OVERSEAS TRADE

Hokitika Guardian, 25 February 1933, Page 6

OVERSEAS TRADE

AUSTRALIAN BALANCE

CALL UPON RESERVES

SYDNEY. February 9. Judging by the latest official return of Australia’s overseas trade it would appear that although there will be a favourable balance, there is no chance of completing the current financial y c ai\ without calling upon overseas reserves to meet the country’s commitments abroad. This statement is made upon the evidence afforded bv the trade results of the first six months of the year. An increase of £4,450,000 sterling in December brought the favourable balance of Australia’s trade for the first six months to a total cf £9,258,000 sterling. Although the position is gradually improving, tho total balance is lower by £7,717,000 than that of a corresponding period fob 1931-32. In addition to these figures, the latest returns show a further increase in the value of Australian exports. I a Australian currency the total of merchandise exported in the six months was £46,'248,431, wide the total of all exports, including £4,399,705? for bullion and specie, is £50,048,138. Although imports dropped heavily during December the total lor the same time in English cunency is £9,898,074 higher than for the first six months of the previous year and aggregates £30,950,856. Preliminary figures taken out for January indicate that there will be little alteration compared with December. Increase in some exports was very considemblo, hut generally the pversda price was lower, and the full benefit of the larger volume was not gained by exporters. Butter exports from Australia compared with' the corresponding six months of 1931-32 were 29 per cent greater in volume. The price obtained abroad was .much lower. Cheese increased hv 37 per cent at a steadj price. Greasy wool rose 4 per cent and scoured 14 per cent, with the prices in both cases slightly better. Lead increased by 33 per - cent,; but was accompanied by a decline in, price. Milk and cream rose 102 per cent at a reduced price. Meat exported wjha generally of smaller volume. Mutton fell away 51 per cent and met with lower prices and beef was lower by 26 per cent, with a drep in prices. Hares and rabbits were reduced in price, but an increase of 51 per cent in volume was recorded. Imports generally showed increases and where declines were recorded they were almost negligible. Increases occurred in petrol, lubricating oil, cotton piece-goods and gold and bullion. .In other commodities increases, cn the whole, wene of mitioi importance.