Thk cabled information that tlie Customs revenue of the Commonwealth of Australia for the nine months of the financial year—from July 1. 1030, to March 31. 1031—was -C7.711.00.> below the Treasurer's estimate of £20.77/5.000 supplies an inuuessive ituliontion of the shrinkage of the country’s trade. The Budget had allowed for a very eonsiderahle drop in the receipts from Customs duties, but aetualiy the revenue from this source was over twelve millions below the yield for the corresponding period of the last financial year. The extent of the decline
in the imports is one ol the significant features of Australian trade. The Insurance and Hanking Uncord published.
in its latest issue, a (oinparison of the trade returns for the seven months elided on .January 51. This showed that the total import* for the period were* valued at £13.620,6.15 and the exports at £57,285.823. the figures in each case being ex ‘lu.sive of bullion and specie. When compared with 1929-30. the imports for the seven months showed a drop* from IS* ,216.-8-12 to £43,620,605. They were, in fact, ilist about one-hall ol what they were in the preceding year. The imports in. New South Wale* were £lB,279,775 as (ioinpai-.*d with £38,1(18.369—a drop of nearly 20 millions; in Victoria. tbev were £l-1,677.332 as compared with £28.235,829; in each of the other States there was a. substantial Fall; and for the whole Commonwealth the decline was £43,626.-
237. 'l’his simply means that the purchasing power of Australia has diminished in. a measure roughly approximate to the fall in the value of the imports. During the comparative periods to which these returns relate, the imports in New Zealand showed a drop of £7.380.7-10. On a tier capita basis, this figure places the Dominion in a light very much more favourable than Australia. In point of fact, while there is great reason for concern over the effect of the trade depression in this country, a large number of people in New Zealand bare no real conception of the plight to which, through unremuiieralive prices and nerveless administration, Australia inis been .reduced,
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Hokitika Guardian, 9 April 1931, Page 4
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345Untitled Hokitika Guardian, 9 April 1931, Page 4
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