IMPORTS FALLING OFF IN AUSTRALIA

Dominion, Volume 10, Issue 3050, 11 April 1917, Page 8

IMPORTS FALLING OFF IN AUSTRALIA

THE TUEN OF THE TIDE. The' trade balance of the Commonwealth as discernible from the official figures of jmporfc and export valuee is now tending in favour of Australia (says the "Atbub"). ,Por some time the high'cost of both necessities aoid luxuries from abroad, the drought in 19U-15, the scarcity of ships, and the borrowings of the Governments from Great Britain, have combined, with other and less patent faotors, to. oause a surplus of imports over exports to be in the statistics issued by the Cus-i tqms Department.. Australian merchants' bought very freely in the rising markets abroad, and have now the benefit of large stocks at costs which cannot be repeated. For the Tery reasons that these stocks will take a moderate period to dispose of, and that the extreme level of the oversea markets does not encourage buying, it is obvious that importations into Australia will decline substantially in the neat future. That this movement has already begun is clear to anyone associated with sllippinj. .It is not an uncommon occurrence for a ship to come, to Australia either tin ballast or only half full of cargo, und to. leave loaded well down to the PlimsoU" mark with Australian produce. Takine the Customs figures for the month of February, it is found that the Ta ] ue o f the exports exceeded the imports by 510, while the total excess of exports over imports during the last three months wrs ,£6,871,50*, as compared with for the corresponding thrte months a year previously. Those figures apply solely to merchandise, the gold and specie movements not being included. If the period since the beginning of the financial yoar (July 1) is tßlcen, it is seen that although the influence of the slack export period from July,to November is still strong, the actual exports exceed the imports for the first time since tho outbreak of war. This is displayed iu tho following table:— Imports, Exports, merchandise, merchandise. July-Feb. £ £ 1911-12 48,026,018 50,94«,465 • 1912-13 52,125,390 51,227,870 Wl3-U 52,413,733 (50,733,372 19U-15 43,934,2** 38,21)8,914 1915-16- 50,876,184 41,655,097 1916-17 ...... 55,710,901 56,301,535 Imports of merchandise aggregating in valuo will bo recognised anyone at all conversant with the tendency of prices during tho last few years to represent a very material contraction in the actual volpmo of goods to tho .£52,413,733 worth imported in the corresponding months of 1913-14. Another and a positive sign that imports are declining is the fact that, in tho coutsb of Hie last two monthe, freight from NewYork to Australia has been substantially reduced on two occasions.