FINANCE AND TRADE

New Zealand Mail, Issue 1523, 28 February 1901, Page 57

FINANCE AND TRADE

A smart paragraph is published by the “Financial News-,” London, at the expense of New Zealand mutton- The -old complaint against the butcher, observes the “News,” was that he was apt, in a fit of absent-mindedness, to send you a New Zealand leg of mutton when you had ordered, and were being charged for, a leg of Southdown. Unless we are doing the trade a grievous injustice, we should say that New Zealand is boy/ being paid back in its own coin ; for, according to Messrs Weddel and Cc-.’s Review of the Frozen Meat Trade last year, we received from New Zealand 1,862,149 cases in 1900’, from Australia 627,945 carcases, and from in© River Plate 2,329,545 carcases. Yet who orders a River Plate joint, which is _ cheaper wholesale (and nastier retail, so it is said) than the like 'joint from. New Zealand P But evidently there are more South Americano than New Zealanders inwardly digested, if not outwardly sold. The point of this clever paragraph ■is marred by its facts, a-s far as New Zealand is concerned, being wrong. The total Quantity of mutton; exported..by New Zealand last year exceeded 3,-150,094. The Tvews ' had omitted to include ~1,-95,0-Jo.carc-ases shipped as lamb. The- “complaint still stands* 'Accordinar to- the Joint Stock panies’ Return, the registration oi new capital in' the .United Kingdom, between October, 1862, and December, 1899, amounted to an aggregate of o_/,276,167. It is a pity the Registrar can't tell how much of it is genuine. He gives on© delightful hint, however. In 1869, -a. foot-note states, there was registered a company with. a* nonfiiiial capital of £10p,000,000 - “but its paid-up capital ■ appears never to have exceeded £2OO !” The following figures show the amount of merchant and war _ tonnage _ put into the- water from the principal private British yards during 1900 —with the exception. of Messrs Wigham-Riehardson and Co. as compared with the eight preceding years :

The launches last year, though they show an increase' in the number, are less in tonnage, still the figures snow that -toe expansion of this branch of British trade during the last three years has been very considerable. It has- been persistently rumoured that the Commercial Banking Company of Sydney intends opening in Melbourne. ’A Sydney contemporary _ has had the general manager interviewed on the subject, and he states tnat that institution had not made any arrangements to- open in Melbourne, but as to future movements he cannot or would not speak definitely. The Commercial Banking Company has a very large- and profitable connection in New ; South Wales and Queensland; and it has/ for long been a matter-of-surprise’that’.no: move to Victoria has bee.h made* : *y It is, happily,..not often that. The compilers of trade reviews have to send up shell a unanimous- chorous..of lamentation as that - which Va-rises. ' ,from the colonial wool trade.- '/this- year. '.- '‘The year: which, has- just;-eohxe.,-to a. close,” wrote-' Messrs- Charles,- Balm© . and Co., “will long . he remembered in7the wool trade as . one of- unmitigated gloom, disappointment;; and-; disaster.:-y r tThe year just ■ concluded has- been/’ ’write Messrs TT. Irwell. : -and ..Cp.,: : “withouit',- doubt one of the that ;our-industry has ever; ©xpet , renced.”.''' : ' :And'-Messrs Jacomb, Son and Co-. V“The last year of the nineteenth century has been rendered memorable to all connected with the wool trade by the most serious and unexpected crisis in its history.” As to the future there is less despondency. Messrs H. Irwell and Co. prophesy that when the considerable quantity of wool held over in London has been disposed of—in the early months of this year, they hope—“we look forwarcLkP a sound and steady trade in all classes of Australian wool*” Messrs Jacomb, Son and Co. point to the “considerable inquiry since the close of last auctions”; Messrs Charles Balm© and Co. think that “the prospects for the year which is just commencing appear, on the whole, fairly promising.”

Though the wheat yield of the United States for this year is expected to fall 25,074,500 Wuphels below that of its predecessor, the maize crop is estimated to be 26,958,500 bushels greater, and the oat crop—which is 809,126,000 bushels against the 522,229,500 bushels shown by winter and spring wheat combined—is, with ond exception, the biggest ever known. Thus the railroads whose grain business is pot wholly confined to wheat promise to find ample compensation for the shortcoming in that cereal.

That acute recorder of things American Mr A. Maurice Low, writes in the “National Review” this month about the American Shipping Subsidy Bill in a tone of pessimism. Not in respect to the chances of the Bill, however: that,

thinks will become law during the present session; it is- the effect-of the subsidies upon British Shipping which alarms him. “It costs very little more,” he points out, “to build and run an American ship than it does a British, and with the American drawing a fixed amount from the Treasury, it can make a. voyage at a profit when the ‘unsubsidised Britisher would be run at a loss. The passage of the Subsidy Bill foretells the capture of the carrying trade by the Americans, precisely as they have captured the iron and steel trade, and are sending coal to Newcastle and every other part of the world.” Last year was a moderately busy one at the Royal Mint, though 12,000,000 fewer pieces were struck than, in 1893. The decline was wholly in the colonial work; for more Imperial gold, silver and copper coins were- issued than in the preceding twelve months. The issues of sovereigns rose from. £6,839,313 to £11,441,722 —a figure never before approached ; and those of halfsovereigns from £1,680,998 to £2,152,771- — a figure only exceeded in 1898, 1892 and 1885. The withdrawals of light gold seem now to have settled down to £1,800,000, which was the -amount “’scrapped” both last year and in 1899. g ■ Yet-another sugar competitor is arising.- In Japan two large refineries have been established —at Osaka and. Toki-0 I —- capable of turning out in the aggregate about 80 tons of" refined sugar a day. Unhappy refiners in England will note, “with mingled feelings,” that both these factories have been so eminently successful as warmly to encourage the development of the industry under prospects which every year are more and more brightening. And so a third big refinery is going up. Plentiful labour, good water supply, cheap- fuel and carriage, and a protected market —these are some of the advantages which s£3 .ust make our refiners wish their plant and capital were removed to the Mikado's jurisdiction

[Launched in Vessels. Tons Gros-s 1800 ... 854 ... ... 1.507,344 1889 755 ... ... 1.518,481 1838 ... 794 .... ... 1,488,130 1897 ... 635 ... ... 1.013,066 1896 ... 743 ' ... ...*i:257,339 - 1895 ... 630 ... ... -1,028,708 ■ 1834 • ... ... 037 ...• ... 1.052.779 ' 1838 ... 545 ... 849,881 ...i • 1882 ... 702 ... ... 1.210,657 ..