raising, but of late this illusion has in some measure been dispelled, and Southern agriculturists are beginning to see that even the far-famed Canterbury plains do not possess such rich soil as many of our extensive flats, while, our climate is incomparably superior for gi-ain-grow-ing. English farmers are turning

longing eyes to the colonies, and the success of those who have so far overcome their old conservative reluctance

to emigration as to come to the colonies | will bring out many more within the next few years. With them they will bring experience and sufficient capital to purchase freeholds here where they ; could only rent land at Home.; When j once they really understand the ad van- ■ tages the colonies, and especially New ! Zealand, otter to agriculturists theywill regard emigration with less and J

less fear, until the lengthy sea voyage, will no longer possess terrors sufficient i

to keep them at Home, 'farming land for i a bare subsistence, and improving it: for the benefit of their landlords. The' present bad times at Home will have; no inconsiderable influence in causing them to make up their minds to emigrate to other snores, while the badtimes in the colony will to some extent; aid them by making the holders of good; agricultural land, now lying comparatively waste in sheep runs, mOre willing to sell at a moderate price. The man who starts farming in the colony on capital borrowed at a high rate of interest may find that in bad times all his profits are absorbed in payment of interest, but those who start with a farm clear of mortgage, and who are possessed of that experience so necessary to the successful cultivation of the soil, will, even with

produce at low prices in the London market, be able to make both endk meet, while in good times they will bp able to lay by against a less favorable season. In too many instances our agriculturists have failed from lack of

experience or capital ; with both these essentials there s is a brilliant prospect for the small farmer in New Zealand. But revenons a nos moutons. The really substantial falling off in our exports is in the gold returns. The decrease of nearly half-a-million shows unmistakeably that our known goldfields are- becoming exhausted. The loss of so large a sum to the colony is to be regretted, but it will not be without a corresponding advantage in turning capital into more permanently remunerative fields of investment. It is often said that every ounce of gold raised has cost £4 to obtain. This may be an exaggeration, but it cannot be doubted that, for every mine which has returned a fortune to its proprietors, five have not paid working expenses. More fortunes had been lost than gained in gold-milling in New Zealan and the working miners have not on the average made so much money asif they had steadily devoted themselves to less exciting but more permanent pursuits. Every pound expended in clearing land permanently adds to its value, and the money brings, an annual interest, but the large sums sunk in mines, or the labor spent in working

>■> : ■ ■"!>■:>■ ■■■■n\) ..■ .■;■,,■ .- : ; . ;,' / ■ alliivial ifieldsj is never lastingly remujnerativ'eyas the inine or field must De j wtttkeii ' oxtt in a few years at furthest^ 1 "THe discovery of here has done us great good in directing attention to , ,the colony, and increasing i6ltriigration to its shores, .but it is not io :our goldfields that we must look for permanent prosperity.