CIRCUMSTANCES OF AUSTRALASIA.

New Zealand Mail, Issue 1403, 19 January 1899, Page 14

CIRCUMSTANCES OF AUSTRALASIA.

VIEWED BY AN ACTUARY. AN INTERVIEW WITH MR RICHARD TEECE. Tho Hon Sir Joseph Abbott, K.C.M.C., chairman of the Australian Provident Society, and Mr Richard Tecco, the general manager and actuary, arrived'in Wellington on Saturday on their visit of inspection to the branches of tho Society in this colony. On Tuesday a member of our staff was received by Mr Teece. Tho conversation drifted in the direction of the economic position of Australasia. Mr Teece, besides being in the front rank of his profession, is an observant man, and he has had the further advantage of knowing the various colonies intimately, having at different times travelled in them. "Yes, observed Mr Teece, "the whole circumstances of Australasia have improved. The panic of 1893-94 seemed to crush out all hope of recovery, but the energy, independence and enterprise of ihe colonists, which no amount of misgovernment seems capable of destroying, has enabled them to weather tho crisis, and the evidence we have before us now is that of all round progress." A generalisation of this nature carries with it no conviction; it was, therefore, necessary to refer to each colony. With i regard to New South Wales, with which j Mr Teece is particularly familiar, the condition of trade and the general prospects were, as far as he could judge, exceedingly good. "The drought experienced during tho past two seasons affected the Mother Colony," Mr Teece remarked, "but even that was not sufficient to retard progress. The past season has been a | favourable one for agriculturists, and the colony's wheat yield will be equal to local requirements, and we shall not have to import breadstuffs as in previous seasons. Then the colony's wool clip, which is principally merino, promises to realise excellent prices, which is another factor that will materially help in the progress." Victora, according to Mr Teece, is showing excellent progress on the road to recovery, so much so that " it is not un-

] likely that Victoria will have another ! boom." The wheat yield of Victoria will j leave a handsome surplus for export; the mining industry is showing wonderI ful improvement, the Treasury returns ! exhibit a welcome expansion, but above | all tho Victorian railways show a better earning capacity, which is evidence that the people find it to their advantage to make use of the railways. Referring to West Australia, Mr Teece admitted that a depression was existing there, but that he regards as purely temporary, the natural reaction after the mining boom. The depression he regards as nothing more than has been experience I by the other colonies at various times. Mr Teeco has visited the West Australian goldfields on two occasions, and is greatly impressed with their mineral wealth. The West Australian goldfields, he thinks, will yet prove to bo the richest in the world. The total yield of gold for 1898 was, according to tho official returns, 1,050.1830 z, as compared with 674,9890 z in 1897. Reviewing the position of Queensland Mr Teece said that the colony was making a rapid recovery. "The society had a disappointing experience there,for-' two years, but last year was a considerable improvement. The colony is teeming in mineral wealth, wheat is being grown in certain suitable localities, .and generally thoro is promise of improvement. Queensland, like New Zealand, is free from the centralisation which, obtains in tho other colonies; with various ports like Maryborough, Rcckhampton, Townsvillo and Brisbane, tho produco from tho interior finds a ready outlet, obviating tho greht expense of land carriage which is inevitable in Victoria and Now South Wales." Tasmania appears to be on the upgrade, but tho future of this colony depends a good deal upon tho mineral resources of the west coast of the island, which aro now being vigorously developed. South Australian prosperity depends upon its agricultural products : a good wheat crop makes all tho difference. Tho harvesting just finished has been a good one, and South Australia will onco more bo a largo exporter of the cereal. The wine industry is another sourco of profit to tho colony, which also enjoys a lucrative trade connection with West Australia, Adelaide being the nearest port. With regard to New Zealand Mr Teeco could only judge of the position as shown by the business done by tho A.M.P. Society. And this is what Mr Teeco says:—" Certainly not more than on two occasions has the business of last year been exceeded, and the business of last year is tho record since 1892. The New'Zealand business of 1898 is nearly £40,000 more in new insurances than in the previous year. There were fewer surrenders and less cash bonuses were taken. For 1897 we divided £445,235, and the bonus paid in cash during last year was only £52,000, and a large percentage of this was returned to the Society in premiums. It shows that the people are in better circumstances and are able to do without the money. Another favourable feature is the fact that although tho Society has £1,800,000 invested in mortgage of real estate in New Zealand, not one penny piece of interest was in arrear on the 3ist December, 1898. Of course, the local directors must be credited for this good result, for it shows how very careful they have been in investing the funds of the Society; at the same time it speaks well for the community, and it is evidence that the people are doing well. During the past year the Society invested £430,000 in the colony, a considerable sum having been sent over from Australia for investment here." Mr Teece came overland from Auckland via Hawke's Bay and the Wairarapa, and could not help being impressed with the vast improvement that has taken place in the Forty-mile Bush and the Seventy-mile Bush, names now almost extinct. Fifteen years ago Mr Teece travelled the same ground, and he admits that the whole aspect of the country has changed. He could not help regretting the wanton destruction or the forests on the mountain sides where the land has no value for pastoral purposes. The denudation of the forests has destroyed tho scenic effects". Sir Joseph Abbott and Mr Teece leave on Sunday for Nelson and bo West Coast, then on to Christchurch overland. After inspecting the Society's branches in the South Island they go on to Tasmania, and then on to Sydney, they hop© to reach some time in February.