A—3

Depreciation and other writings-off totalling £2,664 are included in the expenditure. The main items of revenue for the year were : £ Stamp sales .. .. .. .. .. 3,769 Customs import duties . . .. . . 6,471 Income-tax .. .. .. .. .. 3,100 G. Banking and Credit There are no trading banks established on the island. The problem of providing a suitable form of rural credit to enable Niueans to develop their lands or to gain access to the soil has not yet arisen in Niue, though it is possible that the development planned for the island may require some type of financial assistance to be made available. H. International Trade During the year a fairly regular shipping service was maintained. There were fourteen shipping calls by the regular passenger and cargo vessels N.Z.G.M.V. " Maui Pomare " and the Union Steam Ship Co.'s m.v. " Matua." A special call was made by the Union Steam Ship Co.'s m.v. " Katui "to uplift copra. Two calls were made by the auxiliary schooner " New Golden Hind." H.M.N.Z.S. " Hawea " made an official visit in July, and H.M.N.Z.S. " Rotoiti" called in December to transfer Niuean labourers for Raoul Island. Exclusive of parcel mail, the inward cargo, 1,472 tons, and the outward cargo, 1,136 tons, handled during the year was a record amount for the port of Alofi. In addition, 2,771 bags of parcel-mail, mostly containing Native plaited ware, were shipped, and this also is an increase over last year's figure. During the year 113 passengers disembarked and 139 embarked, both figures being an increase on those for the previous year. Import and export values for 1949 exceeded the figures of 1948 and constitute new record levels for the Territory. The adverse trade balance is to some extent due to the comparatively, large importation of materials for developmental programmes. Comparative statistics for the last five years are as follows :

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Country of Origin. 1945. 1946. 1947. 1948. 1949. Import Values £ £ £ £ £ New Zealand 23,620 37,984 52,290 57,962 63,127 Australia 251 643 1,485 1,538 2,042 United Kingdom 2,935 6,503 1,721 6,452 9,081 United States of America 10 730 458 800 Western Samoa 116 21 1 *074 49 7 Other 40 796* 2,226t 3,049$ 1,704 ' Totals .. 26,972 46,677 58,796 69,508 76,761 Export Values New Zealand \ 27,674 29,721 42,266 45,046 50,533 Australia 1,662 6,142 2,926 1,677 1,505 Western Samoa 399 Other' 132 10 ' 46 14 Totals 29,468 35,873 45,591 46,769 52,052 * Includes India, £585. f Includes Rarotonga, £1,070. $ Includes India, £1,081.