IMPORTING MORE

Wairarapa Times-Age, 22 November 1939, Page 3

IMPORTING MORE

THAN IN AVERAGE YEARS DOMINION TRADE FIGURES. STATEMENT BY MINISTER. (By Telegraph—Press Association.) WELLINGTON, This Day. “New Zealand is importing even under the control system much more than it has in average years," said the Minister of Finance, Mr Nash, in a broadcast address from his office in Parliament buildings last night. The imports into New Zealand in 19,36, 1937, 1938 and 1939, he added, would constitute a record for any four years. If the imports for these four years were compared with those for the four years preceding it would be found that this country had imported almost twice as much since 1936 as was imported from 1931 to 1934. The figures for the imports since 1931, to the nearest half million pounds were as follows: —1931, £26,500.000: 1932, £24,500.000; 1933, £25.500,000: 1934. £31,500,000; 1935, £36,500.000; 1936, £44,500,000; 1937, £56,000,000; 1938, £55.500,000; 1939, over £50,000,000.

"For the first time in the history of New Zealand our imports for three years in succession will be more than £50,000.000 for each of the years.” said Mr Nash. “It is important to remember this, for some people are talking as though the state of our imports and trade generally is not good.' What has happened is that the demand for goods occasioned, by the greater prosperity within the country has increased very considerably over that existing five or six years ago. and this demand for imported goods is not only a demand for finished articles but a demand for raw materials and equipment consequent on the rapid expansion of New Zealand’s industries. This increased demand is greater than can be provided for out of the available supply of] sterling funds, and so these sterling funds have to be rationed out in the fairest possible manner. “We can allow licences for imports only to the extent of the sterling funds we have on hand. The Government has set aside everything possible for imports, that is, after it has made provision for the payment of the interest and any capital amounts owing on our overseas debt. Not only had money to be provided for overseas debts, but also for local body debts, and I do not think that people would advocate that the local bodies should not pay their overseas debts in order that we might import more luxury articles. We have cut luxury items down a good deal, particularly such items as motor-cars and jewellery. In other cases we have been forced to cut down the importation of some particular grocery lines, but here the Government has tried to ensure that the health and well-being of the people shall not suffer in any way by this reduction."

Mr Nash said that compared with the corresponding period for last year, there was a whole series of commodities classed as raw materials, the importation of which had increased. Some of these were:—Cocoa butter, cocoa and chocolate, kapok, cotton piece goods, silk and artificial silk piece goods, woollen piece goods, artificial silk yarns, other yarns, materials for footwear, hatmakers' materials, paraffin wax, pig lead, ingot tin, bolts and nuts, brass pipes, hoop iron, galvanised plate and sheet iron, tinned plate and sheet iron, leather, printing paper (other than newsprint), fertilisers.

“Where restrictions have been applied, they have been applied to luxury or subsidiary lines that were not so essential,’ said Mr Nash. "The position simply resolves itself into a question of deciding which are the most essential requirements.”