Wellington Independent FRIDAY, JULY 14, 1871.

Wellington Independent, Volume XXVI, Issue 3251, 14 July 1871, Page 2

Wellington Independent FRIDAY, JULY 14, 1871.

Tub latest English commercial news, which we publish to-day, will be read with peculiar interest by the pastoral and commercial interests. They will see in it the explanation of the low rate ruling of late of one of our staple exports, and the earnest of better prices for the future. That war operates injuriously on the every department of commerce, except that engaged in providing munitions of war, is no new discovery ; but that a war in France should directly affect the commerce of New Zealand is shown by this telegram in a striking light. The first tangible sign of the end of that most wicked and useless war is the impetus given to the wool maiket by the presence of French buyers ; for France, as Helmuth Schwartz says, has been operating in the sales we report to-day as largely as ever, and, in consequence, an advance of l£-d all round was maintained throughout the sales. That this is no mere assumption, the next terse telegraphic sentence puts it beyond all doubt. — " One hundred thousand bales were taken to the continent." Messrs Hazard and Caldccott give independent testimony, showing the same hopeful state of affairs. It was evident that an improvement had been expected to some extent from the termination of the war, but the extent to which the influx of foreign buyers would affect the market had been greatly underestimated. They report that at the opening of the April sales, it became evident that the home trade wou\d meet with much more foreign competition than was considered even probable, as contrary to all expectations, " French buyers operated very freely," But not only did buyers from France compete in the wool market with English manufacturers, but " orders from America caused a still further rise." And that there may bo no mistake as to the influence of the foreign element in the wool market, the report adds : "It is estimated that foreign buyers have taken nearly two-thirds of the entire quantity offered." Who can doubt that peace now restored, and the Continent resum ing its industries, the market for our wool will continue to show, for some time to come, a steady and gradual improvement Those who take a " Croker" view of affairs will surely believe now, that there is no occasion for despair. That America should buy our wool, indirectly and through the intervention of British merchants, is a subject of great regret, as she must pay in freight, commission, and charges, a very large sum which she would save by importing direct. We cannot imagine such a roundabout way of going to market will continue in a country where every one " calculates."

Tho price of flax, though not what it was and most certainly will be, is very encouraging; and it is particularly worthy of notice that the Wellington flax has fetched higher prices than any other. It would appear from the quotations that the Auckland flax exported is of very different qualities, the range of prices being from £11 5s to dS3O ss, while the worst shipped from this port brought £96 10s, and thfi best £32 ss.

Turning to the mouey market, we find equal cause for satisfaction. Taking a general view of the aspect of affairs, it seems, saya the telegram, as if the re-establishment of peace in France and the return to the industries of commerce in that country will do more than, anything else to give an impetus to trade, which is all that is wanting to place our markets in a thoroughly satisfactory condition. The speculators that, according to the " Nelson Examiner," are " proverbially reckless," — witness their eagerness to raise the loan for Mr Vogel ! — are, according to this authority, remarkably distinguished at present for exactly the opposite quality. " There is an absence of rash speculation," we arc informed, although colonial, and especially New Zealand securities, are much in demand ; and we must conclude therefore thot our financial scheme has received the approval of these very " cautious investors." Tt is somewhat reassuring to learn that the " Times" summaries transmitted from Dunedin, and all the stray numbers of the other opposition journals, of which the " Nelson Examiner" may be taken as a flagrant type, do not exercise much appreciable influence in the " City of Gold," as we read that" investors wisely act almost upon their own convictions," When they see money is wanted for the development of natural resources and for the construction of reproductive

works, they seem always ready to invest in such new schemes, while others, in which the same characteristics do not predominate, receive from them no support. While, therefore, the dismal accounts of New Zealand so patriotically sent home may, and doubtless do, shake the confidence of many in our stability and prosperity, and have a tendency to bring on the ruin they foreshadow, it is evident that the minute narratives we lately sent home by two successive mails of the progress of railways in the Middle Island, and road-making and settlement in the North Island, would carry more conviction to city men, and would be considered all the more entertaining and instructive, that it faithfully recounted the progress made in the figures of arithmetic, without any meretricious embellishments from figures of speech. The only other items of special interest to us are that colonial Government bonds are slightly improved ; in tallow, a large business has been done during the month ; preserved meat quotations show that mutton has risen, and beef declined ; wheat is more animated, while flour continues depressed from the stock now held in London, being the largest for many years. On the whole, the news is very reassuring, and cannot but tend to inspire that confidence in our own resources without which enterprise is chilled, and every department of trade lanquishes. The dark cloud that so lately overshadowed Europe extended its depressing gloom over the whole habitable globe, and especially over the British colonies, whose market for their staple exports was so injuriously affected ; but in the brighter future that has now dawned, they are bound also to feel its reviving effects, if they only have faith in themselves, and in their splendid resources.