THE New Zealand Times (PUBLISHED DAILY). TUESDAY, OCTOBER 30, 888.

New Zealand Times, Volume LI, Issue 8521, 30 October 1888, Page 4

THE New Zealand Times (PUBLISHED DAILY).

TUESDAY, OCTOBER 30, 888.

tVith which are incorporated the T Vellinptou Independent, established 184 S. and the New Zealander.

A wise old maxim asserts the imprudence of having “ all our eggs in one basket.” When the eggs are very numerous and the persons depending upon them for sustenance are still more so, even two or three baskets may be too few for safety. In New Zealand it has always been one of our mistakes as a community that we have had our eggs in too few baskets. Consequently, when any mishap has occurred to one basketful, the results have been very serious ; still more so when several baskets have gone at once to what the Americans call “ everlasting smash!” For several years this Colony has been suffering from the fewness of its egg-baskets, or—to descend to plain language—its industries. First we trustedwhollytowool,and thatwas a tower of strength so long as its price kept up, the rabbits kept away, and

the mortgagees kept off. But when prices fell, when the rabbits poured in like a devastating torrent,and when the mortgagees came down on the hapless wool-growers for their pound of flesh, which had to be forthcoming whether prices were good or bad, and whether, sheep or rabbits ate the feed; then we awoke to the insecurity of the woollen support to which we had trusted. Grain was our next resource, as bad English harvests created an increased demand, and improved means of conveyance enabled the corn to be placed on the Home market. But other countries saw their chance too, and sharp competition soon rendered the corn-growing industry a precarious one, especially as there was, as in the previous case, the inexorable mortgagee to be reckoned with, irrespective of harvests and prices. Frozen meat in turn assumed a place as one of our leading exports, and when, a few years back, New Zealand mutton was realising 7-£d per lb in the London market, we once more thought our fortune was made. But when the prices gradually slid down and down until they touched about 3d, then we all began to doubt whether we should really be saved by meat. Gold, once upon a time, was a large item in our export trade, and promised great things, but of late years our gold export his steadily dwindled. New discoveries may yet be made ; probably they will bewe do not yet know what Mahakipawa is going to do,for us, but so far as can be judged we have seen the best of our gold days, and must henceforward be content with something more auriferously modest than we aspired to of yore. These have been our four staple products, and all have in some degree failed us of late years. If appearances can be trusted, however, “ there is a good time coming.” Improvement and better prospects seem looming in all directions. Wool is a little higher in price. Frozen meat has gone up appreciably, and is coming more and more into general use in Europe. Wheat promises to be in large demand at excellent prices. Even the terrible drought in New ?outh Wales, sad and lamentable as it is for the pastoral and agricultural interests of that unfortunate Colony, can hardly fail to be New Zealand’s opportunity in more ways than one. We are far from desiring that our neighbours should suffer that we may profit by their misfortunes, butifNew South Wales in consequence of her losses through drought should become a customer for various things that New Zealand can supply, there is no reason why we should not derive such benefit as may accrue. There is one point which ought never to be lost sight of in appraising the position of New Zealand as a producing country, and that is the artificial obstacles with which her agriculturists have had to contend in the shape of high-priced or encumbered land. It may be said that that is their own fault—they should not have given so much for their land, or borrowed so much money on it at such high interest. No doubt. But it should also be recollected that it was to a large extent “Hobson’s choice” with them. They had either to give that price or go without. They had to raise that mortgage to pay part of the price and to stock the land, or else to let the land slip from them or remain idle. They could not obtain money at a lower rate of interest. There was no alternative but to do these things—imprudent as we can all now see that they were—or to lose what then appeared a capital chance of establishing themselves well and prosperously. Prices were, good, the Colony was going ahead, and all wap seen through rose-coloured glasses. The farmers can hardly be blamed with fairness for their failure to foresee what very few foresaw. Yet the fact remains the same, that these farmers who obtained their land at a reasonable price, and who were not led away by the spirit of speculation to “ plunge ” and mortgage, can produce wool and meat and corn at a good profit even at the worst of the recent prices. It is the excessive and artificial cost of the land, and its monstrous burdens, that have proved the main obstacle to pastoral and agricultural success of late years. This anomaly will no doubt adjust itself in time. We suspect it is even now on the high toad to adjustment. But meanwhile it will not do to trust wholly to these leading industries, which once seemed all in all to this Colony. We must seek for other strings to our bow. There are two industries of a quasipastoral or agricultural character which have latterly been creeping up steadily into importance and prominence. One is flax and the other is the dairy. Eegarding both of these we have most cheering and encouraging reports. New Zealand, as the potential producer of virtually boundless supplies of the finest dairy produce, is becoming daily better known, and now that we are learning howto systematise our method, while the means of conveyance in good condition are being constantly improved, it is evident that no bounds can be set to the capabilities' of this industry. That it is destined to be a very important one, and to save many a straggling farmer and stockowner we entertain no doubt at all. This country is pre-eminently fitted, both by soil and climate, for dairy farming, and there is a practically unlimited market in Europe. The flax industry, too, has recently made a long step ahead. It is estimated that when New Zealand flax realises £22 to £23 per ton it pays the colonial producer very fairly after deducting all shipping charges and commission. But the latest reports from the Home market show that New Zealand flax is now fetching £29 to £3O per ton. This extra value is nearly all clear profit to the New Zealand producer, and if it be maintained the flax trade will be exceedingly profitable. There seems every reason to expect that higher prices will continue to rule, as each mail records some fresh development

in the use of the pJiormium tenax, one being in the manufacture of twine for the reapers-and-binders. The demand seems without limit, and there is wide scope for the remunerative employment of both capital and labour in the industry. There is much to be done also with the Irish flax when that is properly taken in hand. All of these industries are ull of promise and hope for our agriculturists. The time has gone by for trusting everything to wool or meat or grain alone. Farmers and settlers must now have several strings to their bow. Let them grow wool and grain by all means, and breed stock, but they must also produce good butter and cheese ; milk for preserving ; flax; poultry, honey, and a host of small products, which will all help to make up an income, and if one or two should fail in any particular season, the others can be fallen back upon. The colonial settler and farmer of the future will have to be a far more versatile being than his predecessor, able to turn his hands to many things, and having a variety of resources. He must no longer have all his eggs in one basket.