H.—44.

Wool and butter were the two principal items which contributed to the reduction in the total value of our exports during the last financial year. The value of wool exported fell from £10,610,979 during the year ended 31st March, 1930, to £5,464,228 during the year ended 31st March, 1931—a reduction of £5,146,751. The value of butter exported in the respective periods was £12,022,440 and £10,513,684 —a reduction during the year ended 31st March last of £1,508,756. Together, these two items accounted for £6,655,507 of the total sum of £9,518,033 by which the aggregate value of all our exports receded last year. The figures for the calendar year, with which it is usual for this annual report to deal, similarly show considerable recessions in values of both exports and imports during 1930 as compared with the figures for 1929. In spite of the fact that fairly substantial increases in the volume of exports occurred in some lines of produce, particularly butter and frozen meat, the total value of all products only reached £44,940,692 during the calendar year 1930, as compared with £55,579,063 in 1929 —a reduction of £10,638,371. Imports during the year ended 31st December, 1930, totalled £43,025,914, as compared with £48,797,977 in the preceding year —a reduction of £5,772,063. The net result for the year was therefore an excess of exports over imports of £1,914,778, which compared with an excess of exports of £6,781,086 for 1929. In other words, the visible trade balance as at the 31st December, 1930, showed a drift of £4,866,308 as compared with that disclosed at the same date in the previous year. To summarize the position, and to enable a comparison to be made with previous years, the following table sets out for each of the last ten years the value of our exports, imports, total external trade, and trade balance.

Exports. The table below sets out the quantities and values of the principal commodities exported from New Zealand in each of the calendar years 1929 and 1930.

2

Year ended 31st T , Xotcd External December Imp ° rtS - Trade. Exports. Imports. £ £ £ £ £ 1921 .. .. 44,828,827 42,942,443 87,771,270 1,886,384 1922 .. .. 42,726,249 35,012,561 77,738,810 7,713,688 1923 .. .. 45,967,165 43,378,493 89,345,658 2,588,672 1924 .. .. 52,612,711 48,527,603 101,140,314 4,085,108 1925 .. .. 55,262,272 52,456,407 107,718,679 2,805,865 1926 .. .. 45,275,575 49,889,563 95,165,138 .. 4,613,988 1927 .. .. 48,496,354 44,782,946 93,279,300 3,713,408 1928 .. .. 56,188,481 44,886,266 101,074,747 11,302,215 1929 .. .. 55,579,063 48,797.977 104,377,040 6,781,086 1930 .. .. 44,940,692 43,025,914 87,966,606 1,914,778 j,

1930. 1929. Item. : Quantity. Value. Quantity. Value. £ £ Butter .. .. .. Cwt, 1,884,237 11,854,056 1,653,807 13,228,027 Cheese .. .. .. „ 1,812,981 6,438,438 1,779,093 7,017,463 Beef, frozen .. .. „ 345,437 586,523 328,508 534,529 Lamb, frozen .. .. „ 2,145,651 7,200,863 1,849,397 6,786,053 Mutton, frozen .. .. „ 1,259,951 2,365,709 879,457 1,790,628 Hides and ealf-skins .. No. 947,766 510,683 958,719 677,925 Eabbit-skins .. .. „ 7,206,992 142,249 9,122,917 361,949 Pelts .. .. .. „ 9,477,561 1,190,718 8,559,739 1,423,606 Wool .. .. .. Bales 581,225 7,664,362 688,642 15,359,206 Tallow .. .. .. Tons 24,628 683,571 20,832 693,614 Kauri-gum .. .. „ 3,818 189,635 4,937 267,610 Gold .. .. .. Oz. 133,849 550,678 116,848 480,212 Sausage skins .. .. lb. 4,483,019 780,073 3,677,965 653,033 Other items .. .. .. 4,783,134 .. 6,305,208 Total exports .. .. 44,940,692 .. 55,579,063