FINANCE AND TRADE

New Zealand Times, Volume LXXI, Issue 4289, 23 February 1901, Page 8 (Supplement)

FINANCE AND TRADE

A smart paragraph - s published by the “Financial News,” London, at tho expense of Now Zealand mutton- The old complaint against the butcher, observes the ••.Nows,” was that he w.as apt, in a lit of ahsonfc-mi.idodncss, to send you a Now Zealand leg of muttl' when you had order;.!, and were being charged for, a leg o: Southdown. Unless wo are doing th<* trade a grievous injustice, wo should say that Now Zealand is n w being paid bach in its own coin : for, according to Mes.-js Woddol and Co.’s lie view of tho Frozen Meat Trade last year, we received from Now Zealand 1,862,140 carcases >n 1000, from Australia 027,945 carouses, and from tho .River 2,1121 J,5-I5 carcases. Yet who orders a Hi. ’dale joint, which is cheaper wholesale d mistier retail, so it i.rsaid) than the like joint from New Zealand? But evidently I hero are more South Americans than New Zealanders inwardly digested, if not only, -i Tv sold. Tho point of this clever paragraph is marred by its facts, as far as New Zealand is concerned, being wrong. The total quant'ty of mu ton exported by New Zealand last year <>;cceoded 11,150,000. Tho “News” had omit Led to include 1,295,000 carcases shipped ;i s iamb. Tho “complaint’’ still stands-

According to the Joint Stock Companies’ Return, the registration of now capital in tho United Kingdom between October, 1862, and December, 1899, amounted to an aggregate of £5,782,270,167. It is a pity tho Registrar can’t tell how much of it is genuine. lie gives one delightful hint, however, in 1869, a foot-note states, there was registered a company with a nominal capital of £IOU,uOu,UUO: “hut its paid-up capital appears never to have exceeded £200 1"

Tho following figures show tho amount of merchant .and war tonnage put into the water from tho principal private British yards during J.'JOi! —with tho exception of Messrs Wigham-Richardson and Co. an compared with tho eight preceding years;

Tho launches last year, though they show an increase in tho number, arc less in tonnage, still the figure.;, show that the expansion of this branch of British trade during the last three years has been very considerable.

Ib has boon persistently rumoured blurb tho Commercial Bunking Company of Sydney intends opening in Melbourne. A Sydney contemporary has had tho general manager interviewed on the subject, and lie states that that institution had not made any arrangements to open in Melbourne, but ns to future movements he cannot or would not speak definitely. The Commercial Banking Company has a very largo and profitable connection in Now South Wales and Queensland, and it has for long been a matter of surprise that no move to Victoria has been made.

It is, happily, not often that the compilers of trade reviews have to send up such a unanimous chorous of lamentation as that which arises from tho colonial wool trade this year. "The year which has just ccmo to a close,” wrote Messrs Cliarles Balme and Co., “will lung bo remembered in tho wool trade as one of unmitigated gloom, disappointment and disaster.” The year just concluded has been,” write Messrs H. Involl and* Co., “without doubt one of tho most disastrous that our industry has over experienced.” And Messrs Jacomb, clou and Co.“ The last year of the nineteenth contury has been rendered memorable to all connected with the wool trade by tho most serious and unexpected crisis. in its history.” As to the future there is less despondency. Messrs H. lx well aud Co. prophesy that when tho considerable quantity of wool held over in London has been disposed of—in the early months of this year, they hope—“wo look forward to a sound and steady trade in all classes of Australian wool.” Messrs Jacomb, Son and Co. point to tbo “considerable inquiry since the close of last auctions” ; Messrs Charles Balme and Co. think that “the prospects for the year which is just com monciug appear, on the whole, fairly promising.”

. Tfiougb. tho wheat yield of the United States for this year is expected to fail 25,074.500 bushels 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 tho 522,229,500 bushels shown by winter and spring wheat combined—is, with one exception, the biggest ever known. Thus the railroads whoso grain business is not wholly confined to wheat promise to find ample compensation for the shortcoming in that cereal.

That acute recorder of tilings American Mr A. Maurice Low, writes in the ‘'National Review” this month about the American Shipping Subsidy Biil in a tone of pessimism. Not in respect to the chances of the Bill, however; that, in spite of apprehended opposition, he things will become law during the present session; it is tho effect of the subsidies upon British Shipping which alarms him. ‘‘lt 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 tho Treasury, it can make a . vo y a S e . a profit when the unsubaidised Britisher would be run at a loss. The passage of tho Subsidy Bill foretells tho capture of tho 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 ! a-fc. the Royal .'Mijt, though 12,000,:OQo;'fewer pieces were struct than in ’ISIFb-'t' The decline' wgs wholly 'colonial work; for more Imperial gold, 'silVer and copper coins 'were issued •than in the preceding '■ twelve' months. The issues of sovereigns roso'from’’£6,839,013 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 1893, 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-

Yet another sugar competitor is arising. In Japan two largo refineries have been established—at Osaka and Tokio—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, gootl water supply, cheap fuel and carnage, and a protected market—these are some i of the advantages make our refiners wish their plant and capital were removed to the Mikado’s jurisdiction

Launched in Vessels. Tons Gross 1900 ... ... 851 ... ... 1,507,211 181'U ... 755 ... ... 1,518,481 1898 ... ... 791 ... ... 1,488,100 1807 ... G03 ... ... 1,010,000 1890 ... 749 ... ... 1,257.009 1895 ... ... GOO ... ... 1,028,708 1894 ... ... 007 ... ... 1,052,779 1891! ... ... 5)5 ... ... 819,881 189;! ... ... 702 ... ... 1,210,057