The herald., 1898-04-30


A sharp contrast Is afforded by the un-
stable condition of Spanish credit and the
decline of Spuins bonds and the steadi-
ness with which prices for our govern
mcnt securities are maintained. The liq-
uidat.on In Spanish per cent bonds in
London and Paris, carrying their price to a
little over 30, ia as significant as the
fact that bonds of our own new per cent
loan OF 1873 have not fallen below 1173s
and that the prices of other United States
issues have been proportionately well sus-
tained. 1t may indeed he said that the
chief, IL not the only, bearlsh influence of
winch the investment market takes notice
In TINS connection is the probability of a
further Issue Of government bonds to meet
the expenditures of the conflict on which
the country has entered. At the same
time. the prevalent feeling in financial
circles Is that n government bond at as
low rate as per cent to any reasonable
amoun. would be absorbed with the utmost
readiness, ana that under present circum-
stances the alleged intention to offer
$lOOOVO.0O0 issue OF that kind to popular SUBJ
scription would meet with q ready and ia
vorable response, while the further con-
clusion is that such transaction would
have little positive effect on the money
market or on the general position of values
for securities.
Sheep and wool raising in Australia
dates back more than 100 years. Today
New South Wales. In which the industry
had its inception. is the leading colony
OF Australasia in the production of wool,
and consequently possesses the largest
number of sheep Inquiry by agents of
D the state department on behalf of the
National Wool Growers association, as to
the production of wool has brought forth
consuls. showing the Importance of the
wool growing industry on and near the
island continent. The statistics of pro-
ducton ana OF number of sheep are. unfor-
tunately. not given for Identical years.
those for New Zealand and New South
Wales, for instance. being for the year
1896. while for Victoria. the third colony in
Importance. nothing is obtainable later
than 1894. From Tasmania the statistics
are for 1895. New South Wales as above
indicated, leads in the number of sheep
owned and in wool production. with a total
number in 1896 of 4S.3lS 600 hend of sheep
and a production of wool of over S03, ,00o.-
GOO pounds. The estimated production of
the United States In 1897 was only about
900 pounds. and the number of sheep
was not much In excess of 81. 900 900. so
some idea may therefore he had of the i'm
lortance Of the wool growing industry OF
New South Wales. Second among the
Australian colonies reporting Is New Zeal
ard. which In 1896 reported 913S 600 sheep
and a total production of wool of 100 Isl p00
pounds. Victoria comes third in the num-
Der of sheen owned and in the quantity of
wool produced. reporting for 1891 IL, 900
sheep and about 79000,0oo pounds of wool
Tasmania. the only other colony, returns
l,t23.Qoo sheep and 7.223.0Oo pounds of wool.
For the four colonies it will be seen, the
aggregate number of sheep is in excess
OF 5000 Q0o and tho production of wool is
tlSo0o,0Uo pounds. The production of wool
and the growth in the number of sheep
owned seems to have been steady one
In all the colonies but Tasmania. in which
of late years there has been decided fall
ing OFF.