MONEY ROWS OUT

Sun (Auckland), Volume IV, Issue 969, 12 May 1930, Page 11

MONEY ROWS OUT

RISE IN IMPORTS, FALL IN EXPORTS MOTOR TRADE EXPANDS Although New Zealand’s exports last year fell to the extent of more than £8.000.000. imports during the same period rose by almost half that amount. This meant that the country's £12.000,000 excess of exports in 1928-29 was wiped out. Because of a shrinkage in the value of the Dominion's exports, a curtailment of imports would have beeu necessary to maintain the balance oil the right side. However, for the year ending March 31, 1930. imports totalled £49,167,914. an increase of £4,062.049, and exports totalled £49,045.51T, a decrease of £5,105,526. Thus there was left a surplus of imports amounting to £122,097, compared with an exces> of exports in 1925-1929 amounting to £ 12,045,475. The heaviest increase in imports was recorded by the motor trade, the value of motor vehicles imported rising by £609,200 to £3,925,900, that of motor spirit by £555,700, and that of lubricating oil by £343,300. The total of tyre and tube importations was £1,403,300, and other parts £272,900. Thus the motor industry last year accounted for £7,790.000. or more than one-seventh of New Zealand s imports, an increase of more than £1,000,000 on last year's figures. The increase in last year’s imports was practically an all-round one. Apparel and ready-made clothing, which was the largest single item after motor vehicles, was also prominent in the list of increases, the value having risen by £156,800 to £2.366,800. Two other classes of soft good< showed substantial increases. Cotton piece goods cost £1,976,900, a rise of £87,700, and silks, etc.. £1.275.100. an increase of no less than £240.100. Woollen piece goods showed a decrease of £66.200. and hosiery, on which more than half a million pounds is spent annually, fell £12,200. Cigarettes were among the few items which declined in value, the decrease being £117,700, and the total value £591,800. Tobacco, on which £739.900 waspent. fell to the lesser extent of £23,100. The other principal declines were:—Coal, £124,800; bage and sacks, £77,800; sugar. £65.806; and dairying machinery, £43,500.