WELLINGTON NEWS

Hokitika Guardian, 16 December 1927, Page 4

WELLINGTON NEWS

TRADE AND THRIFT. (Special to “ Guardian ”.) WELLINGTON, Dec. 14. Tlic trade figures for ten months show that the exports totalled £40,259,995 as compared with £.49,020,207, in the ten months of last year, an increase of i 11,2119,798 and this is due mainly to three lines of our primary products. In the ten months the exports of wool were valued at L'l 1,508,7:il as against £10.742,7(51 in the corresponding term of last year, an increase of £775.970. The exports of frozen meat were valued at €4,5.40,0.17 against £4.250.31 1. the increase being £279.72.4. and the exports of hotter were valued at £7,117.5,229 against £4),.5.4.4,871. an increase ol £ 1.1 1 I ..4-58. The increase shown by these three items aggregates £2.19i ,0-51. in each case there has been an increase of the cpiantity exported. films the wool exported amounted to .582,47.4 hales against .571.21(5 hales, frozen meat .4.015..47 Icwl. against 2.819,1i12cwt., and butter 1 .050.022 cwt against 800,2(55. There was a small increase in cheese also, the figures being 1,176.040ewt against I. I I 1,977 cwt. hut there was. however, a shrinkage in the value, the figures being £ 1,210,900 against £1,907,17.4, which indicates how cheese values have slumped. Both butter and cheese are meeting with a poor market at the present time, and there are indications that there will ho a further drop in the Xew Year when heavy supplies from Xew Zealand and Australia are on the market. The exports of milk products, such as dried milk, condensed milk, etc., were valued at £259,755 in the ten months against £239.104. There was a slight decline in sheepskins, the values being £1,414,5.49 as against £1.420,0(55. Hides have met with a firm market lor some months past, and the exports in consequence show an increase, the values being £548.579 against £180.595. Rabbitskins, tallow, kauri gum. timber, and hemp show decreases. I lie slum]) in prices which followed the boom in 1925 is still being felt, and the drain on the resources of those who make use of the Post Office Savings Rank is illustrated in the quarterly returns. For the year ended September 40th, 1925, the deposits totalled £41.721,74(5, and the withdrawals to £41.010,291 so that there was an excess of deposits over withdrawals of £75.445. which represented a real saving. In the year prior to that the withdrawals exceeded the deposits by £911,100. This was partly due to purchase of homes on the timepayment system. For the year ended September 40th, 1920. the withdrawals exceeded the deposits by £902.024. and for the year ended September 40th, 1927, the excess of withdrawals over, deposits amounted to the huge sum of £2.850,720. The deposits for the year were £27,009.441, while in each of the three preceding years the deposits exceeded 40 millions, while the withdrawals totalled £40,550.151. There is no doubt that during the year many people* had to fall hack upon past savings to keep the wolf from the door. It is to he hoped that the current quarter will show some improvement. In the meanwhile the position must be very trying to the management of the Rost Office Savings Rank, for apart from providing interest on deposits, so large a sum has boon withdrawn by depositors. Xo wonder the Government is trying to induce the inflow of fixed deposits by the sale ol Savings Certificates which have currencies of one, two and five years. WOOL PRICES STEADY.

Two wool sales Tiave been held in the Xnrtli Island this month, one at Wellington and one at Napier, and at both sales prices showed a dec line as compared with the November sales. It is of interest to note that the prices for crossbred wool of average quality should he almost exactly the same at the two selling centres. Fine crossbreds, 415-18's nvenrged 15i{d at both centres, medium crossbreds 4 1-14's averaged 15d. coarse crossbreds 10-44’s averaged 12;'|d and low crossbreds 4(5Ifl's made 12d. filtis seems to indicate that the market has stabilised at these prices, and if the.' balance of the crossbred wool still to he offered sells as well, growers will have no cause t;> complain. At the London sales which have just closed the market has shown rernarlcn bio firmness, and crossbred wool sold very well. The chief support of the market is the Continent, for Bradford has yet to reduce costs of production.