The Chronicle PUBLISHED DAILY. LEVIN. WEDNESDAY, FEBRUARY 11 THE FINANCIAL OUTLOOK.

Horowhenua Chronicle, 11 February 1914, Page 2

The Chronicle PUBLISHED DAILY. LEVIN. WEDNESDAY, FEBRUARY 11 THE FINANCIAL OUTLOOK.

1 iIK great. importance to New Zealand of ;i substantial export trade lias been touched upon in tiie.se columns .on various occassions. Many reasons, all true in part, have been advanced for the dullness of New Zealand trade in the last lew years, and the corresponding scarcity of ready money, but reduced to their basic truth all these reasons are shown to be rooted in the too-close approximation of our imports U> our exports. The excess of- exports represents New Zealand's means of paying interest on her public and private indebtedness. A sum amounting to about four millions pounds sterling is required to meet the annual interest charge upon this country: so it becomes obvious when our excess of exports runs to less than a milion pounds sterling, as was the case last year and the year before -that the effect upon New Zealand must, be severe .indeed; for the only way in which to make up (he balance is by borrowing more money and incurring increased interest charges. In the year ended December last an excess of 11,1 ">iS,O()O was disclosed, being some £200,000 more than the previous year's record. This slight improvement is somewhat satisfactory, especially when ii is remembered that a lot of primary produce that should have gone forward in December was delayed until January in consequence of the late strike. Probably it will be found, when Ihe statistics for the twelve months to . end 31st March next are completed. that a sum not far short of two million pounds sterling will stand to New Zealand's credit as an export excess. Gradually this country is Hearing the calm waters of financial peace but some rough leeway still lias to be made up.