FINANCE AND TRADE.

New Zealand Times, Volume LXIX, Issue 3677, 1 March 1899, Page 7

FINANCE AND TRADE.

"New Zealand Times’’ office, Tuesday evening. The Customs returns for to-day uruoun,tod to A 1074 15s 4d; for the past month, A 42,041 2s Id, The beer duty for tire month totalled AGSI Is Gd.

Wo have persistently advocated the necessity of opening up now markets for our produce, and have adduced all possible evidence! That South Africa offers a lino outlet for Now Zealand produce is beyond dispute, for New South Wales and Victoria export large quantities of frozen meat, Hour, wheat, biscuits, jam and other products to South Africa. Recently live cattle were shipped from Queensland, but this business has noc passed the experimental stage;, in any case it is a trade that is' hot likely to receive attention from us. The prospects of trade with South Africa were brought under the notice of the Premier by the Dunedin Chamber of Commerce, and the deputation, which waited on Mr Seddon urged that, the Government might secure tho services of one of the lines now trading between Australia and the Capo for a small subsidy, and the Premier has promised to ascertain what prospects ther-i are of tho Aberdeen and Lund lines coming to the colony. While it is desirable that trade relations with South Africa should be cultivated, it is neceasary that the .matter should be ap proached with a due regard to businessmethods. If a steamer was put on the berth for Capetown, Port Elizabeth, Durban or Dolagoa Bay, or for the whole of tbom, wo doubt whether sufficient cargo would ho forthcoming to half fill tho vessel. Wo have established no business connection with South Africa, and until this was done, produce would have to be sent on cbiisii/ninofit.- AVhb is prepared to' take tho risk of consigning to South Africa when a definite sale can be arranged with London ? If tho Government touches this question of foreign markets, it will have to do it in a thorough manner, and that cannot'be Accomplished until tho commercial traveller is despatched to make business; 1 ' The proper course to be adopted appears to no to bo tho sending of a commission of two or three unbiased- and competent business men, accredited' by the Government and equipped with samples and prices, to make a complete tour of the South African and Eastern :markets. The' trade commissioners ought to bo m a position to transact business for representatives in the ‘colony; "Wo 'should thus ascertain what amount of trade is offering, tho prospects of expansion, also in what special lines tho colony can best servo its customers.

There is no doubt flint the tendency of trade just now is towards the During tiio past ton ' ycnia 'considerable changes have taken, place, and the intervention of America in the. East opens up great possibilities. There arc thousands of American soldiers and sailors, in . , the Philippines, while in. Chinese aild- Japat nose watersj the mvvies of inmost..of the European nations have been materially' strenglhened during the pa,st . two .or three years. The victualling of, these, men is an important item,'and that business is to be done is proved by' the fact.' that a shipment Of .potatoes "has just gone ; forward front this colony to be transhipped at'Sydney for Manila, and on American account. ' It ,w;opld , bo wiser and safer to_ first ascertain _tv-hat trade.is to lie done in Sfmth Africa, and then to arrange for tonnage, rather than to'subsidise vessels before knowing whether it will pay to send them away freighted with New Zealand produce, or even whether that produce will bo available*.

It does not sepm necessary either that the Aberdeen and Lund liners should bo importuned for the South African trade. Wo think it not unlikely that the companies now engaged in the direct trade between this colony and Great Britain would bo willing to place vessels on the South African trade if subsidised. And to subsidise the direct traders would be in the best interests of the producers of the colony, for it is reasonable to suppose that the more business we can give to them the greater the chance of freights being reduced to a minimum, and after all the London markets will ever bo the best for Now'Zealand producers; There is not the least likelihood of either the Aberdeen or the Lund lines extending their services to New Zealand. Shipping companies nowadays recognise "spheres of influence,” and it is not likely that outsiders ; unless they be the heavily subsidised French and German lines, would think of invading the territories of those who have spent years in working up a connectioh with this colony. While it is satisfactory to know that there is not wanting interest in the subject of opening up new markets, we cannot delude ourselves into the belief that anything tangible will result from the well-intended efforts of the deputation from the Dunedin Chamber of Commerce, or the ardent acquiescence of the Premier in the proposals made to him.

The question of subsidising tonnage deserves more consideration than it has received. So far it would appear that the question is associated in'the minds of our public entirely with the carriage of postal matter. The quick transit of mails is of less importance to this colony than the regular shipment of our produce at a low rate of freight. It makes no material difference to our mercantile community whether English letters are delivered in thirty-two or thirty-five days, or whether they are carried via San Francisco, Vancouver or the Suez Canal, but it is of importance to the entire community that the surplus produce of the colony should be sent away at regular intervals, and at a charge that would leave a margin of profit to the producers. Beyond the quick and regular delivery of mails, what uso has tho San Francisco service been to the colony? It has not improved our trade relations with America, and now that direct steam service lias been established between New York and the colonies the trade aspect of the San Francisco service diminishes. The Vancouver service has been of some slight benefit, but for trade purposes it has been-of more uso to Now South Wales and Queensland. If, these two purely mail services were abolished and tho subsidies now paid to the direct liners, we should probably see a better class of steamer's' engaged in the trade, receiving despatch at regular intervals, to tho great benefit of our export trade in perishable produce. Upon which tho colony so greatly depends, and as far as the carriage of mails is concerned, these direct steamers would answer all our requirements. There is no sentiment in a cheque, and tho State, like tho individual, should endeavour to obtain full value for its money. The extension of trade is infinitely bettor limn tho quick delivery of mails, and subsidies to steamship owners should have for their main object the providing of trade facilities. For some unaccountable reason the San Frjtm cisco service is hold in pious veneration by our politicians generally, but there is no actual benefit to the colony in that lino, which is two-thirds American, and tho Americans are sellers of American goods, and not buyers of colonial produce. They even refuse to admit duty free tho wool which they cannot, for climatic reasons, produce. .

Tho expected deficit in the British Budget must bo duo io extraordinary expenditure, ■ or els© thd receipts for the two months of the new year must have shrunk considerably. Tor- the nino months ending with the 31st December Inst tho exchequer receipts on account ot revenue amounted to *£78,340,468, as compared with .£77,366,120, an increase of .£074,348. Tho receipts have come up to expectation, so that tho anticipated deficit of .£4,000,000 sterling mtisf he due to extraordinary expenditure. ..The proposals for covering the deficit, n&mfely, a. tax upon, corn and sugar, is a direct ..blow: at tho fetish of ’ freetrader \ - The Continental sugar bounties is matte'to serve the purpose of a sugar tax, and as ..this tax has been advocated by the "Times and the " Financial News, it is not mir probable that it will bo imposed. Tho consumption of bedx siicar is .veiy large in Groat Britain, and there is no doubt, that such a tax would yield a large revenue. Tho corn tax of one shilling per quarter would, upon' the estimates of this year’s requirements of wheat, yield about <£1,000,000 sterling.. But before these taxes are imposed, the remissions made last year will,. doubtlessly,, be reimposed, and these would yield a revenue ot T 1,500,000. Tho financial year does not close until the 31st March, so that there

is no iiope of knowing the true state of the finuuefts until about tho middle oi April.

JdHNSONVIGLE STOCK EE PORT,

Messrs Freeman R. J-ckgon and Co (in coni unction with Messrs Abraham and Williams, of Jobnsonvillo), report on tho stock talcas under:- . , , . , Put cattle were fewer in numbers, and about had the entries were made up of large prime oxen of good quality, which ranged in price from JtG 10s to A 7 ss. Tho remainder were mode rale weights and of medium quality pnlv. These made from A 5 10s to AG ss. Ox beef made from 13i to 15s the 1001 b. Sheep mustered considerably in exesas of advertised numbers, and all sold freely save a 'few pons. The quality was second-rate generally. Prime heavy wethers brought 11s Gd to 12s ; prime wethers. lls ; others. Or 8d to lbs; lighter weights. 8i 3d ; prime heavy owes, 10s Gd ; prime ewes, Oat Id to 5s 5d ; others. 7a 7dto 8a 7J ; lighter weights, Ga 9d to 7« Gd. ' . Light lambs in wool brought 7a 8d to 8a Id ; stores, 5s Id to Gs 7d.