BALANCE SHEET.

Dominion, Volume 6, Issue 1692, 7 March 1913, Page 6

BALANCE SHEET.

NEW ZEALAND'S POSITION. MR. MABIN EXPLAINS. ; COMMENTS BY MR. D. J. NATHAN FACTS & FIGURES. At the Trade of Empire Commission yesterday Mr. A. E. Mabin, chairman of the Chamber of Commerce, was allowed to mako the following explanation of his evidence of the previous day:—

"Regarding some remarks in answer to questions made by me at tlio sitting yesterday regarding the relation of exports to imports, more may bo read into my answers than I intended. Whilst it is a fact that our exports, at the present, are insufficient to pay for our imports, together with our interest obligations, yet-1 do not consider that the Dominion is in any financial danger. The heavy imports of recent years may be largely attributed to importations for works undertaken by the Government and local-bodies, and are in the nature of capital expenditure, which will, in the course of a few years, bring in adequate return for the outlay. In the meantime the trade returns do not look well, but there is no reason to think 1 that the capital expenditure represented by a considerable portion of our imports will not show better return and tend to increase the volume of our exports." MR. I). J. NATHAN MAKES A - STATEMENT. WHAT THE YEAR BOOK SHOWS. .Mr. D. J. Nathan read the following statement"Tne qmiirman"ui the Chamber ot Commerce, Mr. Jlaoin, according to tins morning's paper, has made statements —speainng, as ne says, lor tne commercial community—mat tnu Dominion is not paying its way,, and Iliac'no industries are being developed. It Mr. Mabm's statement is correctly reported, 1, as one of tne merchants or tuis city, a director oi tlie Hank of i\ew Zeamnd, and a past president of the Wellington Chamber of Commerce, tiesire to Have an opportunity ol : placing on record my statement tliat Mr. lUaoin's remarks would be confirmed by scarcely any otner commercial man in i\ew Zealand.

"It is quite truo that the Dominion for a lew years past has suffered from statements "of a similar description made by politicians for party purposes, but' none of us hero Have ever treated these statements seriously. Tho present Government, in a; statement to the London press a month ago when they invited subscriptions to tne last loan, gave an optimistic, yet true, account ot tne national position of tne Dominion. In the face of this statement by the Government, which is only continuing statements maito by the previous Administration, I l'car that Mr. luabin —clothed as he is temporarily with the position of president of the Chamber—has uliowed tne remarks he is reported to have made to be given rather too hurriedly and without proper consideration. "It would not be opportune to go into this matter in any great detail, but a glance at the O.hicial Year Book of 1912 will show that in every walk of life the Dominion has progressed, and we know it is progressing, in every sense of the word. "Tho population has increased. "The public- health has been improved. "'L'lie death-rate has decreased. ' "The number of children has increased. "The amount spent on education has been increased. ; "Tile trade, as per table on page '352, shows a growth of from .413,060,000 to .£'38,000,001), and this growth has been regularly steady. "The total trade per head, wealth of imports, and exports, show a steady increase. "Tho Customs duties have been decreased. "Our shipping, both in tonnage and number of men employed, has been increased. "Land settlement has progressed. "There are more peoplo on the land, producing more than ever they did before. "Native lands have been gradually absorbed and brought into profitable use. "The number of freeholders has been increased by 18,000 in 17 years. "The numbers of cattle, sheep, horses, and live stock generally have increased.

"The quality of the dairy produce has improved, and is improving. "Our hjcal manufacturers show a growth, both in the wages paid, the horse power employed, ami the amount of capital that is employed in land, buildings, machinery, and plant. "Tile output of the manufacturers has grown eight and a.quarter millions in five years. "The accumulation of capital in the banks that issue and the savings banks show also a continuous growth. The deposits have grown from filteen and a half millions in 1000 to twenty-six and three-quarter millions in 1911. 'i'lie banks' assets have grown from seventeen millions up to twenty-nine millions (page 121).

"The advances made by the banks have grown from twelve millions to twenty-two millions. "The Post Office Savings Banks show a continuous growth year by year. „" For „ th< ; Present, deposits in' tho Post Ofhce Savings Bank are seventeen miU lions, and as far as one caii tell, the.v are steadily growing, at the rate of about <£500,000 per year. "Building societies and other financial businesses show also a similar comparative growth. "The life and industrial insurance shows an equal growth. "The numbers of wills proved also show conclusively that the wealth of the country is well spread, and is increasing. "The growth of the income of the railways, telephones, and other public conveniences shows conclusively in niy opinion that tho Dominion is'not at'all in the financial state that Mr. Mabin is reported to have said it is.

"This statement is very short, and, as a past president of the association, a number of members of the chamber have asked me to make these remarks on their and on my own behalf, in the hope that the same publicity will be given to this short summary as has been accorded to Mr. Mabin's statement." NEW ZEALAND'S FINANCIAL POSITION. (Tb the Editor.)

Sir,—ln the report of evidence eiven before the Trade of Empire Coin mission, the chairman of the Wellington Chamber of Commerce stated that this Dominion was not paying its. way bv millions annually, giving as argument .that its imports with .public and private interest payments exceeds the exports. This conclusion is quite erroneous. In New Zealand many millions, which are supplied by loans and exports, aro being spent annually both by Government and private owners in development. The imports include loan moneys, which do not arrive here ill the form of cash, but in goods. If the, Government and people should stop borrowing they would also curtail their spending in improving tho country, but i\"W Zen landers could still exist and pay their way. The statement from the chairman of the Chamber of Commerce . appears unworthy of the occasion.—l am, etc., PHOGHESS. Wellington, March G.