IMPORTS AND EXPORTS.

Dominion, Volume 2, Issue 609, 11 September 1909, Page 10

IMPORTS AND EXPORTS.

Sir, —I noticed some days since in The Domtn'ion ft remark .of yours at which I was surprised, and on. which I wish to say a word.' iou spoke,.of it as a proof., of an improvement in j\ow Zealand s position and trade that, lata returns t Show a .healthy increase .'of over' ono million in our exports,- and a healthy decrease : i n . ou , r . imports of. 1} quarter millions" I have forgotten the - exact sums). Is that a sign of health?. Does it not rather show that wo are gone ovor two millions to the bad? Wo sent away so much more,'and received 60 much less. You did -not giyo tho gross sums, , or I have forgotten, thorn;' but wo will suppose we exEngland .£20,000,000, and' imported. That means, wo. paid to England .£3,000,000 inoro than she paid to us. For it is sure enough we don't get -£3,000,000 in gold and siy'cr from England. < What, • then, becomes of this sum ?. Why, England.kept it to pay tho ' interest. on the. loans, wo have raised from her, i and wo are all .that to the bad.' And the more j our; exports,excccd our imports, tho more are j wo our of pooket, for oxporU represent our J payments, and imports our receipts. . You t are noarly, as bad as-Afr. Seddon, who, when in' England, • made a speech'at Warrington,' and told his audionce that as England's exports were .£163,000,000 leSs.than her imports, ehe.was sending 163 million golden l sovereigns ®Y. e jy, year out. of the country to-pay for tho difcerence. At- which astounding piece of'ignorance English'political economy broke out into a cackle of. ridicule.. -'Tuner! carao out with a cartoon showing,tho Premier-of England presenting Seddori with a souvenir of-"his visit to England, ''The A B O of -Political Economy." buoh■ &; display, of childish-.ignorance was astounding, even in our mountebank talker, for in., the first j)lac6 " there are not; 103,000,000 soverel§fis -Coinage, as to. .payment in' bar goJcv and silver, why, England produces noiie to. speak > of> 'but is the largest importer of bullion in the! world. ' i-' ;Tc reduce your argument to an extreme-point' (for-a reductio.- pd absurditm is sometimes the mwt.convincing argument), let.'us suppose^we exported to England. MOOO,OOO worth and im. ported nothing;vwhat one would gather frohi. that .would be . that sho was'taking that amount | from,Us in payment of debts owing to her, and I' \ \ see that' is; any: evidence.: of a healthy.i ®i? ow Zealand 1 trade,, or ;any : hdalth at v . J: t ; I -toko it,/if .we' are importing, a' million or two moro than we are exporting, we" . wwecemng that amoiint in payment of come debt, or: as profits, on our exports. -I. have' ,this day eotne aoross, the statement in' Triu -UoMiNioi?' that England ,'receivea yearly" merely, as. interest on capital invested in •foreign' countries /and; colonies, of which :wO) t>.iy. our- over-full .share.' • ... ThoTfl i§ no doubt' with our present indebted. ne?a our exports must exieed-our imports to the ■Jmount;.af:interest vie have to pay, but it cer:tain/7: is; ,no * sign of. health oi-';wealth;' nor," provided our borrowed-money is weir spent, is : ,it -a,proof of;an unhealthy .state of things.' You, however,, are constantly. aSserting' it is : .trouble ahead. • Some one mhy/ask, ; would it'not- bo -a fine to • sell •• our wool;! beef, mutton, butter' ,oto„. ana get gQld and 'silver-'for. it? -- What • i A ? /' -What.do",.we now..! rulj}' I , Wli|J* r Sell it to England, for. We are mare" thnif;,we *tM. fot> jHU/lf-we"' have'fatjr.-little' other-.usb' -for it.- Got-' ting coined for bar .'gold: will-toot' enrich 113 « pehny, ;-b<icansi:; ; nn.-,.ounoo' of . gold is worth" its 1 .Y^"Av 11 i ; moro,:no less,, and to ■do.this.to any extent,'if ond could, would only no-; to; maJje'.mo'ney 'sijmuch, tho 'bh'eapeiy and;everything.to bis bought' frith' money 60 .much deafer.Vl. ara,: etb.YH •

D IIAETIN GUBB .■! Port, Albert, August' 28. ' - [Assuming ■ thiit our correspondent is correct in- jus-statement that; the balance 'between oxports, aiid.-imports, is retained; in' England to P,' l y on our- debtj Burely. he must see that, it is'very much'better, that this should happen than,that.wo;should import;to the full' value : of our : exports,; ahdi then havo 'to pay interest on: our-'debt from''our savings, if we havo .any. , .But, 'our-point, was that, in tho' ciroumstonces, the .posil ion stated .'was a good sign..;^' Tho reduction in imports denotes a needed economy , required :to.- balance the posi/ tion created twelye,months ago by the increase m the ( valuei of imports in faco of a drop iu the value of .exports.]' " ■ - - - ,:....