OUR IMPORTS AND EXPORTS.

Otago Witness, Issue 2086, 15 February 1894, Page 3

OUR IMPORTS AND EXPORTS.

Tho exports for the December quarter 1893 amount to £1,702,005— 0r less specie (£132,061) to £1,579,944. The figures for the corresponding quarter of 1892, deducting specie, were L 2,008,328, an apparent falling off to the extent of £428,384; but, as we shall presently show, a considerable part of this reduction is probably more apparent than real. There are, indeed, reductions in gold, £39,639 (£222,828— £262,467); kauri gum, £33,431 (£114,129— £147,560) ; frozen meat, £25,990 (£133,867— £159,857) ; agricultural products, £24,631 (£116,520 — £141,151); phormium, £21,507 (£28,964— £50,471) ; and some small reductions in tallow, sheepskins, and leather amounting in all to about £15,000 ; but tho great item of decrease is in wool, and the reduction under

this head is no less than .£306,401 (,£594,060— £901,461) —two-thirds of the whole reduction. Now there is not the slightest reason to believe that, with an increased number of sheep in the country, the clip is in reality less than last year, and there has been no material diminution in value ; so that we must conclude the apparent decrease to be due to earlier shipments in 1892 than in 1893, and if that is the case the deficiency should be made up in the March quarter. On the other hand there is a satisf aetoi-y increase in butter of £28,076 (£101,323— £73,247), and in cheese of £4-713 (£16,183— £11,470). The low price of wheat at Home accounts fully for the small shipments of this usually large article of export, and the falling off in gold is probably only accidental, as accounts from the various mining centres are favourable. Still, looking at the figures for the year they are not quite so satisfactory as we could wish them to be. The four quarters stand as follow : — 1893. 1892. March quarter ... £3,635,690 £3,951.693 Juno quarter ... 2,113,018 2,179,213 September quarter... 1,36 L,019 1,34-8,686 I December quarter ... 1,579,944 2,008,328 £8,689,671 £9,4-90,920 And even allowing £300,000 for short shipments of wool, as compared with the previous year, we are still half a million below last year's figures, and cannot afford to boast quite so much as we were inclined to do about our wonderful resources. Our paternal Q overnment should lay the figures to heart when talking of what they have done to increase population and enccairage our industries. The fact is the country is ' not nearly so prosperous as they would sometimes make out, and we fear, with a tight money market and low prices for all kinds of produce, they will have to deal with a large number of unemployed during the winter months. The imports have kept up fairly well and show a slight increase on the quarter, the figures being £1,721,356 against £1,654,286 for the corresponding quarter of 1892 ; but for the whole year there is a slight falling off, the imports for 1893 being £6,911,515 and for 1892 £6,943,056. Auckland shows a falling off of £155,006, Dunedin a falling off of £117,929, Wellington an increase of £171,188, and Lyttelton and. Christchurch an increase of £66,780. Wellington now heads the list with a total of £1,698,374— very nearly a fourth of the whole imports of the colony — and Dunedin comes next with £1,500,638.

We are not disposed to deny to the Hod. J. M'Kenzie the credit of hayThe New ing introduced what the Perpetual Lease Americans would call a " live" Proposals. lftnd pol , cy We nQW , earn from information supplied to the public through means of an interview with the Cjlonial Treasurer granted to one of our reporters, and through our Wellington correspondent, that he is only at the beginning of ifc. It is evident that the purchase of estates will not spin out much further. They cost money, and, whatever may be the merits of the 6till untried sy&teoi of lease in perpetuity, it never brings back to the State the capital sum spent in acquiring an estate. Mr M'Kenzie cannot go on getting money 11 without adding to our indebtedness," as the set phrase now runs, for ever. It is therefore altogether a brilliant idea to give up buying estates, to lease them instead, and to sub lease them by lease in perpetuity to settlers. Our correspondent has his misgivings on this subjeot. " The democracy," he writes, " will recognise that under such a system the unearned increment will still fall to the large landowner." This, however, can be got rid of by making the lease long enough. The modern lease in perpetuity gives the unearned increment, not to the " large landowner," it is true, but to the tenant — the idea of reserving it to the .State is forgotten. It is, in fact,' a freehold with restrictions as to residence, &o. Oar chief complaint against it is that it contains little security for permanent occupation, excepting in relation to such classes of land as reqairealarge expenditure for bnsh clearing, draining, &c. Applied to agricultural land it is a cropping lease without security. Our correspondent goes on to say that •• the Conservative party in the community will rightly oppose the aspect of the system that gives the Government of the day extraordinary influence over a c instantly increasing body of tenants." The evil which we fear is not the influence of Government over tenants, but that of tenants over Government. The freehold purchasers who paid too much for their land, especially in Canterbury, have had to grin and bear it. What we foresee is that the new class of settlers will not fear to give too much, as a year or two hence they will strike against their rent and the more onerous conditions, and an unresisting Government will give them their land practically for nothing. We have not advised the Conservative party to make much fuss about this, as we are sure that it will in time cure itself, though at some loss to the country. Our correspondent's suggestions as to exacting strict compliance with terms are excellent, but successive Governments in this country have failed to enforce such conditions.

The Financial Aspect.

We should think that the Hon. J. M'Kbnzib's ingenuity will hardly fail him when he comes to deal with the financial aspect of the question. In the case of Cheviot he is said to have shown that

Government can purchase land aba prefty good figure and alienate it without loss, possibly at a profit, co as to clear up the whole transaction. This being so, the only residuum of objection is that the nominal debt of the country has been increased. This amounts to nothing, but it is as well to cancel even this nominal indebtedness lest it should interfere with any ultimate resort to the London money market. This is really the simplest pait of the transaction. If an estate is to be purchased, say, for £100,000, which is to bear interest at £5 per cent., this, if raised by debentures issued to the vendor, adds £100,000 to the public debt, but if the land sells for £125,000 capitalised at the same rate, the debt is really nominal only. Why not then cancel it altogether? This can easily be done by doing away with all capital value and issuing perpetual annuities for £5000, which will always have a selling value of at least £100,000. The result is exactly the same, but, like our " cancellation of staking fund," it can always be said that it has been "effected without adding to the public debt." We commend this to the consideration of the Hon. Minister for Lands. The dismissal of the old and the appointment of the new Railway r™u a i ilwfty « Commissioners i« bearing Commissioners. evil fruifct The new com * miseioners cannot but anticipate what has already begun — that is to say, they are falling under suspicion and suffering from disrespect. That is their misfortune, but it is a misfortune from which they are certain to suffer whatever their character and qualities may be. The original idea of the commission was that its members should be as independent as the Supreme Court Judges and Auditor-general, who are absolutely independent of Government. A few years ago, when the unfortunate case of Judge Edwards came before, the court, Mr Justice Williams, while upholding the appointment on the ground that the Act allowed it, deplored it as legalist g the retention of a judge in a position of dependence. In that particular case the Privy Council found that the appointment was illegal. In this it is not likely to be tested ; indeed the Gjvernment have prevented that by making it for nine months only. The present position is an impossible one. Nominally, the commission exists; actually, its members are dependents of the Ministry; legally, they are not responsible to Parliament. We confess that rather than see them in this position we would prefer to see them return to the ranks of the civil service. As for Mr M'Kkrrow, for whose high personal character we have always felt the greatest respect, and whose judgment and ability have proved a strong feature in the history of the'commission, we are sorry to see him placed in a position in which he will rapidly lose in the public estimation. He has ohosen to retain this position, and cannot escape the inevitable consequences. Mr Maxwell, we understand, leaves the colony. He does so after having earned the respect and confidence of every right-thinkipg man. One national loss should prove the gain of some other colony. If the Victorians were wise they would snap him up at once. No man in existence is more fitted to guide them in their present difficulties.

The extent to which commerce, especially free commerce, governs and The Russo-Ger- overrides the warlike tenman T«a?l e Ancles of nations is very lrcaiy * well illustrated by what 1b going on in Europe now. The German Emperor, who always says in plain terms what he desires to * convey, tells his subjects that soch was the state of affairs that but for the commercial treaty his country would have drifted into war with Rußsia. There is a considerable feeling of hostility between these neighbours, and a war of tariffs was proceeding until stopped in this way. Again, the French decided to increase their protective duties on wheat. Russia tells them in plain terms that as she is a wheat exporter this would be unfriendly. As France la at present dominated by Russian influence free commerce is maintained as a step towards keeping up friendly relations. In this case it accidentally . happens that it may not tend to keep the peace. We now learn that the French are taking a rather more extended view of the question, and fear that their protective polidy will imperil friendship with Russia. After all the canniog Ross may look on the whole question as a matter of business, and may intend nothing more by the burning friendship with Franca. The German commercial treaty with Russia is of great importance to the British Empire. . There exists a practice of inserting in treaties of amity what is known as the "most favoured nation " clause, which is a feature of our treaty with Russia. The meaning of it is that when a nation so contracting makes a concession in favour of another it confers upon all nations having the advantages of the, most favoured nation clause a right to ask for a similar concession. Consequently all remissions of duty to Germany are also remissions to England.

Mr G. F. Tendall, Jan., well known in Canterbury, has gained a scholarship of £50 per annum, tenable for three years, with free residence at Corpus College, Cambridge, where he will have to act as organist during the college term, and proceed to take his Arts degree at the university. At the same time he r will continue his studies at the Royal College . of Music. Messrs Owen and Dyer's slaughter house and yards, two miles outside Lyttelton, were destroyed by fire on Thursday njght. Two dogs in the house and a pig were burnt to. death. All the meat killed for the next day's use, also five tons of tallow in casks ready for shipment, and a cart, harness, and accessories, were burnt. Eighteen live sheep and two bullocks were got out of the building. The estimated loss of the firm is £230, and there was no insurance. The building was owned by R M. Morton, bufc whether it was insured is not known.