The Temuka Leader. THURSDAY, JUNE 24, 1886. GOOD TIMES COMING.

Temuka Leader, Issue 1523, 24 June 1886, Page 2

The Temuka Leader. THURSDAY, JUNE 24, 1886. GOOD TIMES COMING.

In our New Year’s article at the beginning of 1885, we predicted that before the cad of 1886 wheat would be 4s per bushel, but we expressed doubt as to whether wool would rise in price. We bad no doubt about wheat, but we bad very little hope as regards wool. W« are very glad that we were wrong respecting wool, even though our reputation as a prophet has sustained some damage through it. Wool is our staple export; without it we could not live ; it is worth as much as all our other exports put together. In 1881 we exported 59,415,94011)8 of wool, and we have been increasing since at the rate of between three millions and four million lbs a year, till in 1885 we exported 86,507,431 lbs of it. Considering the large number of sheep in the country this year, we are of opinion that our wool export for 1886 will be about 90,000,00011)8. Now, let anyone calculate how much twopence per lb on that will come to. It is very easily done. Any one can find out for himself that it will amount to about three quarters of a million of money. Our English telegrams lately informed us that scoured wool had gone up threepence per lb, greasy twopence, and crossbred one half-penny, and later advices assert that the prices have been fully maintained, and there is great activity in the wool market. Putting this down at the lowest calculation it means that this colony will be the richer by at least half a million of money. But the rise in the price of wool not only gives us in this colony half a million more to spend, but it denotes that the depreision is at an end, and that the corner has been turned. The fall in the prices of wool was caused by the fact that the general depression contracted the spending powers of the people, and consequently they had not the means to buy goods •s fast as the factories could turn them out. Ab a natural consequence this led to over production, which in turn resulted in the factories having to contract theii operations. Of course when tie factories were not producing as much as in previous years, they were not eon-

saming so much woo), and hence the reason its price went down. Now that it h»s suddenly gone up no conclusion can be arrived at but that the factories hare worked off their surplus stock, and have determined to recommence operations vigorously. This convinces us that the dawn of brighter days is breaking, and that prosperous times are at hand. The rise in the price ol wool and grain, the firm demand for frozen meat, and the making of the West Coast railway, as well as other railways are bound to bring good times. What we want now is confidence and common sense. We want confidence in the immediate future being prosperous, so as to work in the energetic manner we nsed to in past years. So long as people are afraid to more for fear of making a mistake they can never succeed. Our farmers must go in largely for wheat growing; there is no fear but that the price of it will be good ; our Bonks and merchants must help them with money : they will undoubtedly be able to pay it back. We want also common sense, so as to provide against a recurrence of the present depression. The greatest authorities of the present day attribute the depression, and every recurring depression to too high an appreciation of gold. Let us provide against this by establishing a National Bank, and by the time the next depression comes round—which will be between seven and ten years hence—we in this colony shall be in a position to langh at it.