WELLINGTON NEWS

Hokitika Guardian, 11 May 1926, Page 3

WELLINGTON NEWS

NEW ZEALAND’S TRADE.

(Special to “ Guardian.”) WELLINGTON, May 7

When should the Dominion’s trade statistical year close? This is a question that will give rise to much difference of opinion. New Zealand’s financial year closes on March 31, and that is not the best for the trade year. In Australia, the financial year, and the trade year both terminate on June 30, and our Government Statistician is inclined to adopt the Australian year. Our season is very much later than the Australian. Next month shearing wil’ have commenced in some of the Queensland'districts and some of the new clip will lie marketed in July. The position is different in New Zealand. The dairy produce season begins on August 1, but there is very little huttor and cheese available for export before October, and wool and frozen meat are not available until November. Tt is. therefore, much more reasonable to regard September 30 as the close of the produce year than June 30. Taking September 30 as the end of the trade year, then we have the export and import returns for the first half of the year to March 31. The exports for the six months just ended totalled £27.335,288 against £34,334.458. for the corresponding half of last year, a decrease of £7,0-19,170 equal to about 20 per cent. The imports for the period totalled £27,914,372 as against £25,513.170, an increase of £2,401,202, so that in the half year our trade was adverse to the extent of £9,450,372. This can be shown in another way. In the half year ended March 31, L 925, the exports totalled' £34,384,458 and the imports were £25.513,170; there was thus an excess of exports amounting to £8.871.288. In the half year ended March 31, 192 G, the exports wore valued at £27,335.288, and the imports at £27.914.372; thus the imports exceeded the exports by £579,084. Here again we see that as compared with the corresponding half of last year our trade was worse by £9.450.372. The decline in the exports amounting, as shown above, to £7,019,170, occurs in practically live items ol our primary products. T bus wool declined £4.550.310. the figures being £B,033,292 against £12.583,002, and there is little hope of any improvement in the value of crossbred wool. That means that- the lower range of prices has come to stay and the new clip will not do any better. Muttons show a

decline of £202,219 and lamb a shrinkage of £461.533, and we bare tlio testimony of Weddell and Co. that tbe outlook for mutton and lamb is not bright. Here again the lower level of values seems likely to last for another season or two. Butler shows a decline of £1,901,016 partly owing to contraction in production, but it is

difficult to forecast the dairy produce market bt'eaurie climatic eoLd.Uions play so important a part and those conditions can never be known in advance. Cheese shows the moderate shrinkage of £31.589, and these five items in the aggregate account for a shrinkage of £7,116.667; the totals being £22,210,478, against £29,357,145. Imports show a steady expansion, and there is a remarkable evenness in flic monthly figures ranging from £4,290,131 to £<.B3-1.489. Motor vehicles, tires and tubes for some and materials and parts account for the principal expansion in imports. In the six months to March 31st. last, 13,701. motor vehicles, not including motor cycles wore imported into New Zealand, and this was equal to 75 ve hides per day for every day of the six months, while in the corresponding half year the average was 55 vehicles per day. The value of the motor vehicles imported for the past year was £2,286,550. and it. took more than we received for the lamb exported dining the period to pay for tbe motor vehicles; as a matter of fact it. fell short of the amount by £200,000 for the amount realised for land) exported was £2,086,392. fit considering the outlook it is impossible to overlook tbe great industrial upheaval in Britain which has already shown that il lias far reaching effects for it lias disturbed tbe New York Stock Exchange. The consumption of the products that "e export to England must necessarily be curtailed, although prices for what is distributed may be satisfactory. This means that there will be further aeeuiniilalions, and when the strike terminates. there will be an impoverished community to deal with. The outlook is not encouraging, and the task before New Zealand is to curtail imports and to endeavour to economise and to exercise thrift. With prudence to help us we can pull through.