OUR WHEAT SURPLUS.

Otago Witness, Issue 1950, 4 April 1889, Page 6

OUR WHEAT SURPLUS.

The annual meetings of our tanking and other important financial institutions are generally taken advantage of by the chairmen of directors to give utterance to more or less sound and wholesome expositions of the state of trade, present and prospective, and the principles that ought to guide commercial men and the public generally in the conduct of their financial affairs. The meeting of shareholders of the Colonial Bank on Thursday was no exception to the rule ; and it will be generally conceded that Mr George M'Lean in his capacity as chairman — a position he has for some years satisfactorily and ably filled — gave some sound advice, and particularly to the farming portion of our community. We are not aware that there is actually any general disposition on the part of farmers to hold their crops for higher prices than are at present obtainable, but the inference to be drawn from a perusal of Mr M'Lean's speech is that there is some danger of this being done. Like Mr M'Lean, we should very seriously question the wisdom of such a proceeding. The prices now obtainable for both wheat and oats are such that to miss them for the sake of a possible, or even probable, increase would display a want of prudence that we sincerely trust is not at all likely to be general. The threatened large importation of American grain to Australia might possibly have even a more eerious effect on the market than is at present considered likely by those who have given the matter attention ; and after the bitter experience of the pasi few years, to throw away present certain profits would be an act of unpardonable folly. We are strongly disposed to believe that flMee interested are quite alive to the position, however, and that there is really not much probability of their acting imprudently. The tone of Mr M'Lean's general remarks is hopeful, and is but another evidence of the. returning confidence that now characterises the utterances of our public men. It is true that busings

people have as a. rule 'not .yet experienced any marked return of prosperity ; but cheerfulness and hope . are everywhere . more noticeable than was the, case : ,eyen -six, 1 ] months siise; and there can- be; little I ' j question chat the largely increased-; value of our products will now speedily tell j its tale. Speaking of the affairs of the institution of which he is at the head, Mr M'Lean had every reason to congratulate the proprietors on the steady progress that the Bank is making, and cordial endorsement will be given to his concluding and confidently' expressed opinion that " this " institution will takes its place amongst the " foremost,- work its way forward, and be a. M credit to the promoters and shareholders."