Trade Figures Astonished Mr. Nash

Chronicle (Levin), 10 May 1949, Page 6

Trade Figures Astonished Mr. Nash

Press Association)

(Per

AUCKLAND, M&y 9. New Zealand's overseas trade for the calendar year 1948, was reviewed oy the Minister of Finance, Mr. Nash, in an address to members of the Auckland Master Groeers' Association at their golden jubilee dinner tonight. He also diseussed trade with dollar countries and emphasised New Zealand's responsibilities in assisting • less fortunate countries to achieve a reasonabie standard of living. Precautiohs taken by the Government to build up reserve funds to meet any possible decline in overseas prie.es for New Zealand's . main exportable products, were outlined by Mr. Nash, He said he could see daylight for peveral years ahead to ensure that the farmer received suffieient to cover his costs without 'getting into the difficuit position sometimes reaehed in the past. "The value of exports for the calefidar year 1948 exceeded all prevlous records but while there has been some advance in the volume of the major commodities which go into our exporc totals, the record value is chiefly due to an advance in prices," Mr. Nasn said in reviewing New Zealand's external trading. Last year's exports in value totalled £147,823,000 and imports amounted to £128,201,000, leaving a favourable trade balance of £19,622,000. This balance, plus another £2,000,000, had been used for various other purposes including interest on debt, some debt redemption;- r.emittances to travellers and transfer of legacie'S; Mr. Nash said that since 1938 the value of exports had risen by 151 per cent and the value of imports by 131 per cent. , ; . Butter, the major' item of export in 1948, totalled 2,713,000 hundrediveigiic, the highest since the beginning of the war. Meat exports were considerably higher in value and in volume than m any pre-war 3'ears and although this total was less than that for 1947, he believed it would be up again. This year wool brolce all records, providing an export volume of 421,062,000 pounds. Of our total exports 73 per cent went to the United Kingdom. These were valued at just under £108,000,000. The corresponding figure in 1938 was slightly less than £49,000,000. Although export values had risen to a record level, this was due mainly to higher export prices compared with 1947 — 6 per cent more butter brought.a 24 per cent increase ,in value, S per cent more casings sent to the United States and Britain brought 46 per cent morie, ; 12 per cent more wool brought 39 per cent more' money, "This country depends for its higher

standard of living on three products, ' ' said Mr. Nash. "I was astonished myself. when I saw their value. Dairy products realised £47,170,000, meat, tallow, hides. and. skins £43,425,000 and wool £44,496,000— a total of about £134,000.000 for these items while the rest brought in another £12,742,000. "Available records indicated that' imports from the United Kingdom had exceeded all records. for the past 15 years. More than 52 per cent. of our total rcquirements came from Britain as against 42.S per cent. in 1947 and 47.9 per cent. in 1938." The agreements under which New Zealand sold her butter, cheese and meat were doscribed by the Minister. He also diseussed wool marketing and the reserves built up against a possible drop in prices. "This means there are funds totalling something lilce £40,000,000 to meet any rqeession in pricpj^of dairy produce, meat or wool," he adL .. cd. ' 4 I .cah' sea- daylight ..for seyerai , years ahead, siiffijejent m,oney being available to ensure that farmers Lpostd are covering without getting into that difficu'lt period we have gone into in previous periods of history."