The Stratford Evening Post. WITH WHICH IS INCORPORATED THE EGMONT SETTLER. FRIDAY, OCTOBER 25, 1912. TRADE RETURNS.

Stratford Evening Post, Volume XXXIV, Issue 52, 25 October 1912, Page 4

The Stratford Evening Post. WITH WHICH IS INCORPORATED THE EGMONT SETTLER. FRIDAY, OCTOBER 25, 1912. TRADE RETURNS.

The import and export returns for the September quarter and for the twelve months to September 30th’ cover the most satisfactory period for purposes of comparisons in relation to movements of trade. Briefly, the result for this year is an increase of a million in imports, and £BOO,OOO in exports. A comparison of the returns for the September quarter with those of previous corresponding quarters given by the “N.Z. Times” shows:— 1912. 1911. 1910 £ £ £ Imports 4,843,402 5,542,966 4,932,027 Exports 3,062,178 2,712*874 3,311,146 Excess Im- \ ports 1,781,224 2,930,092 1,620,881 The quarter is always a light one for exports, being the end of the season, while it is usually a fairly heavy one for imports. The figures for the full twelve months to September 30th furnish a much more instructive comparison, however, and here we find the exports for the past five years comparing as follows: Including Excluding Year. specie. specie. ,1907-8 16,384,173 16,370,597 1908- 18,953,661 18,700,156 1909- 21,968,651 21,958,864 1910- 19,967,273 19,912,656 j 1911-12 20,762,155 20,714,595 The year’s total, apart from specie has an increase of £802,000, and is the highest on record, with the exception of the record year 1909-10. Dairy produce exports increased £717,000, frozen meat £280,000, grain £170,000, tallow £85,000, and hides £35,000. On the other hand, gold declined £293,000, wool (apart from skins) £150,000, live stock £103,000, kauri gum £16,000, and timber £27,000. The decrease in wool is entirely due to lower prices, as the quantity exported shows a moderate increase, the weight of exports for the past three years being:—l9o9-10, 194,472,9341bs ; 1910-11, 184,854,1491bs ; 1911-12, 189,553,7231b5. On the previous year’s prices there would have been an increase of £IBO,OOO, instead of which we see a decrease of £150,000. With frozen meat the increase in value is slightly loss than in weight, showing that prices have not been so good. In dairy produce £466,000 of the increase is due to heavier production, and £250,000 to higher prices. Lower prices have detracted from the revenue from gain in tallow to the extent of about £12,000, while with hemp improved prices have made up for the loss in production of some 1400 tons.

The decrease in kauri gum is entirely duo to lesser output. This is the case also with gold. The values of our imports during the past live years ending September 30th have been as follows:

Excluding Including specie. specie. 1907- 17,750,868 18,021,426 1908- 14,916,005 15,626,368 1909- 16,101,886 16,501,171 1910- 18,611,960 19,329,333 1911- 19,615,291 20,104,486 Dealing with above the “Times” goes on to say:—The increase in the latest year is just over a million. In 1907-8 there was a considerable amount of over-importation, and this was followed by a general reduction. The fact that the latest figures are two millions ahead of the total of 1907-8 suggests over-stocking, and it is clear that the aggregate would have been greater had there not been delay in the arrival of over-sea steamers consequent upon the London' dock strikes. The relationship of imports to exports has a very important bearing upon the money market, as our exports have to provide most of the wherewithal td pay for imports and also to meet interest obligations. The financial stringency of 1908, brought on chiefly by the excess of imports over exports, is still well remembered. Since then the balance has been on the side of the exports, and the extent of this is shown by the following figures ; Excess of Year. Exports. Imports. Exports. ££ ' £ 1908- 18,100,156 14,916,005 3,784,151 1909- 21,958,864 16,101,886 5,856,973 1910- 19,912,656 18,611,960 1,300,696 1911- 20,714,595 19,615,291 1,099,304 The balance is not so good as it was a year ago by £200,000, and is very (Considerably less than in the two earlier years. The comparative 'smallness of this balance is one of the factors causing restriction in the supply of money. Prospects for the export season just opening are, as far as can be seen at present, particularly bright, and the season’s total should turn out a very satisfactory one.