FALL IN IMPORTS

Gisborne Herald, Volume LXVI, Issue 19998, 25 July 1939, Page 11

FALL IN IMPORTS

f, • , , - . PRE-CJONTkOL PERIOD DECLINE OF' £3,656,000 ANALYSIS BY BUREAU Two arguments, that When import control was introduced imports were already decreasing, and that owing to the volume of orders placed before December 5 last control showed practically no blm'istical effect /'up to the end of March,' although it threw tiie whole importing business into chaos, are put forward by the Bureau of Importers in ~a statement issued to the press.

"Oyer 12 months ago. when complaintg .were being made from one end of New Zealand to the other, of the t&rriffic increases in importations -pi djp'es eotnpetinß with lotal mapu'iaQtuV.es, , the Bureau of Importers contended that the pefition would Adjust jits,elf, v says the /statement. “It, was claimed that- the heavy importations for the year 1937-38 were forced by the necessity of replenishing stocks depleted in the. previous year. We were confident that if,no interference took place there would be a natural adjustment of imports tc exports.

. . -V i. . V- i X<U V/AJ V v “Almost Alarming Decrease “In the official figures just released for the year ended March 31, 1939, the importations ,in those commodities which compete with local industry show an almost alarming decrease, and. it cannot be held that such decreases, can in any way be attributed .to ithe< import.control. regulations. It will 'be recollected that all 1 orders placed before December 5 were admitted, on pro forma licenses, and, in view of the amount of forward •buying which is always done by importers, the ilrrpaet of the regulations -was barely felt -in March .this year. The following figures are quoted in substantiation of the bureau’s claim:—

“The aggregate imports fe,ll. from £58.064,559 in 1937-38 to £54,408,447 in 1938-39, a decrease of £3 ,#56,112. The exports for the corresponding period dropped .from £65,007,940 to £S7‘|ti7v279, an. alarming decrease of. £7,140,667. ; Fall in PrimaVy Production . ;“Ibjiboitld bV-borne in.min'd, that, had exportji 'been maintained at the level of the previous,, year, the excess of.exports for 1939 would have, appi-oximitated £11,000,000. On the other hand, had imports remained at their 1938 level, New Zealand Would have, for tlie first time since 1931. shown an excess of imports over exports. , ‘“to date, ,the import control regu r latidns have done little mote than throw the whole Of the importing business into a state of chaos, without at the same time showing any appreciable recovery .in sterling funds. The Outlook for the future.at the, moment is .black., the Government has funds, neither in New Zealand nor in London. Our vofiime of production from primary industries Shows ap alarming decrease, and it seems obvious that, until such time as thg primary producers arc able to adjust their costs to their returns, and our import and export trade resumes normality, the Dominion s future is definitely jeopardised.”

C 1U AII1. Hats, caps & 1937-38 £ 1938-39 £ Decrease £ millinery 241,515 209,544 31,971 Hosiery 465,191 346,810 118,381 Apparel n.e.i. 1,806.771 1,347,853 458,918 Boots & shoes 708,393 583,245 125,148 Drapery n.e.i. 440,981 404,692 45.289 Carpets, etc Hardware 891.019 696,515 194,504 n.e.i. 1,055,076 975,293 79,783 Wireless - ; j , ; apparatus 596,538 387,955,208,583 Fancy goods 332,082 305,660' 26,422