THE DEPRESSION.

Manawatu Times, Volume V, Issue 146, 4 June 1881, Page 2

THE DEPRESSION.

"Writing on the " Commercial Depression," the "Lyttleton Times" remarks : — " New Zealand has scarcely yet forgotten the "commercial depression," of which many worthy people have not begun to leave off talking. When- that calamity was at its height, the -theory was promulgated that the folding, of rural land m this Colony was the straightest ■and inosti downhill road, into the bankruptcy court, The effect is still felt in 'the opinions held m some quarters about the absolute uncertainty of the value of rffral land m New Zealand. Soini? there are who will translate this phrase for you with dejected air, as meaning that rural land m New Zealand has no' value at all ; and thaf m long as present prices for produce continue, ru.irat land never will have any , value. , The South Australian crop returns comes to: us therefore with a brightly *'i'T«r-»qtsve interet. South Australia last year seduced by the fallacies of. agriculturists all the world over, increased her wheat acres by over a quarter of a million of acres, bringing the total area up . to one and three-quarter millions. \With this enormous increase of area, the yield of grain shows a dreadful falling off, the decrease being not less thah 5,640,000 bushels as compared with the pfeviotfs year'a yield. The average, was under five bushels as against nine bushels of the year'before. • When ; we remember that the ,g6n"eraj average of £hat unhappy Colony is about seven bushels, and. that the people contrive to exist m some way and prosper, we envite our croakers to look with renewed hope to our own different circumstances. Our average is over 25 bushels, and we have facilities of crop rotation, advantages of climate, abundance of water — things all unknown to the South Australian agriculturist. The conclusion is pretty evident that the value of rural land m New Zealand ought to be considerable. "We really pity our, friends the croakers very sincerely. First they told us that the colony would have to repudiate its obligations, but the Colony very perversely became prosperous. Then they told us that our progress was gone, but the census returns have, With the most rebkless disregard of •theories, placed New Zealand the first on the list of progressive Colonies, the first rate of increase of population being the best test oi na-

tional progress. Lastly, they wailed about urban and suburban land values. The autioneers are cramming sense down their throats every Saturday, and the other Colonies supply them with the knock down argument of comparative grain statistics. The croakers' occupation is gone. We are sorry for them, because they are an intensely respectable body of gentlemen. But we must, nevertheless^ congratulate the Colony on the do wiifail of their precmiis theoriei."