TRADE IN THE DOMINION.

Press, Volume LXIII, Issue 12961, 14 November 1907, Page 6

TRADE IN THE DOMINION.

There are always two points of interest in the annual returns showing the amount and valuo of our exporte. They indicate, first, whether our commerce is keeping pace with tho growth of population, and, secondly, how the advance, if it exists, ie attained— whether by an increased volume of exports, or by tho fact that certain leading lines have advanced in price. It is quite conceivable that, owing to an abnormal rise in the price, say, of wool or of meat, tho value of our total exports in any one year might show a gratifying advance on that of the previous year, whereas, in fact, the volume of exports might, owing to drought or an exceptionally eeverc winter, or an outbreak of disease among our flocks, be seriously dimin-

feted. The prosperity indicated in the firet return would'in that case be to' a great extent fictitious. It* is therefor© of importance in considering our export trade to not© the relation that its volume beare to its value, in order to gain a correct estimate of the prosperity of the Dominion. It may bo said at one© that the returns for the twelve months ended September 30th are more satisfactory than has been the case in some recent years. The period mentioned closes, as the "New Zealand Times" points out, the true statistical year for Now Zealand, bo far as exports are concerned, covering a complete season without the admixture of parts of two seasons, such as is involved in the twelve-month period ending March 31st, the financial year. During the period referred to, the valuo of our exports amounted to £19,892,377, against £17,709,378—b0th amounts being exclusive of specie. The total shows an advance of some four millions sterling over that of two years ago and of noarly five millions compared with the returns of 1902-3. All lines show an increase over last year with the exception of gold, in which there is c slight decrease, -and of grain, which, is less than half tho amount of the preceding year. "Wool has advanced rather more than throe-quarters of a million, of which about half a million is due to tho increased quantity exported, tho balance representing the additional value of the wool owing to the rise in price. Frozen meat has gone ahead to the amount of practically £600,000, of which about onetenth is due to better prices, the remainder being the result of greater production. Of the increase of £120,000 in the valuo of the butter export, three-fourths is owing to heavier shipments. The value of the cheese exported is nearly double what it was in the previous year, and again a very large proportion of the incroaso is attributed to heavier production. The same cause has operated, though to a considerably smaller degree, in swelling the total value of the hemp and tallow exports. Taking the exports all round, it is estimated that of the total increase of two end a quarter millions, "fully two-thirds is " the result of heavier output, and the "remaining one-thkd the product of "higher prices." So that, oven had prices remained stationary, the returns would still have indicated marked progress as compared with those of the preceding twelve-month period. Wellington-, it may be added, still retains pride of place as the chief port of export, and her total shows an increase oS some £400,000 over the past year. But her supremacy is being strongly challenged by Auckland, whose exports have grown by more than £600,000 in the year, and are now less than £200,000 below those of her southern rival. Napier and Lyttelton each show an increase of about £150,000, while Dunodin ie worse off by £133,000, a fact which should give her citizens cause for some heartsearchinigs. It is quite truly pointed out, however, that the heavy exports of flour and grain And produce which the South Island sends to tiho North Isand are not recorded in -these* returns, which deal only with over-seas exports. We can only hope that the returns for the ourrent twelve-anomth period will dhow as good all-round results, but it has yet to be eeen what effect the American financial crisis will have on the course of the markets for our chief products.