The Dominion. WEDNESDAY, FEBRUARY 24, 1909. TRADE AND COMMERCE.

Dominion, Volume 2, Issue 440, 24 February 1909, Page 6

The Dominion. WEDNESDAY, FEBRUARY 24, 1909. TRADE AND COMMERCE.

/More than, usual interest attaches to the\ annual .report of the Chamber of Commerce 'this year. : Generally the report is a rather dry document, consisting mainly of a record of known facts, and a useful collection of trade statistics, with occasionally a littlo mild comment upon the Government's activities. The current i;eport still retains these features, but the statistics are of .a very unusual kind. Instead of the customary* talcs of 'rapid progress, we find an uncomfortable account of a sharp declino in our commerce. Before. referring to the figures relating to exports and imports, however, wo must glance at tho.statisti.esof the trade of Wellington. The exports of produce for the whole Dominion in 1907-8 were 18 per cent, less than in 1906-7, and the shrinkage was most emphatic in the case of this port. The drop was from £3,858,318 to £2(872,063, a (mil-

lion sterling, or about 25l per cent. More than half the declino was accounted for: by-tho lower; price of wool, but the value of the exports of hemp, butter, and cheeso also, fell off substantially. When we take triennial periods, however, we find that the advance in exports has been steady. The total exports of produce from Wellington for tho triennium ieos-e jo 1807-9 amounted to £10,024,897,. which

i 3 greater than tho a,mounts for Auckland and Lyttelton, and over twice as , great ,as the exports from Dunedin. Oil the imports side, the same order of precedence holds good, Wellington, with £13.72&,721, leading tho way, with Auckland a million and three-quarters sterling less. These figures confirm in the most emphatic way tho general conviction that Wellington, already tho busiest trade centre, will in time •hold a position which will'make.comparisons' with other centres quite unnecessary. Tho figures relating to the shipping of the port reflect the trade statistics pretty accurately. The' total tonnage in 1907 was 2,687,741 tons, as against 1,913,488 tons in the caso of Lyttelton and ; 1,469,203 tons at Auckland.' •

The figures showing the astonishing falling-off in the value of the country's exports, and the continued rise in imports, have already been published. In the three years 1904-5," 1905-6, and (1006-7 the exports, exceeded the imports-by £3,277,498, £4,134,257, and £3,819,959 respectively: . In -1907-8, however, . tho shrinkage', in-exports left a preponderance of imports amounting to £1,380,281. The result of this sudden change in our trade we have, of course, all been feeling, but it is some consolation to know that the' net falling-off of £3,600,000 in the exports during the year 1 is . largely due to a check in prices. If prices fall, they can also rise. Indeed, when they fall badly, ; a rise is, an' almost inevitable sequel. At the same time it must be noted that the actual quantity of wool, which had been steadily increasing, actually decreased by a small amount, arid an inost" of the other principal lines there was"-also a falling-off in quantities produced. The Council of the Chamber of Commerce does ' not take a'.'buoyantlyoptimistic view" of the outlook. At the most, so its observations, may be. summarised, there is a good chance of some measure of improvement. "A substantialreduction in the volume' of'imports," it says, "seems to .be necessary in order to restore-the .equilibrium." Eetrenchment, public and private, will do much to bring, about a better condition of affairs, but something more than that is required. The whole course of the Government's legislation and administration must be so revised as -to restore public confidence and eliminate waste. , The tables in the report are well worth the close attention of everybody who has begun to doubt the correctness of the picture -which tho. Prime , Minister always paints when he deals with the commercial and.financial condition of the, Dominion. There is no occasion for' pessimism—the signs. of \an. improvement in the conditions which .have prevailed for some months past are already evident-but the as it. is should be faced fairly, .and foolish optimism is quite as much out of place as gloomy forebodings The tables which compare the position of the North and South Islands are very curious,and interesting. While the quantity of exports from this island increased by about 7,000,000 pounds, there was a decrease of about the same amount in tho Southernexports/ The substantial - decrease'' of about ; £400,000: in frozen meat is due entirely to the falling.off in the South, but there: is an equal decrease in : ,the -. exports of butter arid cheese from .this- island; . Altogether, the- decline, of oxport .values was about 17 per cent; in: ' the North, and 30.per.cent/'ih':tlje!.south : ~ a very remarkabio. disparity i indeed. The, Chamber has not much to offer, iri the way of. comment upon the. noh-itaitistical subjects .treated in the report.; It has again ,to make its complaint, we note, that progress on the Hutt railway works is "still slow." All hope has not yet been ,given up of securing the better representation of the mercantile community' on the Harbour Boards. -The arguments in fa,vour of ' such representation . are strong and obvious, and the Chamber is to be commended for its determination, to continue its campaign:,: The tendency, nowadays is so much in the direction of making the Parliamentary roll the- roll for every kind of election to locall bodies that very vigorous action- indeed will be necessary if ;: the .Chamber-is -to achieve its object. - It may almost consider itself fortunate in that its energies are not being callod; upon to preserve : the Harbour Boards from election on a basis, of: universal suffrage. ~ ■