EMPIRE TRADE COMMISSION.

Dominion, Volume 6, Issue 1733, 25 April 1913, Page 8

EMPIRE TRADE COMMISSION.

1 JIB. MABIN'S EVIDENCE. In his address to tho Chamber of Commerce at tho annual meeting, the president (Mr. A. E. Llabin) made the following statement regarding tho reception given to his evidence before the commission!— "An event of importance to us was the sitting here recently of the Empite Trade Commission. I was deputed by your council to put its views before tho commission. The evidence of the ' chamber was on tho line of pointing out that Now Zealand woe primarily a country producing foodstuffs and raw material, and wo required greater population and greater exports. The y& port laid before you to-day says regarding exports and imports:—''The figured do not show sufficient-margin of exports over imports, and it ie obviously highly desirable that every endeavour should be made to increase the productive capacity of tho Dominion.' I endeavoured, beforo the commission, to ntress this point. What I said in answer to questions was, I regret to say, very much misrepresented, • and given a construction 1 never intended my remarks to bear. The • Dominion depends upon its exports, and when wo liud as we have In the past two years, an insufficient margin to cover' the interest on public and private indebtedness, X am'only doing what my predecessors in this chair have done before me under similar circumstances in calling attention to. the position. This does not imply, as was suggested by -some critics, that tho .Dominion is not in a sound financial position, nor does it warrant. the inference that th 6 Domiuion is every likely to fail in its Interest obligations. The question has no political flavour, and is not one of Government finance. The Government adjusts-it-g balnnco between receipts and expenditure by means of taxation! It actually benefits by heavy imports which ■ assist in swelling its Customs revenue. On the other hand, tho Dominion lias to adjust any balance of trade by increasing its exports or curtailing ita imports, or both. »*o feel tlio effects if tho balance is airaniiFt us, in financial stringency. Our imports may bo increased by our borrowings, and although much of the borrowed money .13 reproductive and earning interest such as advances to settlers, land purchase, railways, and the lilte. tho interest eventually has to bo paid for by tho product of the land—our 'exports. This, gentlemen. Is my faith in a nutshell."