THE New Zealand Herald. AND DAILY SOUTHERN CROSS. MONDAY, JUNE 2, 1884.

New Zealand Herald, Volume XXI, Issue 7033, 2 June 1884, Page 4

THE New Zealand Herald. AND DAILY SOUTHERN CROSS. MONDAY, JUNE 2, 1884.

Ik its bearing on the prospects of this colony, the matter of our London correspondent's letter -which appears today is- of a somewhat mixed character. The effect of it is partly depressing and partly encouraging ; but with this acceptable difference, that it is decidedly -more the latter than, the former. If the prices realised for onr ■wheat export prove to be low and unremunerative, those obtained for our frozen, meat have an upward tendency. The importation to England of -wheat from our Indian possessions has nowreached such proportions as to cause a serious disturbance in the calculations of American exporters of that article; and it can easily be understood how, when the large yield of the United States is affected by the competition thus created, the comparatively limited supply' from New Zealand will labour under greater disadvantage. The probability, moreover, is that the state of the market, determined by the cause referred to, will eventually become normal, if, indeed, not less inviting- than it is at present. "Wellinformed writers on the subject have recently been pointing out that the capacity of India for the production of wheat is practically unlimited, and the greater ease and diminished expense with which the export can be conveyed to the British market will more or less prove a deterrent to the grain growers of this colony. It thus becomes a question of considerable .moment whether the farmers of the South Island -would not act wisely in devoting their attention less exclusively to the growth of cereals; and, in view of the frozen meat industry, turn their attention more to the raising of stock. Within New Zealand itself there always will be a large and increasing market for wheat, and we are inclined to think that it might ultimately be better for the whole colony if, beyond ■ cropping it .to the extent necessary to meet the local demand for this article, the soil' were put under grass for the purposes of grazing, in order to secure a more enlarged supply of frozen or preserved meat to the foreign market. This, it is true, is a question which will have to be determined by a variety of considerations, o£ which

those engaged m.prodndiigaad exporting gram -will Be tbi molt: judges -but of this feet iUpartils I readily assure themselves that, '-white ! the prospect for our: hreadstun« in the foreign market \is not promising, that for our meat export w brightening steadily. . &

• It is very gratifying to notice that as our correspondent formerly pointed* out, the unsatisfactory prices fetched by some of our frozen meat shipments ■were not due to a glutting of the market. Onthesupposition that,in the incipience of the trade, the supply might exceed the demand, -we some time ago drew attention to the desirability of "arrangements being made so as to prevent, as far as practicable, the simultaneous arrival of several frozen meat cargoes, and of having a reliable agency in London for the. judicious piacing o£ the article in the available markets. And, doubtless, great advantage might still and always -mil •be derived from attention to these matters. But, meanwhile, it is highly assuring to learn,' on the authority of our correspondent, -who has devoted special attention to this point, that the glutting of the market is a delusion, and that the idea was set abroad by interested parties, with the view to the securing of the article at lower rates. The theory which our correspondent maintains in opposition to the above is. that*.the larger the supply the better will be the market. On the assumption that the article is in demand, as in this case it is, there can be no dispute about' the soundness of this theory.; because any.uncertainty which might prevail in the public mind as to the article being obtainable is thus removed, and not only so but enquiry after it is thereby stimulated in an ever-increasing ratio. Of course, it is always possible to glut a market with any import, but the demand for meat in the large cities of Great Britain is so extensive, and the price .of home, bred stock so high, that the market for frozen carcases at rates w!aich will bring them within reach of the mass of the population, and at the same time remunerate the producers and exporters in other lands, may be regarded as illimitable for many years to come. There, therefore, need be no fear entertained, especially in New Zealand, of the trade in frozen meat being overdone. Unless when soxte gross mismanagement or some unforeseenaccident arises tending to produce an opposite result, the carcases of mutton sent from this , country will not only be always in demand, but will also command the highest prices. ' The quality of the meat exported by us approaches more nearly to that produced in' the United.. Kingdom than that shipped from any other quarter, and -will, therefore, stand lin greater favour with the public. It is, ■ in fact, this superiority that miy to our detriment be taken advantage of by crafty dealers. It suits their purpose to foster the prejudice which widely obtains in the minds of the middle classes of England against the use of frozen meat, for the purpose of depressing the wholesale . prices, and afterwards retailing the imported article as English mutton at the highest obtainable rates. This unprincipled device has. already entailed considerable loss on our exporters. The eyes of the pub-' lie are, however, being gradually directed to the imposition; and, ere long, arrangements will be so perfected as to render it practically impossible to perpetrate this double fraud on the trading and the consuming portions of the community. Disadvantages of this nature, and of every other -will steadily disappear; and once the facilities of.its production have been increased, and the expenses preliminary to the placing it on the markets of Britain have been reduced, as in both instances they are certain to be, the export of frozen and also of preserved meat, is certain to add very materially to the trade, the wealth, and the general prosperity o£ New Zealand.