OVERSEAS TRADE.

Press, Volume LXVI, Issue 19887, 26 March 1930, Page 12

OVERSEAS TRADE.

NEW ZEALAND FIGURES. EXPORTS DECREASE. [THE PEESS Special Service.] WELLINGTON, March 25. Oversea exports from New Zealand during February were valued at £5,624,836, or over £2,000,000 less tlian those for the corresponding period last year. Imports have an upward tendency, with a total of £3,968,218, which sum exceeds that for February of 1929. by over £200,000. The balance is therefore in favour of the Dominion to the extent of £1,656,618. On the month's oversea trade, ths low prices for wool and smaller shipments of this commodity are the chief factors responsible for tho decline -n the value of exports. The exports for January and February of this year totalled £12,002,689, as against £16,506,014 for the corresponding two months oi last year, and an analysis of those figures shows that about 75 per cent, of the decrease is due to the present state of the wool market. Quite apart from the large amount of wool that growers are this year holding back, it must not he overlooked that considerable quantities are still in store awaiting shipment, and that several sales have yet to be held. Looked at in the face of these facts the position is not so black as the bare figures may lead one to believe.

A bountiful season had favoured dairy production this year, and at the end of February the percentage increase on last year was 8.68 per cent. With several more weelcs to go it seems that there will be a ten per cent, increase in the butter exported for the season. An increase such as this would just about offset the lower prices for butter and cheese, and New Zealand's wealth from these sources would just about be the same as in the preceding season when prices were higher, but production much less. In spite of this increased production' the shipments for February are less than those for the same month last year. There is nothing unusual about this, for there is considerable fluctuation in the shipments of dairy produce, but when the large quantities in store are exported during tbe next few weeks, some of the present leeway in export values will no* doubt bs made up. Details of exports and imports for February of tjie past three years are as follows:

February, 1928—Exports, £7,842,822; imports, £3,578,238; excess of exports, £4,264,584. February, 1929—Exports, £8,056,083; imports £3,678,543; excess of exports, £4,377,495. February, 1930—Exports £5,624,836; imports £3,968,218; excess of exports, £1,656,618. Taking August as the start of the export the trading figures for the seven months show that exports are down on those for the previous season by £4,552,926, while imports have increased by £1,657,808. Details are given in the. following tables:

AUSTRALIA AND NEW ZEALAND. RESTRICTIONS ON TRADE. [TKB PRBSB Special Service.] AUCKLAND, March 25. A feeling in favour of the removal of the artificial restrictions which are hampering trade between Australia and New Zealand was noted by Mr P. H. Leonard, member of the Council, of the Auckland Chamber of Commerce, during a visit to Sydney from which he returned by the Maunganiii. Mr Leonard went there primarily as a delegate to the Pacific Botary Conference. The Sydney Chamber of Commerce entertained a number of Botary delegates, and opportunities were provided to meet many of the leading business people. "The general opinion is that both Australia and New Zealand have been rather foolish in tilting at one another in the way of embargoes on potatoes and excessive duties, which have limited trade between the two countries," said Mr Leonard. It was felt that the time had arrived for better understanding and more trade, because under present conditions commercial interests in both countries were suffering, and also shipping, there being so little freight across the Tasman. "We, of course, are of opinion that Australia is a greater offender than we, because we buy morn from Australia than she does from us," concluded Mr Leonard.

N.Z. GUARANTEE CORPORATION, LIMITED. Advice has been received that the usual interim dividends at the rate of 8 1-3 per cent, per annum on the ordinary shares in the New Zealand Guarantee Corporation, Ltd., and at the rate of 7 per cent, per annum on the preference shares for the half-year end«nl February 28th, 1930, have been declared, and will be paid on March 31st. The vacancy on the Board caused by the retirement of Mr T. M. Wilford has been filled by the appointment of Mr K. D. Duncan, of Wellington. TARANAKI OILFIELDS. - (P&KSS iSSOCULTIOV TXWGBAII.) GIBBORNB, March 25. Taranaki (New Zealand) Oilfields report for the \reelc ended March 22nd:Gisborne No. 2 well pumped mud into the formation, and succeeded in holding tho caving ground above 8.850 feet; side-tracked lost tools and drilled to 3910 feet In sort sand and shale, which also shows a tendency to cave in; the return mud shows a trace of oil; now endeavouring to obtain a sample at this ground with the core barrel.

Exports. r:! , 1928-29. 1929-30 & - £ August } .. 2,005,201 2,580,860 September .. 2,592,533 2,582,543 October .. 2,776,703 2,479,310 November .. 3,359,533 2,878,804 December ... 4,383,318 4,566,170 January. 8,449,931 6,377,853 February .. 8,056,083 5,624,836 Total .. 31,643,302 27,090,376 Imports. & ■ £ August .. 4,311,777 4,275,000 September .. 4,147,742 5,082,319 October .. 3,673,788 4,409,812 November .. 4,748,374 4,049,512 December .. 3,422,609 3,984*239 January .. 4,319,091 4;190,632 February .. 3,678,543 3,968,218 Total ■ ... 28,301,924 29,959,732