BALANCE OF TRADE.

Grey River Argus, 22 February 1927, Page 3

BALANCE OF TRADE.

IMPORTS AND EXPORTS WE LUNG TON, Feb. 14. “ Motor-ears and accessories,are very largely responsible for New Zealand’s adverse trade balance, but is the drapery trade doing its best to adjust matters?” asked the president of the New Zealand Federation of Drapers, Clothiers. and Boot Retailers (M. P. L. Halsted) in. his adress to the annual conference. “Are some of us not carrying heavier stocks than our turnovers warrant? If we are, we are not only doing the country harm, but injuring ourselves. as big stocks out of proportion to the turnover are uneconomic and would inevitably result in losses to those carrying them. “For some months past the spending power of the people has been materially reduced, ami this state of affairs will •ontinue until the adverse balance of trade is rectified. We are spending in excess of our income, an unhealthy state of affairs. “For the year ended September 30, 1922. the exports exceeded the import? by £10,889,098; in 1923 £3.969, 374; in 1921 by £1,398,813 and in 1925 by £5, 122, 103. In 1926, the other hand • imports exceeded exports by £3,208,030. I “The preliminary trade returns for ihe year ended December 31, 1926. show that the imports < weeded the exports by £4,613,988, while for the previous vear the exports exceeded the imports by £2.805,865, a difference of £7,319.853. I am glad to note that last year imports decreased by £2,566.844, but they wilt need to be reduced considerably more before the adverse balance •an be corrected.”