WELLINGTON NEWS

Hokitika Guardian, 30 March 1928, Page 4

WELLINGTON NEWS

NORTH AND SOUTH ISLAND TRADE.

(Special to “ Guardian

WELLINGTON, March 28. I'm- the calendar year 1927 the export trade of the North Island u - as considerably more than double that of the South Island, the figures being for the North Island £.14.028,231. and for the south Island £12,779.170. There is a big disparity between the two islands probably because the South Island is more concerned with domestic trade of the country than the export trade. In the calendar year 192(i the exports

from the North Island totalled £91,932.110, and from the South Island £18,24(1.197. The increase in the North Island for 1927 was .£2.090.118, and

from the South Island £533,387), the

total for New Zealand being £3,029.453. The small increase of a little more than half a million sterling shown by the South Island in a year of rising prices would seem to indicate that it has reached its peak in respect to exports. and the future prosperity of the Dominion will depend upon the continued development of the North Island, unless the South Island shows more enterprise in respect to exports. The greatest increase in exports was shown by Auckland, the figures being £12,930,087. as compared with £10,702.827. The Wellington figures show a decline of over £300.000, the totals being £12.490.112 against £12.829,095, the loss hv Wellington being a gain by Wanganui, through more ocean-going

steamers calling at that port for cargo. The proportion of the total exports contributed by Auckland in 1927 was 20;J per cent and by Wellington 25;J per cent. In imports the North Island total for' 1927 was £31.720,792 against £35,740,133. a decrease of £1,019,971. while the imports into the South Island amounted to £13,032,154, against £ 14,L49.401), a decrease of £1.087,246. The oversetis trade of the South I.slan ! is very much smaller than that of, the North, probably because the population is so much less. Our imports come mainly from the United Kingdom, the total for 1927 being £21,402,977. as compared with £22,752.022 in 1923, the proportion being 48 per cent of the total against 52 per cent in 1923. The totals from all British sources were (■'('A, per cent against (iSf per cent in 1923. Of the total trade, exports and imports for 1927, Auckland contributed 30 per cent, Wellington 29 per cent, Lyttelton 12 per cent, and Dunedin Hi per cent, leaving 20.) per cent for the other ports. STUCK 'EXCHANGE ACTIVITY.

The London and New York Stock Exchanges are both very active, hut it is mainly owing to the speculative fever in the United States. Already there have been thirteen days of frenzied speculation in New York, causing exhaustive to the brokers who have pleaded for a holiday season. Not content with speculating on the New York Exchange the Americans operated on the London Stock Exchange and have Helped to cause a boom there. On the London Exchange there have been extensive sales of forward shares, particularly of artificial silk, and it is a mystery where all the money is coming from. American buyers will help the British market and give ease to the exchanges, ft would not he surprising if gold is shipped from New York to London very soon. The wild speculation in New York is a source of danger. In Eehruary last the Federal Reserve Bank of New York raised it< re-discount rate to check speculation,

but that institution appears to have b st control of the money market, and now the gambling will not cease until it collapses with its own weight. The gambling lias been so intense and so prolonged that lbe aftermath which is hound to follow will mean heavy losses to many of the speculators. In London, although there has been heavy buying by those who really intend, to hold on to the shares and that lifts them out of the sphere of speculation. The shares that are being purchased are those that are popular, such as C'ourfaulds, the artificial silk manufacturers. In London the “settlement” for shares takes place once a fortnight, and there are four days allotted to the settlement. The first day is known as

“ Contango.” that is those who are unable or unwilling to pay Cor their shares arrange to have them carried over. The following day is known as “ ticket ” day. when the names ol buyers are furnished. The next day is “ intermediate.” and on the fourth day the shares are paid for. and is known as the “account” day.