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Taranaki Daily News, 3 January 1920, Page 4

FACING THE FACTS. Tlie exports of the Dominion for tile nine months of 1919 are valued at £40,271,000. Regarded from the viewpoint of mere figures the '.amount must afford much gratification, for the highest sum in the seven previous years was in 1910, when it amounted to' £33,281,057, while in 1918 the twelve months' export value was only £28,473,479. Much political capital is being made out of this indication of progress, but as a matter of fact the figures are delusive. Id 1912 the exports were valued at £21,511,62 a, [so that, on paper, it would seem that lour production has nearly doubled, yet When the volume of these exports is tested, it will be found that the quantity of produce exported, instead of increasing as a whole, shows sign 3 of substantial shrinkage when compared with the output of 1914. It is the great increase in values that has brought about the rise which has been so marked during the war period, hence the ease with which the community is being deceived as to the real state of affairs regarding production in the Dominion. Another appreciable factor in the exports during war time, and since, was the shortage of shipping, resulting in large quantities of produce feeing held in store, so that the exports figures in any of those years I were no criterion of the amount of pro-

ductioiij or the true wealth of the conntry as represented by the volume of its output. The important point to consider is the quantities of the goods given in exchange for the value received. If a comparison is made between the quantities in evidence in 1914, and those in 1919, a far more accurate conception of the Dominion's prodncing power will be obtained than by taking the monetary value, but even then the shipping factor has to be taken into account, especially in regard to wool, cheese, and meat. The following table, compiled by the Wellington Post, gives a fair indication of the position: —

It will be seen that the greatest increases are in wool, cheese, hides, tallow, hemp and rabbitskms, while there is a shrinkage in meats, butter, leather and other lines. If the excess quantities and their values on the 1914 . basis were taken they would represent-a total of less than a million and three quarters sterling, but when the current prices are allowed foV in the total exports the difference for the two years amounts to slightly over £12,000,000. The obvious conclusion, therefore, is that very much less produce was given for the money in 1919 than in 1914—the purchasers paying very much more and receiving less for their money. According to the Government Statistician there is a shortage of sheep in the Dominion to the extent of 800,000, equivalent at present prices to a loss of £1,000,000 for the year. The shrinkage in wheat, owing to there being nearly 68,000 acres less Sown in that cereal this year, may be estimated at over two million bushels, the position being so serious that Mr. Massey proposes to hold,a conference with wheat growers early in the year in order to ensure sufficient wheat being grown in the Dominion so as to be independent of importations, and in view of the drought in Australia it is likely the price of wheat will rise and the supply fall short of requirements. The only industry that is forging ahead is dairying, and Taranaki has reason to rejoice at this being the case, particularly as the outlook is so excellent. At the same time it is unsatisfactory that there are fewer pigs than formerly; and some effort should be made to counteract the decrease. It is increased production on which there should be concentration, for the true estimate of wealth is to be found in goods, not in money. Given an increased output of goods, the money will follow as a matter of course.

Goods. Qu antlties. 12 months 9 months. 1914. 1919, 434,067 324,600 863,776 1,181,927 Kauri gum, tons .... 8,437 2,809 389,265 212,600 Leather, pounds .... 575,360 403,037 • 3,216,742 2,784,044 32,749 33,160 Hemp and tow, tons 459,440 19,876 Calfskins, no 182,128 GB.6G6 215,401 246,858 Sheep's pelts, lbs. .. 21,922,891 21,354,377 Kabbttskins, lba 727,516 1,378,0U 24,015 34,379 220,472,898 229,683,852 £25,984,717 £39,789,701