NEW ZEALAND'S TRADE

Press, Volume L, Issue 14979, 28 May 1914, Page 9

NEW ZEALAND'S TRADE

A REASStHIiNG STATEMENT.

(FBE3S ASBOCIATION TELSGHAM.)

•WELLINGTON, May 27,

"The trade of this country shows a healthy and satisfactory growth. The values of tho staple lines of export, wool, meat, dairy produce, and hemp, TOusfcitnte a record in our history, duo partly to increased -Toduefcion and partly" to the higher .price realised in the world's market."

The- above paragraph is taken from tho address of the president of tho "Wellington Chamber of Commerce, delivered at tho annual meeting to-doy. "There ia one aspect of our national trade on which I might offer a .few remarks," added the-- president. '•'A report has been made- uj> to SOth September, giving the total exports and imports for tho last five years, and the excess of exports over imports in each year.' In 1903-9 thoexcess in round figures was 3j millions; in 1909-10, over 5$ millions; ill 1910-11, it fell to a little over li millions] in 1911-12, it again fell by £200,000; and m 1912-13, it again fell J* |g»{g)p; and in 1912-13, it was only £800,(U>. "Now. as we havo to pay interest on our foreign debt* as well as tho cost of our imports by our exports, and as the interest on our foreign debts must bo somewhere in tne neighbourhood of threo million* a year, it might appear on a superhml glance at these figures that our financial position is not as stable as could be wished, bat a little reflection will show tnat no such, inference- can bo drawn, lor ono thing our fresh loans conic out to us in tho shapo of goods and so swell our imports. For instance, when w raise a loan in London a lot of it will "0 to pay for steel rails or other equipment, which is used here to increase the raluo of a national revcuuoproducing asset. Another «*"*«- of misunderstanding lies m tho fact that, while tho value of our ininorts may be more or less accurately arrived at by means of customs invoices, the values given of our esporte are largely a matter'of guesswork. What tney actually realise at Home may be- considerably higher or lower than.tho value given in tho osport entry here. In wool alone this differonce nu»y # run into a million or so, and there i u> no doubt that for the year 1912-13 the wool sent Home for sale did realise much more than it valued at here. "It ii clear therefore that no satisfactory inference in either direction can be drawn from the table in the report, but at the same time it will i probably be admitted that it- would be more pleasant reading to see a greater excess of exports orer imports.