THE PROGRESS OF NEW ZEALAND SINCE 1886.

New Zealand Tablet, Volume XVIII, Issue 2, 9 May 1890, Page 27

THE PROGRESS OF NEW ZEALAND SINCE 1886.

(From the Investors' Guarddaii)

Whkk Macaulay evolved the idea of a traveller from New Zealand, taking his stand on a broken arch of London Bridge, in the midst of a vast solitude, to sketch the ruins of St. Paul's Cathedral, perhaps the historian had in his mind's eye not only the possibility of the decline of Bngland, but a prophetic glimpae of the growth and development of New Zealand, in common with her Australian sisterhood. Some despondent minds a short time ago seemed to think that theie conditions would be reversed, and to apprehend that general ruin was in store for that colony because some adventurous local merchants had overtraded, and the banks had thereby been temporarily embarrassed, as if these episodes would not be certain to occasionally recur in every new region where men had courage and energy enough to face uncertainty in their eagerness for the development of their country. But we venture to say that if these pessimists will carefully read the pamphlet just issued by Messrs, Street and Co., of Cornhill, which contains the addresses of two Presidents of the Chamber of Commerce of the Province of Canterbury, in the South Island of the Colony, far happier views of the present and anticipations for the future cannot fail to replace their past saddened sentiments. Our readers are well aware of the temporary depression of trade to which we have referred, occurring between 1886 and 1889. Serious losses were then experienced by the banks, but the gradual increase in trade in every branch of industry in the Colony has restored their financial position and renewed public confidence. Previous to 1888 the low prices of all kinds of produce not only made it impossible for farmers to continue to pay the high wages which had prevailed, but production became greatly restricted, so that men were thrown out of work, and the labour market was overstocked. One of the results of the consequent limited demand for labour was, that the stream of emigration to New Zealand waß temporarily checked. During the year 1888 the prices of agricultural and dairy produce generally advanced. Wool more than maintained its price, the frozen meat export to England sprang to dimensions of the first magnitude, and there was a steady increase in the exports of timber and flax. The addresses in the pamphlet to which we have referred were delivered in the years 1886 and 1889, and the statistics as given by the president in the latter address, last August, demonstrate moat forcibly that the returning prosperity of New Zealand is an indisputable fact ; that the colony has made steady and decided progress, and has emerged from that depression which, like a millstone, hung round her neck and impeded her progress. Although the rapid expansion of the frozen meat trade brought about some diminution in the number of sheep, yet this decrease has not reduced the value of the export of wool, but, on the contrary, a comparison with the previous years shows an increase of more than £300,000. This progress in the frozen meat trade has been most marked, and fulfilled the sanguine expectations of those who, in the face of much opposition and scepticism, initiated the industry. The figures speak volumes. In 1882 the export value of frozen mutton was under £20,000, whilst for the year ending 31st December last, it exceeded half a million sterling. The trade in refrigerated beef also shows considerable growth, the exports for the year ending 1888 being £54,000, as against only £10,000 for 1887. The dairy produce has also commanded higher prices, and considerable quantities of butter and cheese are being sent to England and other countries, the increase in the export of butter alone being over £50,000. The value of cereals has increased in a remarkable degree ; the export of wheat to England and Australia, as compared with the previous year, shows a rapid expansion ; and stress must be laid on the fact, that New Zealandis able to spare throe aad-a-half millions of bushels of wheat to meet the deficiencies of this and other European countries. There can be no reasonable doubt that its fine climate, the richness of much of its soil, as shown by the high average yield of wheat, coupled with the well-known faot that New Zealand stands first of all the colonies in its facilities for sheep producing, renders this oolony most attractive to farmers and emigrants from the agricultural claeses. The augmented demand from

onr masses for New Zealand mutton cannot fail to increase this tendency, which will receive further impetus from the great mining wealth of New Zealand, the development of which is yet in its infancy.