N.Z. MAIL PUBLISHED WEEKLY. FRIDAY, NOVEMBER 5, 1886.

New Zealand Mail, Issue 766, 5 November 1886, Page 16

N.Z. MAIL PUBLISHED WEEKLY. FRIDAY, NOVEMBER 5, 1886.

At the half-yearly meeting of the Bank of New Zealand shareholders, held at Auckland on Wednesday week, some very interesting and instructive remarks unon tlie condition and prospects of the pastoral industries of New Zealand were made by the President, Dr Campbell. He held that the state of our wool-growing industry was an element of hope in the position of the Colony. In support of this view Dr Campbell introduced some figures on the subject, compiled by a competent authority, which are of great public interest. It is often asked, How much does New Zealand benefit by the recent rise in wool ? Dr Campbell proceeds to answer this question. Compared with the September sales of last year, the benefit is £750,000 per annum : compared with last March, it is nearly double that amount, or at least £1,‘200,000 —the benefit to Australia being about £2,000,000. The number of sheep in Australia is 59,000,000, and in New Zealand 14,500,000, so that, proportionally to the number of sheep, New Zealand benefits more than Australia—because both in weight and value of fleece and value per lb, taken as greasy wool, the average New Zealand sheep yields considerably more than the Australian. The President went on to point out that the position of New Zealand as a wool-producing country, as compared with the neighbouring colonies, is more important and satisfactory than is generally realised. The following is the estimated selling value in London of the clips of the several colonies at

the prices of lafet sales; New South 1 Wales, £5,100,000; New Zealand, £3,300,000 ; Victoria, £2,000,000 ; Queensland, £1,400,000 ; South Australia, £1,100,000 ; Western Australia, £250,000. Again, during the ’ past five years while the Australian flocks have decreased five millions, in that period those of New Zealand have increased a million and a-half, notwithstanding the severe losses by the rabbit pest, and the large export of frozen mutton which must have amounted to considerably over a million carcases. Nor can it, in Dr Campbell’s opinion, be justly assumed that we have nearly reached the limits of possible increase. The British Islands, with a somewhat similar area, support twice the number of sheep that New Zealand yet does, besides many millions of cattle, horses, and other live stock, with at the same time a much larger area devoted to cropping. Thus, it being admitted that the natural capacity of New Zealand, taking area, fertility, and climate, is at least as great as that of Great Britain, it is evident that we only want more industrious hands and more capital to add three or four millions to our income from this one resource, even if prices were to increase no further, and they are still not high. The President urged that these are not visionary estimates, but that they deal with the oldest and most fully-tested industry of the Colony, and rest upon actual results achieved under more fully developed conditions, in a country which New Zealand strikingly resembles in the features essential to this very industry. Dr Campbell remarked that pasturage land—the real wool-producer is, in extent and development, barely keeping pace with the demands upon it by the rapidly increasing wool - consuming population of the world. But wool is not the only resource of which the Bank toot a hopeful view. The export of frozen meat is rapidly developing into an important and profitable industry, and though during the summer months in England prices have been somewhat depressed, the average of the season has not been unsatisfactory. Wheat and other produce show some symptoms of recovery in value ; dairy industries are progressing favourably, and generally the 1 prospects of pastoral and agricultural interests are more cheering. In conclusion, Dr Campbell contended that he had satisfactorily shown that the Colony is not in a financially inflated condition; that its chief industries are in a progressive and healthy state ; and that the asset — viz., pasturage land, which, necessarily, forms the basis of much of our business, and the security for a good deal of our money, is about the soundest basis and the best security we could have. He explained that he had on this occasion been induced to be more diffuse in his remarks as it was no secret that New Zealand and its institutions had lately been the objects of not a little disparaging comment; and he maintained that this treatment finds no justification in the facts submitted. Sir F. Whitaker, who followed, remarked with regard to the future, that there was a silver lining to the cloud, and they were coming to more prosperous times. He held that the Chairman’s addi’ess had given them very reasonable and satisfactory grounds for expecting more prosperous times in New Zealand. He had no doubt, considering the business the Bank was doing, that they would soon be able to revert to the same dividend as they had paid in times past, and that they were on the way to returning prosperity. Those are very cheering views put forth by persons whose large experience and special knowledge render them no mean authority on such a question. It may be remarked iu passing, that the reduced dividend for which the Directors deemed it necessary to apologise to the shareholders is no less per cent., a splendid return on any investment, and almost marvellous when it is considered how severe a period of depression has been passed through. We sincerely trust that the sanguine anticipations of the President and Sir Frederick Whitaker of a marked revival of prosperity may be speedily and fully realized.