WELLINGTON NEWS

Hokitika Guardian, 23 July 1927, Page 3

WELLINGTON NEWS

THM TRAD JO J-'IGCRKS

(Special to “ Guardian ”.) WELLINGTON, July 21. Iho export, and import returns for June show that, the exports totalled '£■3,603,410 against £3.972.891. a. decrease of £369.477 while the imports totalled £3,038,533 against £3.710,075 in June 1920 a decrease of £78.112. Taking the six months to the cud of June the exports were, valued at £30,592,341 as against £29,492,834 in tho corresponding half of last vear.

in increase, of £1,119.507, while imports totalled C 22,200,704 against. £24.710,480. a decrease' of £2.015,87G. The excess of exports over imports for the six months amounts to the substantial sunt of £8,391.037. while last year the excess was only £4.750.254. ami on tho face of it this looks very promising. Hut the comparison of half the calendar year is scarcely satisfactory and it would he safer to take the produce year which by general consent begins on October 1 and ends on September .30. To the end of .I tine nine months of the produce year have expired and the exports for that period totalled £38,020,99(1. while for the nine months of the previous year tho total was £40,539,490, a decrease of '£2,018,491. that is tej say the national income suffered to that extent during tjlie period and purchasing power has accordingly contracted. It was inevitable under the circumstances that imports should decline, and they have shrunk for the figures for the nine months show that imports were valued at £34.509.599 against £38,887.530. mi that imports declined by £4.377.931 and the excess of exports was £4.011.397 as against £1,051.900. It is not a surprise that imports have fallen, but rather one is surprised that the decline is not more pronounced. Imports must fall a great deal more to bring about the necessary adjustment of the trade balance. The volume of the imports is not n matter of very serious moment. for if they are .in. excess of the purchasing power they are promptly curtailed and tho position is speedily adjusted. II is the decline 'in 'the exports that is of serious moment, for the exports provide the national income and Ihe spending power of the community, and iiu the nine months the exports are over £2,000,090 less than for the corresponding nine months of the previous year. A\ o have so much less to spend and that surely must affect domestic trade and employment. The fact that the imports jhave fallen in the nine months by £4,377,931 indicates that our merchants and traders will have so much less merchandise to handle and turn over and profits must sutler.

I.AXD TRAXSb'KIfS. In 'the .Monthly Abstract issued by llit- Government Statistician transit'! - * 1111(101' (bo biiiid Transler Act arc lurnished. The figures lor April and May the first two months ol the current Ilnanoiai year, arc available, and these show that during the two months there were I*7 transfers of country properties, tin l consideration being C1.987,SIU, while in the corresponding two months of last year the number was I Kit and the consideration In the same two months ol 19-A the number was IIIS7 and the consideration C:i.:tv,.:>sl. Compared with last year there were 1107 fewer transfers, and the consideration was C( 08.78(5 less, but compared with lb-d there were 500 transfers less, and the consideration shows a shrinkage of C11,,,811. Ibis decline would in some measure account for the shrinkage in the volume ol

mortgages. Another interesting feature is that the average value ol country properties has steadily declined. Thus the 1087 country properties transfci red in April and May 1925 showed an average value ol approximately £1900; the transfers in the two months of last, year, that is 1 191 transfers, the average value was clown to approximately £IBO9. while the 118 i properties transferred in the two months of this year show an average of only £IO7O. This seems to indicate that the values of country properties have declined, i! so this is a i'ongexpeeted movement and in the light direction. There is no doubt that in 191 7-18 the value of country properties was very much inflated and the slump of 1920-21 brought this out very forcibly. The position of town and suburban properties is rather difterent. The transfers in the two months numbered 3833 and the consideration £2,0 1H,131, while in the two months of last year the number of transfers was 4121 and the consideration £2,032,858. Thus it will he seen that although there were fewer transfers this year the consideration was greater, showing a rising tendency in values.