WELLINGTON NEWS

Hokitika Guardian, 23 July 1929, Page 2

WELLINGTON NEWS

DOMINION TRADE.

*4? - ■ f |n- ||! (Special Correspondent). : 1-U : ■ ||! WELLINGTON, July 19. {With the release of the returns of orCTsea trade by the' Customs Department tor the period to the end of June itj 1 is possible to a comparison of t&s; country’s trade for the half-year arulbthe year. The exports for the y|s ended June 30th last amounted to which contrasts with £j37‘751,272 for the corresponding six ninths of; 1928, shdiyiiig an increase of £2Dj269. "'This is a small increase but nevertheless satisfactory for it shows that the volume is being maintained. It is hardly probable that pHe'es have helped, much in this for prices for many lines of produce have eased. Taking the twelve months to the/end of June the exports are valued as compared with £15,4319,285, an increase of £715,465. It’ will be noted that the greater part of the increase occurred in the first half of the produce year which rather gbe,s‘ to show that prices dropped in toe?,second half. The Statistical Department closes the produce year on June 30th, while several Chambers of Commerce, notably the Wellington Chamber, take September • 30th as the cSfe of the produce year, and the cfi&tnbers appear to be right, for in;the months of July, August, and there is a fair amount of tW] season’s produce exported. The poficy of the Dairy and Meat,Boards ig. .to regulate shipments and so a good dhp of meat and dairy produce goes in the September quarter, ijjcpfever, accepting the Statistical Department’s dictum the exports for the past twelve months fall short df the reqoi-d by over £IOO,OOO. The record watei reached in 1924-25 with exports . valued at £57,449,9 to, but the export fi|ufes for that year were greatly swollen by high prices, for in the following year when prices eased off considerably the exports fell to £46,386,87$, a fall of £ll,OOO,OOoionrtfie; pfepeding year; > > yffiiit! in ■ to®; &&& Jhst ended increased/ .production played a prominent part. We have-now had twtjjfavourable years for exports, and iiilfthe nature of things we cannot expe'ltjia continuance 'of such conditions. Otper countries {aro ? increasing their pfOmictions and 1 the 'competition for foreign trade is intense. If, as is prob|qlq, Dominions lose the British- prefaced, that will make matters, .worse. thei’lsame .time' reduce costs 'of production? so that with even a further fall in prices producers will earn a reasonable profit. ,Turning to the imports the total for the six months ended June 30th last was £22,537,443 as compared with £20,915,700 in the corresponding six months of last year. For the whole year to the end of June last the imports aggregated £46,508,009, which contrasts with £45,497,942 in the-pre-vious-year. There was no doubt that ' inj& and 1926 imports were affectedly mass insanity for in both those years;', the imports were well over the £50,000,000. The curtailment of impcsfsv;then became imperative until stocks were liquidated 'and that appears to have been accomplished last yep Now it is necessary to replace stbeks, and further the outlook is for ani'expansion in domestic trade and traders will need adequate stocks to ■ edter Ifor this trade. Of the total incite of £3,010,067 in imports for the yearh more than half the increase is shown by the second half of the year wjyifr seems to indicate that confidence irt'ftiie local situation is increasing. Th&jbalance of trade on the bare exported import figures are not as favorable as last year, for the balance ihfPitr favour is £9,826,741, while last y<gpit amounted to £12,121,343. But tha&Ds only of passing interest for we get even an approximate estate of the balance of trade until sdnip serious and sustained investiga-tipm'-is made into the invisible imports aifd-*|xports. The ramifications of these hidden. However, on the pctual trade figures the position is satisfactory and if it continues so all will?:be well. All the essential factors tbit,’ indicate a country’s economic conditions point to the fact that the conditions in toe Dominion were more satisfactory than they are now. The baht returns, the trade returns, the baifiruptcy returns and the transactions in real estate provide excellent reading and combine to emphasise the fdCt that full confidence in the country i&f Justified.