The Daily News SATURDAY, SEPTEMBER 11.

Taranaki Herald, Volume LII, Issue 187, 11 September 1909, Page 2

The Daily News SATURDAY, SEPTEMBER 11.

OUK PROSPECTS THROUGH AUSTRALIAN EYES. The following article on New Zealand's outlook, from the pen of the editor of the Pastoralists' Review, published m Melbourne, should be read with satisfaction by those who have not allowed their honest convictions to he pessimistically obscured by the iew croakers in our midst. No worthy New Zealander whose judgment was not completely blinded by unreasoning political orejudke had any doubt but that thr late depression was quite temporary, and due to outside influences over which the Dominion had no control. It atfords no little satisfaction, therefore, that this view of the Dominion's prospects is shared by *> •»»«»*« authority as tUe Review, which »t»tei:--"A year of plenty has averted from the little southern Dominion the perils of a prolonged financial depression. It m little more than a year since the influences of the financial troubles in America, followed by the acute and widespread industrial depression in the United Kingdom, began to be felt in New Zealand. Optimists proclaimed their belief that the Dominion would escape and -when money became tighter and tighter they prophesied that the end of la^t year would see the cad of the trouble. They based their'prediction* on the marvellous producing powers of their country, and they were right, although the recovery' did not come as soon as they hoped, and, indeed, is still but partial, though the patient is progressing favorably. The exports ot produce for the last nine months exceed in voHme and value those of the twelve months preceding, and though the final quarter of the produce year will not cdntribute largely,, it U certain tEat tne year ending 30th September will be one of the most abira d»nt in regard to production. It is, in Set, abundance rather than high prices of products that has restored the equilibrium of New Zealand finance The season's wool dip was large, but roost of it was shipped teforc ; the full-r^ covery in prices wa« established. Frown meat 'shipments have «nrpassed all pre vious years in volume, but throughout the main season low rates,, »teadilr tending downwards, hate prevailed; Dairy produce also exceeded any previous year in bulk, and the producer* were fortunate* enough to sen most or their butter and touch of their <*ee§e i n excess of prices which have sutee been current. The grain yield is the largest for many jrears, and prices ot wheat are high, although oats are not I returning a large margin of profit to tne growers. Hemp alone is at a low level of I>oth production and price. Above all, the prospects are for even better results in the ensuing season. The wool clip will be laTger, and as the last clip* increased In.- value after being entered for export, list season's receipts at least may be calculated upon, even should some rev«rse occut in the meantime. Next year's frown meat export* will probably be smaller, but the present low prices wi« W« th « inwiatfis effect of expanding consumption, and with an improvement iU the industrial situation in England jffieej of meat wttj doubtless recover, and quite possibly a greater cash return may be obtained from the smaller export. A substantial increase is the export .of dairy produce can be calculated upon, and though the present season's . rate* . for • outputy are not likely to be repeated, thwe it no doubt that improved trade at Home will ensure profitable prices for butter and cheese, and the revenue will be at least as great as in the season just dosed. The production of wheat -wfll" be larger, end of oats as large as ia the past harvest, and there is eveyv indication of good prices. Even regafmng hemp the situation is not without hope, Improved machinery having #o cheapened the cost of preparation as ti> enable millers td re. Mine operation*. Under such circumstances it would be surprising v confidence were not restored, and the greatest danger to be apprehended is that the realisation of these anticipations may- cause a renewal of the unwise speculation which opened the door for the entrance of the financial crisis."