The Pahiatua Herald. with which is incorporated THE PAHIATUA STAR. Published Mondays, Wednesdays, and Fridays. MONDAY, JULY 16, 1894. PLEASANT PROSPECTS.

Pahiatua Herald, Volume II, Issue 175, 16 July 1894, Page 2

The Pahiatua Herald. with which is incorporated THE PAHIATUA STAR. Published Mondays, Wednesdays, and Fridays. MONDAY, JULY 16, 1894. PLEASANT PROSPECTS.

On all sides thero appears to be a buoyancy that is indoscribablo. People are beginning to talk hopefully, and the prospects are asserted to be brighter than they have been for some months past. We believe there is real cause for this buoyant, this hopefully expectant feeling. All the straws of information by which inferences can be drawn, and conclusions arrived at, indicate a warm sunshine of better times to compensate for the dull period of depression. The first straw to show the change in the wind was the recent wool sales in London, when prices hardened and active competition emphasised the improvement and gave promise of its continuance. This was followed soon after by the agreeable intelligence that wool had been placed on the free list of the American tariff. Although the members of Congress now sitting were elected on pledges of tariff revision, the fate of wool being j admitted duty free was by no means free from doubt. Corruption is the ooruer stone of American politics, and dollars will drown the conscience of almost every public man in that land of “ rings,” “ trusts,” and “ syndicates.” The American Journal of Politics says of the men chosen for the State legislatures, “ we should pay an unwarranted compliment to their honesty, ability, and decency if we expre--'.J a doubt as to their fitness to act as referees in a dog fight.” The admission of wool duty free into the United tjtatos has had to run the gauntlet of many vested interests, and the wonder is that it has got through. The Democrats have had to rely upon solid facts and incontrovertible figures. The effect of the American legislation will without a shadow of doubt cause a rise in the price of wool. There is ample reason for making such an assertion, for the political policy has been of greater benefit to shoddy” than to wool. In ten years the output from the shoddy mills has increased 90 per cent. With free wool and cheaper wool more of it will pass through the manufacturers to the detriment of shoddy. The price of Australasian wool, while cheap to the Yankee as compared wtihhis homegrown article, will be an advance in price to us. We have no doubt the upward tendency manifested at the London wool sales w'as in anticipation of Amerioan legislation, and in our opinion the prospects for wool in tho coming season are decidedly good. The United States are also at tho present moment helping another of our industries, and if the labour troubles oontinue in that country it may lead to our obtaining a very firm hold of tho beef and pork trado. The collapse of railway traffic has stopped the shipment of these two articles, so that tho English markets must be supplied from elsewhere. This fact points strongly to an improvement in tho price of stock, which our bush settlers will heartily welcome. The steady extension of the markets for frozen mutton will keep the price of that at a paying point, and if the efforts now being made to include frozen meat in the rations of the continental armies are successful a brilliant future is in store for the industry. The fall in the interest rates of mortgage is another promising feature of the times. Tho accumulations of money in that nerve centre of the world’s commerce, London, during tho past year or two has boon enormous. Gold ha# been pouring into the vaults of tho Dank of England for months past, and at tho end of June the total i value of tho gold hold by the Bank was ! £119,Ml 1,000. This vast store of hard cash is useless while lying idle in the vaults, and must bo put to use, and industrial and manufacturing activity must follow. With business brisker and securities mure fluid, money will bo obtainable at cheaper rates. Higher prices for wool, mutton, and beef and cheaper money are the prospects that appear before us, and the people of New Zealand may well be pardoned if they appear buoyant and hopeful under such circumstances.