TRADE AND EXCHANGE.

Auckland Star, Volume LI, Issue 201, 23 August 1920, Page 8

TRADE AND EXCHANGE.

INEXPLICABLE FINANCE. CHEAT I'.KITAI.VS TAM\. (From Uur S,„-I.U (',,i-res|.m.dent.J LONDON. -liiln H. (ill TllesdilV. .Mill li. Lite lllipiTitll Industries i lull tnne a dinii.'i- in iiiuii.tic i.l' Sir I'h.Uliiis Msi.'k.'iD-i.'. nil", in ilic L.nilll. sllill : "I II Ml lie. |.|V l-..111-.-1111'll tit the i|in--ti..1l i,|' ..\ehntif.... which I feel In lie :it the li. It..in ..I 111-.- ill Icliue (■> i"till'J 1U11..11 :st ill. Allies. \\ hil-t I I-.-.-...H----vise thai it' il i .nut i\ « ill in.! iini'l its clllTi'llt "I.lridiums by iiii-v.'ii-iiiL. la\alioii. it i- tfc.-sat-, i,.'uiako lluil country I", I thill lis ,-l-C,li'| is 1111-I,l'. |l. it is. Mil the ..titer Mmil. Illllteerssur... Hhl'lV ti nation's . f.-.lit i. U......1. sllell lis is ill.' .ii-.- ..ill. lit-enl I'.i-ii.-iin iv i-.1-ition 1" either \nieri.-ii i.r , tli.-r .-..iinlii.-s. This pli.-nld. ihituts in liiinnee whi.-h niifilit to be . leaicd up. I tun in-t (|iiito sure Aliici'ii'ii. bill ■\\ ttiiutt (is iiL'n il "us t>: lil.iiii'l.oiiii, nnd ii in- lime li. pay Ihnl debt 1.11 nt plir Mllllf. i.e.. 4.Slid.'l til lII.' pound. £J|ii.'ir(i.iii.ii iu,.it would be i'i.(|tiiri'd I" i-.\t iiiL'iii.-ii it. !'t.i-ri'iti\ i\ i-i: \m r. "Tin' p.isiiiiiii in I'nimc lvi- tin! tilti red iii'iirli ilitriii" tin pttst -is nil nibs, vet there iliiiliii the i-v-hatl",.' hits inipri.vi'd. iin.l in invi.iir i-i" I'Tiiticc. I know tlitit in (ids im titii'i linn i.ne hits tn -ider t'.-i- i|lli'sliuu Ml imports, bill I 1., li thni intrinsically l-'rilllii- is n,, betfel- lilt' tl.-tlllV than -'..• .in-- -is i.ii.nt'is nu... Why litis yivttl lltteltmii.'ii. Tiiere cmi l.c IK. ilm||l.t lii.it 1111.1.'11. in- HUM- ' it lire the mill-'.iin.itinns, nnd manipulations i.l" |iii.-iiui--r-. nnd nil.- ,-iiiiii. : help think inn thiit liny arc iimkiii:. a "hi;- thin;.: of tin* I'on.'tTlis nf nations in tii'.iiT tn ai-ctt-inuhlti- privately onli-idernhlo sums of money. It uiiirlil tn be pn--ili'i' to ui'iaiiiii' :t fairly regular i tniuliii-ilNtition and nut t.. alln'w lli.-e important matters to he undo the plnythiiij: ..I' liimiii-iers. Knr iiistnnee. In l--i-i.i-.iMis h,-t the i sterliuL' was worth oniv H.IS 'dnllars: two months litli-i- it rallied tn l.iic;.. dollars-, and it is in,w about H.!■•"> dollar-.. JIIiITAIVK l-'IXAXI i'.U. rosiTlOX. Our liuniictal po-itinu a- a nation has i'iiii:i(k';i .1 i-m| r.ivcd. I xpeiidiiure in ci.inin<r wit liin iiii-iune. Our imports and exports tne "Imwine. a ;n;!-.-:i more satisfactory lialt'.ti.'c: indeed, ntlf exports have increased cnnnui.u- > y—ami it is. of eiiuf-e. from it..-1 cased exports that improved et-cdit o,mies— whilst those of the Inked Stall-s im . dccreasinir. NKW ZEALAND Ai- FKITED. "What I nm specially conci'i'iieii til ton t is the present relationship of trade between New Zealand nnd the I'nitotl States of America, and I wish t.i express sin-, prise that n Now Zealand sovereign is not ■worth more than Hi/ when paying for ..roods purchase.l in America. New Zealand is now exporting directly and indirectly to America many million pound.-' worth of produce. This year she will export at least 3,0011,000 'lambs, representing between £3,000,000 and £4,U()0,----1100: and the wool which has been purchased from New Zealand also conies to many millions of pounds in value. But New Zealand imports from America yen' much less than she exports, yet she suffers the disadvantage of receiving only the equivalent of 10/ to tiie .sovereign. Now. what is tho position of New Zealand. Her import and export trade amounts to £H4.ooo,fl<H>, a sum within' £17.0(111,01)0 of till! total trade of the British Kmpirc when Ouceii Victoria came to the throne. Of that £S4.ll()l).1)1)0 £31,000.000 represent imp,. its. and exports amount to £33,000,000. These li-:-uies show an increase on the previous iigures of £0.500,000 in imports and £24,500,000 in exports. No country in the world could show a better economic balance. It is trite that siEtsuUie war we have added a sum appioat-firng £100,000,----000 to our debt, but that, even at ii per cent, would absorb only £.>.o()o,nno of the £24.000,(100 increase for the year. Most of the borrowed money not used for war purposes is interest earning.''