WELLINGTON NEWS

Hokitika Guardian, 19 February 1932, Page 2

WELLINGTON NEWS

SHRINKING TRADIi

(Special Correspondent)

WELLINGTON, Feb. 16.

According to the latest Monthly Abstract, the imports into Now Zealand for the! (calendar year 1931 .amounted to £24,812,958, as compared with £43,025,914, a decrease of £18,212,956, equal to 42 and one-third, which is a very steep decline. But the downward trend has not yet ceased, for a great many business men in close touch with the trade anticipate a further decline. It, however, export prices advance, ot which there is scanty hope, imports will increase, for after ail our wants tire by no means satisfied. We are buying less from overseas because we have not the purchasing power. A satisfactory feature in respect to the imports .s that the bulk of iit comes from within the Empire, for of tho £24,812,958 no less than £17,432,152 was imported from Empire countries, and £7,380,806 trom foreign countries. Yet we buy trom che latter more than they buy from us, for our exports to foreign countries last year was only £2,475,315. Wit'll the fall in imports it is blit natural that commodities classified as luxuries should show the heaviest decline. Thus, : the value of the ale, porter; and beer imported last year was valued at £10,448, against £24, f 34 for 1930, a drop of about 62 per cent, 'Whisky shows a, heavy decline, the figures being £269,328 against £467,016, and the quantities 255,499 gallons against 432,809 gallons. Other spirits show similar shrinkages. The falling off in wines, which come mainly from Australia and 'South Africa, is pronounced, the value being £65,049 against £110,511. Cigarettes show a severe decline, the 1 value being £187,755 against £395,285, a decrease of £207,530, or well over 52 per cent. The quantity also shows a vast shrinkage, the figures being 524,0741 b against 874,4871 b. Tobacco shows a sympathetic decline, the ,-alue of the tobacco imported last year being '£471,849, against £(36,406. Cigarette and pipe smokers contribute an appreciable proportion of the' customs revenue, but sheer necessity has compelled thousands of men Ito • be very moderate smokers. Of course, some percentage of the decline in imports is due to locally-grown tobacco being marketed in an attractive style, while the quality also appears to be satisfactory. Clothing and clothing materials have also shrunk. The value of the hats, caps and millinery imported last year was valued at £17,391, against £319,487. Hosiery imports totalled £347,463, and apparel and ready-made clothing from £2,091,894 in 1930 to £1,160,248 last year. Imports of boots and shoes were cut by half, the figures being £445,579 against £928,685, The unemployed, or most ot them rtre tillable to purchase new footwear, consequently old boots and shoes are being repaired .arid renovated and made wearable. It seems we are being taught under the stress of circumstances, a very valuable lesson ill economy, Imports of mai'him’ry show heavy 'reductions, The value of the agricultural machinery imported last year was valued at 1£49,089 against £255,796 in 1930, which emphasises the straightened circumstances generally of farmers. Dairy machinery was valued at £95,751 against £lBB,Oll. Electrical machinery declined from £l,1722,376 in 1930 to £930,721 last year. Timber .shows about the heaviest decline of any commodity imported. The value of the sawn timber imports last year was £107,498 against £615,185 in 1930. Phosphates, it is pleasing to note, show an insignificant decline, the figures being £451,534 against £459,816, and this small shrinkage may be duo to variation in price. The fall in the imports of motor vehicles shows the tragic condition of the motor trade. East year 4014 motor vehicles were imported against 17,276 in 1930. It is not now fashionable to trade in an old car for a new one, the fashion seems to 'be to keep the old car in the garage, or on the other hand to buy a used car. The falling trade has had it s effect on business life, for business mortality last year was high. The number of bankruptcies was 827 against 780 in 1930, an increase of 47, of which 46 is the share of the Sooth Island. The deeds of assignment numbered 324 against 248, an increase of 76, of -which 39 occurred in the South Island. The aggregate of m.;h forms of insolvency was 1161 against 1083, an increase of 123, equal to nearb 12 per cent.