THE COMMERCIAL OUTLOOK

Gisborne Times, Volume XXVI, Issue 2146, 23 March 1908, Page 3

THE COMMERCIAL OUTLOOK

am expert opinion. (Special to “Times”)

WELLINGTON, March. 22. Tho chairman of tho Bank ot New Zealand apparently does not altogether share the Prune Minister s optimism regarding the financial position. Ho and 'Mr. Cullender (the general manager of the bank) have just returned from a tour m tlio north, and Mr. Beauchamp says they ■found that business, more or loss, in the Auckland province is being atfooted, not only by tho fall in the price of wool, but also by the .slump m the vailue of hemp and kauri gum, two of the most important, products in that, rart of the Dominion. In his ouinion, the depression in the value" of those two articles is owing to the state of trade in America, and to a lesser extent ns regards flax, to the substantial export from Manila. It- is evident, lie says, that unless some arrangements can bo made by which employees of flax mills can be induced to accent lower wages, that between 7000 and 7500 men engaged in tlio industry will be thrown out of work. This will be most unfortunate inasmuch as tho majority of the men who find work at tho various mills are of the unskilled type. In regard to the state oF trade, however. lie does not wish it to be interred that there is any cause for alarm at the present moment, as producers and traders have had such a snlendiil innings for so many years, that the majority of them c in stand a neriod of few prices, without being prejudicially affected to any great extent. “We can,” lie adds "itrau comfort from the decline in -he bank rate at Home to 3 per cent., and with the easier monetary conditions in London there is no reason wh-- the Government and tho public bodies should not resume borrowing at Home. -