8.—6

V

It should be carefully borne in mind that the import values are based upon the fair market value in the country of exportation plus 10 per cent. This is the value for ad valorem and primage duties. The true landed cost is probably 20 per cent, in advance of the figures shown for imports owing to the high freights. The following comparative return showing the value of goods as compared with tonnage imported will be of interest. The proportion of value obtained from Great Britain, United States, and other foreign countries is also shown.

It will be seen that in spite of adverse conditions Great Britain has held its trade remarkably well. Nevertheless, the trade with the United States has increased in value from a little over two millions to nearly five millions, and there is clear evidence that the value of imported goods generally has appreciated all round by 70 per cent, since 1914. The necessity of obtaining licenses to trade has been abolished for most countries in Europe, and Great Britain only retains a limited list of prohibited exports and imports. Recapitulation of Estimated Revenue to be collected by the Customs Department for 1919-20. £ Customs revenue .. .. .. .. 4,400,000 Beer duty .. . . .. .. .. 270,000 Bonded warehouse duty, timber export duty, and other receipts .. .. .. .. 7,000 £4,677,000 LAND AND INCOME TAX DEPARTMENT. The net receipts in this Department for the past year amounted to £7,732,029; land-tax, £1,512,693 ; income-tax, £6,219,336 ; and, compared with the collection for the previous year, show an increase of £726,760. Land-tax. The land-tax receipts compared with those of 1917-18 show an increase of £126,985. The comparison is as follows :— £ Receipts, 1918-19 .. .. .. .. 1,512,693 Receipts, 1917-18 .. .. .. .. 1,385,708 Increase .. .. .. .. £126,985 This increase is attributable to the increased value of land in districts revised under the provisions of the Valuation of Land Act.

British Ports. United States of America. Other Foreign Countries. Totals. Year. Value. Tonnage. Value. Tonnago. Tonnago. Value. Tonnage. Value. Tonnage. 1914 1915 1916 1917 1918 £ 17,649,784 17,727,137 20.833,461 15,591,308 17,265,921 Tons. 1,360,843 1.172,859 | 1,005,906 826,786 784,334 £ Tons. 2,282,966 125,755 2,600,248 138,741 3,969.925 230,341 3.900,658 154,756 4,980,748 166,908 Tons. £ 125.755 1,923,346 138,741 ! 1,401,449 230,341 : 1.535.897 154.756 1,427,299 166,908 i 1,987,275 Tons. 52,157 58,457 63,697 74,238 37,495 £ 21,856,096 21,728,834 26.339,283 20,919,265 24,233,944 Tons. 1,538,755 1,370,057 1,299,944 1,055,780 988,737