COMMONSENSE TRADE

Hawke's Bay Herald-Tribune, Issue 106, 21 May 1937, Page 3

COMMONSENSE TRADE

-Pres* A«»n6mtinn '

Embargoes Are Politicians' Work AUSTRALIA AND N.Z.

(By TeleernDh-

. AUCKLAND, Last Night. A plea for a businesslike and cornmonsense view of trade between New Zealand and Australia Vas m.ade by Mr. R. H. Nesbitt) until recently Australian Trade Commissioner in New Zealand in a speeeh to-night at a farewell dinner tendered to him by the Auckland Chamber of Commerce. j The trade relations of the two coun- | tries, said Mr. Nesbitt, had hitherto | been governed largely by unreason. j Those Who had been responsible were not businessmen, otherwise the variou'? I embargoes and restrictions would have been abolished or never imposed. The old fallaey still persisted that export& wei'e gains an'd imports were losses. " In business some customers' account showed credit and others through bad debt§ showed debits. ;What really mattered was whether there was a credit on the whole year's. operations. It was the same with coun tries as witli businesses. Australia 'a credit in London, which was her banker, was £27,000,000 on last year's trade and Now Zealand's was £12,500,000, au increase of 3 per cent. over the previous year's figurc. Under such circumstances why should. the Dominion worry over' a few adverse trade balances? The Australia-New Zealand balance could be adjusted, it was true, but only by cutting down imports from Australia. 'At the present time New Zealand had no hope of groatly inereasing her exports to Ihe Comnionwealtii.