NEW ZEALAND TRADE,

Auckland Star, Volume XLVIII, Issue 148, 22 June 1917, Page 4

NEW ZEALAND TRADE,

SOME INTERESTING FIGTJBESj

GREAT EXCESS OF EXPORTS.

Mr. H. Beauchamp gave some mtereafc ing figures regarding the trade of New Zealand in the course of his address at the annual meeting of the Bank of New Zealand to-day. He said that the pros, perity in the Dominion continued, anj was fully reflected in the abnormal escess of exports over imports. Taking the produce year, which ends on. Septen> ber 30, the exports and imports (exclusive of specie) for the yen 1915-16 were exports and the imports £23,791,152, shewing an excess of exports, £11,135,384, In the past two produce years the excea of exports over imports has exceeded £21,000,000, or approximately £21 pa bead. In addition to this source of revenue, there was the exceptional expenditure of the Government for war purposes. The cost of the war to New Zealand is stated to be about a million sterling per month, and a substantial portion of this is spent within, the. Dominion.

Taking the calendar year, the excess of exports for 1916 is less by about £2,500,000 than the excess 6howa in. tha previous year. This is due to the very, large increase in the imports, and to tha only moderate expansion of the exports, Since the turn of the year, the exports show a substantial decrease. The figures for the March quarters exhibit a shrinkage in exports of £2,746,847, while the imports show an increase of only £380,315. The decline in the exports is probably wholly attributable to transport difficulties. The produce is available for shipment, and the Dominioj could probably furnish full cargoes for forty ocean carriers at the present moment, if the vessels were available. THE SHIPPING PROBLEM. The shipping problem is tbe greatest difficulty we have immediately to face, Ruthless submarining, which hr.s brought America to the assistance of the Allies, was begun on February 1, and the Ten. tons calculated on sinking 1,000,000 pet; month. As far a3 can be ascertained from unofficial figures, at no time since February 1 have the Germans succeeded in their efforts, although a considerable tonnage has been lost. The net decrease in the world's merchant tonnage in 1918 is estimated to have been only 200,000 tons, losses occasioned by the war and by other means having been nearly made good 'by new construction. The loss of tonnage has been greater since, Int against this must be put the fact that the entry of tbe United States and Brazil into the war has made available about 900,000 tons of German snipnjng. that was lying idle. Furthermore, most of the shipyards in the Allied countriet, including Japan, are working at hjgii pressure building merchant vessels, and it is reasonable to suppose* that tin losses through submarining will to a very large extent be made good. "Che matter of supreme importance; at the moment is to supply Britain, France, and Italy with foodstuffs and monitions, These can obviously be most expedt tiously supplied by the countrie-wreaissi at hand, which are able to produce them, For this reason, vessels engaged «p long-distance voyages are being withdrawn, wherever possible, and placed on the shorter routes. We shall, therefore; probably continue for a time to -experience difficulty in exporting and import ing. This "will, of course, cause s material reduction in our trade fignreS| and react upon us in other ways.' While on the subject of shipping, Ma Beauchamp referred to the sale of thtUnion Steamship Company of New Zealand, Limited, to the Peninsula and Oriental Steam Navigation Companyi Limited. He said: "The 'Red Rmner 1 line has taken such an important part in developing our coastal, intercolonial, and overseas trade that, on sentimental grounds if on no other, one cannot help expressing regret that its control should heve passed from a Sew Zealand to a British company. The fusion, however* is only in accordance with the trend of British-owned shipping, which is uaiiang its- strength with the object, no doubt, of successfully competing after the war with the German-owned steamship lines so liberally subsidised by the German Government." IMPERIAL PURCHASES. Not only have high prices -been ruling for prpduce, but . our fanners have escaped all marketing worries, for the Imperial Government has commandeered most of our produce, and has paid rati prices for all taken. From the commencement of the conumndeeTi up *° Saturday, June 2, 1917, , the Imperial Supplies Department in New Zealand had paid to producers the huge sum of £32,621,599, made up as follows:— Frozen meat (from 3rd March, „--.,_- ---1 915j £17,006^25 Cheese ("from 4th November, 1915) Wool (from Ist December, 1016) 10,8n,iH» Scheelite (from 20th September, 1915) **' 14a . Sheepskins (from sth .February, ■ - M 1017} , 130,W> Hides (from lath March. 1817) JJjjJ®? Slipe wool (from 31st March, 1917 f">S» Other items ~~~~ !&,<*» f33,62W599 Besides the products actually mentioned, the Imperial Government has control of the markets for butter, hemp, tallow, wheat, sugar, metals, etc; indeed, it may be safely said that practically all commercial products are now: under control.