NEW ZEALAND'S PROSPECTS.

Stratford Evening Post, Volume XXIX, Issue 103, 21 June 1911, Page 2

NEW ZEALAND'S PROSPECTS.

HON. T. MACKENZIE REPLIES TO MR. BEAUCHAMP. (Per Press Association.) Palmerston North, June 20. At the opening of the National Dairy Show yesterday, the Minister for Agriculture, speaking at the conclusion of the Governor’s address, replied to the statements made by Mr. Beauchamp', chairman of the directors cl.the Bank of New Zealand, at the annual (meeting of the hank. Mr Beauchamp had painted out a deficiency of £2,J 12,000 between the interest requirements and the surplus of exports of the Dominion, and claimed that the coming year promised to he, one of low prices. Mr. Mackenzie claimed that the four years quoted were insufficient to base a conclusion upon, as the years included two very serious ones brought about by the Wall Street crisis, and the third year had been affected by a serious drought He also claimed that it was unfair to estimate the position of the country by reviewing the exports and import.' and balancing the differences, as there was the great internal wealth of the country to he considered.

The bank president’s forecast of low prices was not borne out by investigations, and Mr. Mackenzie claimed that never in his memory of the world had there boon such trade prosperity, and, apart from any political upheaval anywhere, they might look with confidence to the future. In pointing out ■the errors into which tne president of the bank had. fallen, Mr. Mackenzie said that if they took the figures lor 1889, to 19.10, they showed that mr exports exceeded imports l>y CQoOjOOO, whereas from 1870 to 1888. the imports exceeded the exports by twelve millions. This showed tiio enormous change which had conic over tht country. Since 1889, the increased wealth, after deducting the increased debt, amounted to £‘211,000,000, which, left an enormous reserve against such temporary differences as Mr. Beauchamp had called attention to, and winch were far outweighed, 8o far from Mr. Beauchamp being right about prices, there was every indication that butter, choose, meat, ana wool would hold the present prices and even reach enhanced prices, in spite of the increase of Australian butter, our butter was always demanded at higher rates than •Australian. Our meat realised higher rates than Australia’s. When Canada had reciprocity with the United States her competition in these choose market in England would ho relieved, ind there was every reason to believe that great. European markets hitherto dosed would ho opened to our moat, while the wool-using peoples were in■aeasing greatly in number, and woolhearing nodes were diminishing. He had, gone thoroughly into this matter, and as ho had 'd some success with his forecasts before, he preferred ids own conclusions to those of Mr. Beauchamp.