The Gisborne Times. PUBLISHED EVERY MORNING. FRIDAY, FEBRUARY 7, 1908. AUSTRALIA IN 1908.

Gisborne Times, Volume XXVI, Issue 2109, 7 February 1908, Page 2

The Gisborne Times. PUBLISHED EVERY MORNING. FRIDAY, FEBRUARY 7, 1908. AUSTRALIA IN 1908.

During the year that lias recently closed, the Commonwealth experienced a remarkable wave of prosperity. It was a year of high prices and great prosperity during the earlier months and although there was a partial drought during the latter part of the year, causing a temporary break, the rains afterwards improved matters, and the- general result was more than satisfactory. The cause of this prosperity was the unprecedentedly high prices for Australia’s chief products, coupled with the favorable season. Under these circumstances the exports for the Commonwealth for 1907 reached a value which can only bo described as huge. Nothing like it had previously been r’.corded. The records were heightened by eomo accidental circumstances. In the first place, the wool shipmnts for 1907 contained a good deal more than tlio produce of one year’s ciln. The season of 1 DOG was a- very late one, and comparatively little of the wool got away before Christmas, while in 1007 it was an equally early season, and the bulk of the wool has already been shipped. Then a first-rate wheat harvest gave an excess of wheat for shipment, of nearly 20 millions of bushels, at a very payable price, and these two factors, in conjunction with the high prices for all minerals, which permitted the reopening of many closed mines, and a.consequcnt great increase in production, formed a combination of circumstances leading to a stupendous record year.

However, tho wheel of fortune has an aggravating way of taking a sudden turn when change is least desired, and there are signs, that 1908 will not prove nearly so i.'atisfactory to our neighbors of the Commonwealth. Already circumstances have conspired to bring about a considerable change. As previously noted, tho wool clip for 1907-8 has already been to" a large extent forestalled, and the value of the production lias gone to the credit of 1907. though, of course, the wealth which accrues will be available in 1908. Unfortunately, the partial drought which prevailed in the spring, spoilt the chances of good feed for the summer, but the splendid rains of datehave helped matters a good deal, though in Now Soiiih Wales there is still much to dread. Then us to prices for wool, it is to be feared the prospects are not so good. Already these have a downward tendency, and tho decreased shipments will bring down the total value of exports considerably. In wheat growing also, owing to the partial failure of the crop, the quantity available for export will be small, though this will he partially compensated for, by the higher prices ruling. Then minerals have suffered such a slump in values —copper having fallen £45. tin £74, lead £O6, and spelter £8 a ton, with a fall of Sd-per oz. in silver within a year—that even were the production tho same as previously, the total values would bo less by quite one-third. But lowor prices have caused a closing-down of many mines,

which do not now pay to work, md so tho production for tho your, unless ii great change iu prices result*, is likely (o lie much less (ban for 1907. Iu discussing these facts Lko Rnstonilists’ Review ways:— "The anxiety of the future is not. however, so much with respect to prices or weather, as to our political and industrial conditions. The Labor socialists rciniin the dominating factor in our public life, and so long as thin continues wo cannot hope to make any marked increase in population from without. 'Phis, and our advance:! and advancing taxation, and a want of security- in the tenure of land, keep back the class with capital from emigrating to our shores. Then also we have the industrial trouble always with us. Tho outrageous increase iu the rates for shearing adopted last year, the late coal strike, and the possibility of another, all Lend to make people with money to invest, button up their pockets. The prospects for 1908 arc therefore not as bright as for 1907, bill they might bo very much worse.”