FINANCE AND COMMERCE

Press, Volume LXXI, Issue 21456, 24 April 1935, Page 13

FINANCE AND COMMERCE

NEW ZEALAND'S TRADE Sharp Rise in Imports FIGURES FOR YEAR ENDED ON MARCH 31 Detailed figures showing New Zealand Overseas trade for the 12 months ended March 31 last reveal an excess of exports over imports valued at £12,409.000 in New Zealand currency. This is the visible commodity balance, the value o£ specie being left out of account in calculating the total. For the month of March, concerning •which preliminary figures have been issued by the Customs Department in Wellington, the value of exports was £3,288,000 in excess of imports, compared with £4,289,000 in the corresponding month last year, and £3,149.000 in 1933. These are the only three months of March capable of direct comparison under the new official system'of issuing the figures in New Zealand currency for both exports and imports. The following table shows the trade figures for March in those years, the value of specie being excluded:— Exports. Imports. Excess. £ £ £ 1033 5,392,000 2,243,000 3,149,000 1934 .. G,755,000 2,4G6,000 4,289,000 1935 . . fi,131,000 2,843,000 3,288,000 A similar comparison for the three months January to March in the last throe years is as follows: — £ £ £ Exports. Imports. Excess. 1933 .. 13,048,000 0,716,000 6,332,000 1934 .. 18,085,000 7,271,000 10,814,000 1935 .. 15,660,000 8,499,000 7,101,000

For the 12 months ended March HI comparison is possible over a longer period, the official statistics giving values in New Zealand currency for the last six years. The result for 1034-35, an excess of exports amounting to £12,409,000, is substantially below the corresponding figure, £ 19.907.000, for 1933-34. The fall is due in part to a reduction in the value o£ exports, but much more to an increase of more than £6,400,000 in the level of imports. The latest figure closely approximates the result for 1932-33, and is markedly above those for the three preceding years.

The .table which follows gives the figures for the 12 months -ended March SI in each year shown: —

Exports. Imports. Excess. £ £ £ 1930 .. 48,412,000 49,430,000 1,018,000 ' 1931 .. 39,527,000 39,033,000 300,000' 1932 .. 33,943,000 24,761,000 9,182,000 1933 .. . 37,510,000 25,059,000 12,451,000 1934 . . 46,043,Q00 26,13G,000 19,907,000 1935 .. 44,918,000 32,509,000 12,409,000 "Excess of imports.

Returns for the first nine months of the production year, which extends 'from July to June, show a decrease in export values in comparison with 193334 which is even more marked than in the case of the year ended March 31. A decrease in exports and an increase in imports combine almost equally in producing this result, though the preponderance is slightly on the side of the import increase. The comparison for the last three years is as follows:

July-Mar. Exports. Imports. Excess. e c f<

1932-33 27,156,000 19,373,000 7,783,0()0 1933-34 35,729,000 20,217,000 15,412.000 1934-35 31,505,000 26,024,000 5,481,000

For March the value of specie exported was ,C 19.500. while the imports were worth £230. Jri the three months ended March 31 the exports were £154,400 and the imports £178,000. DAIRY PRODUCTION DECREASE IN OUTPUT .he dairy output in the Dominion for the eight months of the current season ended March, shows a fall 'of 8.1 per cent, compared with the previous season. On the same basis the decline in butter-fat calculated on export gradings of produce, to the end of February, was 7.5 per cent., and to the end of January, 5.8 per cent. During March 11,050 tons of butter were graded for export, . compared ■with 11,025 tons in March, 1934, and 7!)41 tons of cheese, against 9968 tons. The March output of butter was higher than in February, but the figures for cheese showed the usual seasonal decline. The weekly grading returns for butter showed comparative improvement toward the end of March, and in the last week of the month the return was actually above that of the corresponding week last year. Grading returns for export in the Dominion during the current season to the end of March, compare with the previous season as follows:

MEAT EXPORT THE SEASON'S KILLINGS HEAVY INCREASES Killings for export at all works during the 1934-35 season commencing October 1, 1934, to March 31, 1935, are notified by the Meat Producers' Board as follows, the figures for the corresponding period last season being also included: — North Island

Stocks on Hand Stocks on hand in stores in New Zealand on March 31, 1935, were as follows:

TRADE OF PANAMA NEW ZEALAND SI'IM'UES Mr SpalTord (Deputy-Director of Agriculture in South Australia) and Mr C. P. Butler, special commissioner writing for the Sydney "Morning Herald," who were in New Zealand some months ago enquiring into trade matters, made enquiries as to the source of the products that were used in Panama and the Canal Zone and the possibility of export from Australia.

Mr Butler wrote:—"We were greatly surprised to find that on the lonic, the ship on which we voyaged from' New Zealand, it was impossible to get Australian wines. We expected that New Zealand meats, butter, and cheese would dominate the menus; but there is no reason why French, Portuguese, and Spanish wines should not be replaced by Australian. There also should be an oportunity of placing" Australian oranges and grape fruit on these boats, and perhaps tinned fruits and preserves. This is a matter that well might claim the attention of the Australian Trade Commissioner in New Zealand. We also noticed that the opportunity for advertising New Zealand meats was taken advantage of on the menu at lal meals. 'New Zealand' lamb, 'New Zealand' mutton, and 'New Zealand' beef always showed on (he menu when these meats were served. "We have made a rule during our trip to taste everything once, and in the matter of meats we tasted during our stay in Panama City, once was quite sufficient. We learned that the import duty on chilled or frozen beef, mutton, or lamb is so prohibitive as to prevent any but the very wealthy indulging in such luxuries, the price being in the vicinity of 40 cents (Is 8d) per lb. This prohibitive tariff is, of course, enforced with a view to encouraging the consumption of meat produced in Panama, though most of that which we saw would hardly be used for sausages in Australia." LENDERS IN NEED AISTRALIAN MORTGAG K ES> CASE The New South Wales Slate Parliament has extended the moratorium on mortgages for two years. Since the placing of this law on the Statute Book the position has undergone some changes in which experience has obtruded the fact that the mortgagor, sheltered by the act, is sometimes better off than the mortgagee. There was talk in Parliament, while the bill was being passed,' of borrowers known to be living in comfort while those to whom they owed money were in necessitous circumstances, the mortgagor, having no income, being left in possession of the property and living in it. Remedies under the lav; are available, but, like many others, are not always suitable for application. A Moratorium Court decides problems of the kind and can make orders. The extension was made to enable a new Parliament (to be elected within a few months' time) to consider the moratorium generally on the rising scale of increased business. PRUDENTIAL ASSURANCE ASSETS OF £290,500,000 The report and accounts of the Prudential Assurance Company for 1934 show that the total assets increased during the year by £13,052,159 to £290,524,340, and that the total income was larger by £667,083, at £50,858,348. New sums assured exceeded £25,500,000 in the ordinary branch, and £60,300,000 in the industrial branch. In the two branches combined the tot\u sums assured, including declared bonuses, now amount to no less than £752,000000, which aproximates to one-tenth of the National Debt. ' Claims paid exceeded £26,700.000, o£ which £12,000,000 was in raspect of industrial assurance claims. A. feature in connexion with the sums paid in the ordinary branch during the year is the large amount in respect of endowment assurance policies which reached maturity. For 1933 the figure under this head was £7,000,000, but for 1934 the endowment assurance payments were almost £11,000,000, which far exceeds any previous payment under this head in the history ol' the company. The total surplus in respect of 1934 for the life branches is £10,028,218, including £1.069.280 brought, forward. Of this £3,327,259 relates to the ordinary branch, and .£6,700,959 to the industrial branch.

Butter 1934-35. 1933-34. Auyu:n Tons. Tons. .. 6,487 G.462 September .. 10,136' 10,912 October .. 15,195 15.850 November .. 23,125 23,166 December .. 17,350 18,520 January .. 17,675 19,919 February- .. 10,825 13,425 March .. 11,050 11,825 Total .. 111,843 120.079 Cheese 1934-35. 1933-34. August Tons. Tons. 712 691 September „ 4,225 4,629 October .. 9,890 10,983 November ... 10,530 17,493 December .. 13,319 14,199 January ., 13,6(55 15,385 February .. 8,957 11,083 March .. 7,941 9,968 Total .. 75,248 84,431

1934-35. 1933-34. Beef (quarters) .. 132,731 123,351 Wethers (c/csj .. 638,185 543,138 Ewes 59(3,202 491,913 Lamb 3,777,701 3,766,795 Porkers 275,183 206,977 Baconers 100,085 78,953 Boneless beef 57,058 240,668 Sundries 129,697 111,340 South Island Beef 28 Wethers 122,941 27,747 Ewes 315,581 120,090 Lamb 2,818,847 2,182,771 Porkers 14,034 8,995 Baconers 9,517 5,004 Boneless beef 15,708 28.886 Sundries 54,371 48.668 Total for Dominion Beef 132,731 123,379 Wethers 761,126 570,885 Ewes 911,783 612,003 Lamb 6,596,548 5,949.566 Porkers 289,217 215,972 Baconers 109,602 83,957 Boneless beef 72,766 269,554 Sundries 184,068 160,008

1934-35. 1933-34. Beef 22,555 58,201 Wethers 291,094 247,576 Ewes 429,903 208,936 Lamb . 1,780,291 1,740,707 Porkers 70,909 48,092 Baconers 22,214 18,817 Boneless beef 71,758 140,297 Sundries 37,282 59,153