BRITISH TRADE.

Auckland Star, Volume LVII, Issue 270, 13 November 1926, Page 4

BRITISH TRADE.

TURNOVER DROPS 11 PER CENT. DURING SIX STRIKE MONTHS. According to the returns issued by the British Board of Trade and published in last night's "Star," British foreign trade for the month of October was £14,743,000 less than for October, 1925. The exports, at £43,176,000, are the lowest t'.iat have been recorded for a considerable period. The comparative figures for the six months from May to October inclusive (practically the period of the coal strike) are as follow: — 1925. 1920. Imports £612,499.000 £592,564,000 Exports 376,775,000 296,775.000 Re-exports ... 73,875,000 55,128,000 Total trade £1,063,149,000 £944,767,000 From the above it will be noted that imports have decreased £19,635,000, just over three per cent; exports have decreased £50,000,000. over 21 per cent; re-exports have decreased £18,747,000, nearly 25 per cent. The total foreign trade represented in these figures has decreased 11 per cent. In noting these figures it must not be overlooked that prices are substantially lower in many important items than they were in 1925, and this naturally affects any comparisons that may be made. If the Strike Lasts. Writing on September 2.>, the "Economist" drew attention to some of the problems that appeared to lie ahead should the strike continue. One of the factors (said the writer) which tends to load the balance against British trade, in the absence of an early and satisfactory settlement of the dispute, may be the exhaustion of the stocks of coal, iron, steel, etc., with which industry entered upon it. Industry, being now dependent on imports of these materials, is being compelled to pay steadily advancing prices to obtain them. In the case of coal this feature is most strongly marked, our imports being now at the rate of something like 50,000,000 tons a year, out of an available world export surplus which is already being depleted at the rat* of about 80,000,000 tons a year by the absence of any British exports. The two figures are together sufficient to account for nearly the whole of that surplus, as it has existed in recent years, and any prolongation of the process would set in action forces which would mac it progressively more difficult for British industry as a whole to maintain its present volume of production. That the community "generally is, however, unwilling to take too gloomy a view is shown by the steadiness of industrial share values on the Stock Exchange and of the volume of bankers' advances, and by the August increase in railway traffic—which - arose, however, chiefly on the passenger side, and will now tend to disappear. SELLING THE CLIP. WELLINGTON STARTS OFF. J WITH SATISFACTORY ENTRY. Of the trend of the market it is impossible, according to the "Dominion," to get any indication. Selling brokers profess ignorance, and buyers are not parting with any information. In recent weeks Bradford has been wailing about dull trade, the miners' strike and foreign competition, and certainly the top market has not shown any buoyancy, Bradford may be content to do a hand-to-mouth business, picking up such lots as appear cheap. The Continental buyers were the principal operators at the London sales, and were responsible for holding up the market. America is an uncertain factor, although the Americans have been doing a little buying in the Commonwealth. It is generally agreed that wool is wanted, but the demand will depend upon the run of prices. If reserves are on a reasonable basis, a fair business will be done. The bogy of wool substitutes has disappeared, and in its place one may expect to see cotton urged as a reason for cheaper wool. Cotton is selling to-day at below the pre-war level, and the cheapness of cotton must react on wool. It is a factor that is certain to be given considerable prominence by the buyers. On Monday the new selling season for wool will commence, with a sale to be held in the Wellington Town Hall. Despite the drawback of almost continuous wet weather, there will be quite a satisfactory entry. The quantities to be offered by the several brokers, and the order of the sale, are as under:— Bales. N.Z. Farmers' Dist. Co 800 Wairnrnpa Fanners' 600 Abraham and Williams and Wright, Stephenson and Co. 1750 Dalgety and Co 1800 Murray, Roberts and Co., and Johnston and Co 1700 Levin and Co 3100 N.Z. Loan and MercantUe 900 10,650 Last year the total entry was 9814 bales. It should be stated that the above figures are approximate only, and it is believed that when the catalogues are circulated the actual offering will approximate to 12,000 bales. According to reports, this year's Wellington clip, and this refers to wool grown in the Wairarapa, Pahiatua. Manawatu and Marlborough districts, and marketed in Wellington,' is well grown and in good condition and light in grease, and a great deal better than the clips of last season. A full attendance of buyers is expected, with the possibility of two or three additions to last year's total. DAIRY CONTROL ISSUE. THE BOARD SUPPORTED. BY WAIKATO FARMERS. During a discussion on the merits of dairy control at a meeting of the Waikato sub.-provincial branch o f the Farmers' Union yesterday, a motion was passed:— "That this meeting reiterates its loyal support of the Control Board and congratulates it on the steady progress made in face of frontal attacks by interested parties, and anti-control* producers. It urges producers to accord whole-hearted support to the board with a view to giving a fair trial of at least one year." It was abo decided to protest to the Auckland Chamber of Commerce against the statements by the president of that body, which it described as gross misstatements and totally at variance with the High Commissioner's utterances published in the came issue of the payer.