DOMINION'S TRADE.

Dominion, Volume 2, Issue 440, 24 February 1909, Page 7

DOMINION'S TRADE.

' A YEAR OF SHRINKAGE,

SOME INTERESTING COMPARISONS.

: ' ' CHAMBER OF: COMMERCE REPORT. ■ Some interesting remarks on tlio Dominion's trade are contained in the report of tho ■Wellington Chamber of Commerce, to bo pre- .; waited at the annual meeting, to-morrow : For several recent, states the report, the export trade of ■ New, Zealand ha-s exhibited a substantial expansion from jear to year, partly as the outcome of advancing prices for our 1 principal products, and partly ;r -'as tho result of output of-oer-;.i\ tain commodities. ..-Unfortunately, however, tho year just concluded stands out in tins ' rospect as a periodt of'shrinkage and falling off, caused partly by: decline in prices and • partly by diminution in the output of somo of our'more important products. The doi olared value of the separate items of our ex- ■ - ports: compare as.| follows for four-yearly periods ending with September 30: — ' Goods. -■ 1907-8. 1906-7.' . 1905-6. , ISOM., £ £ £ .. ■ £ .. - . Wool : . 5,710,927 7,429,727 6,650,103 ' 6,642,182 Bhcopskinß'' 525,845 : 706,438 - 682.053 464,698 ' - prosen meat 3,052,362 3,449,176 - 2,854,692 ; 2,749,825 Xm" 1 " 1 ... 1,9i1,«9 2,226,341 1,832,432 1,594,335 ... : . 550,269 I «9.?t5 .-.314,697 •j -Gold •••: ■ I:.'.'. ... .2,043,975 - 2,135,593 2,164,625 - 2,035,291 Kauri cum - ... - 406,678 576,722 -. 575,742 ; 508,091 Homp 460 619 864,280 .. 742,354 - ,728,585 ' - Timber? -' ■ ... 346,264 \ 340,309 291,698 310.206 : G Md n, ; W |?J e und 93,554 79,697 193,995 310,812 ' °dccb .T 1,097,765.1,239,C21 1,132,475 936,464 T duce N ' Z .'. rro l 16,118,22119,687,575 17,560,724 15,525,386, Ee-olDorts J: ..' : 252,366 204,273 -,: 148.654 . 169,425 • • • .i! ll:sss 92/26 , 25.423- 9,325 Total. ...16,334,173 19,584,272 17,734,798 15,674,136 "With the exception of an unimportant increase in tho values of .timber, grain, and ''re-exports, a heavy falling-oil is shown m every line of this tabic. On wool, (including V sheepskins) tho : decrease is very ; £2;000,000: on frozen meat, •. £387,000 j.»on. ■ dairy produce, £315,000; tallow, . .over £96.000; gold, nearly £92,000; kauri gum, ■' V £170,000; hemp, £404,000.:. The total shows a net falling-off of £3,600,000,' of which wool -■> accounts for more than lone-half. ' Rcduood Prices or Quantities? - .: interesting'question arises, as to how, far this serious shortage, equal to fully-18 per cent.,' is attributable to; reduced prices • and how far to diminished quantities. Tho following figures; giving the weight or, quan-i titics of the prinoipal items, shed light upon this important question:—. .

• » : . 1957-S.• 1906-7. 1905-6. ISC4-5. ; 1 Pool (lb.) 163,930,722 164.C06,579 152.765,232 1^6.839,767 '^meat;(cirt.) v 2,022,050.!; 2,371,096 1,995,650 1,729,307 . Butter(owt.).' ■ 229,664.; . 335,046. ;. 316,973 .:. 318,467 Cheese (cwt.) ■ '273,761; 203,380.};'. 119,087; 79,296 Tallow (tons) .17,961 . 23,786 . 18,542 15,944 .gum (tons)"..: 5,905 8,853 / 10,192," 10,030 Hemp (tons) :: J. 19,156 - ' 29,040 . ; 27,481; 29,740 Wheat (bush.) 1,388 1 7,935 . 229,023 823,955 Oatai (bush.), ; 208,471' 831,943 •1,386,597 , As to Wool- the weight' is practically equal to that of 1906-7, the difference being inappreciable, and : the, heavy falling-off is .therefore wholly the result of reduced prioes. In fact it is generally recognised that the true shortago is even more than these figures disclose, as in many ports the.valuations put upon.the wool at time of .shipment were in exccss of. tho actual realisations.

North and South Islands. The quantities and vfdues of the shipments jtjin- tlie two islands in tho last two years somparo-as.follows: — ;■ .. . ' . :„• North Island. ••• South Island. ...- Tear. lb. , value. lb. - value. ' £ £ •' "• ' ; '190 M-' : '95,451,269 4,118,040 65,555,310 3,311,687 . ~ . 1937-8 iiH..: 102,168,607 : 3,415,551. • 61,762,115 ,2.29a,3/6 , ' • " One island shows inorease, and the other- "':;: jecrease, v in' the quantity shipped, , tho gain the one-case nearly balancing the loss in -'l ; cisthe otheriV •Wmtj-Following are the Withe valua- .' ''-Lions placed. upon our wool exports in the last sis j ears. — , 'i'i '. mM, toicLwr ib.,„}s-^-PP. r }!>• m*. 7.37 di per lb. ■' .' 19f1&7,'10.87d. per lb.. -: j -->*19114.5,9.053. per lb'. " 19814,- 8.36 d. per 1b... : . The rediietion in frozen meat' is entirely ; . v caused by diminished exports, the. result of ! ' "the drought of last season, which was spe-. cially sevcjro in the South Island. The values of exports from the two islands compare, as follows ■ Year. North Island. South Island. Total. ■, .. , ! ; £■' .' I'■ £ ; 1905-7 1,653,850 1,795,325 3,149,176 ..T 1907-8 -■ ... 1,68j!,E24' - 1,367,538. • .3,052,362 , ' v ■' : The-falling-off shows entirely in tho South Island, tho North Island, indeed, exhibiting ' - a slignt increase.:. But for improved prices • • ; tho net' shortage in value would .have been ;• • heavier than the. figures show. : "In butter tho loss is duo wholly to de<s» i creased output,: but it is partly made up by. the increase in ; cheese.' In thiß' branch tho two islands.compare as follows:-' . . . • .Butter. Cheese. Total.: •' . (forth'! Island,' 19C6-7 ... 1,526,C5 . 382,951 1,909.356' . nunu. X au ~.. . ... 5i8>3 67 ; 1,573,292 ' South Island, 1906-7 ... i 128,586 188,369 ...316,985 ... • .. 1907-8 ... . 91.C59 247,023 ' 338,117 Tho total values 'show a sligh't- increase in the South. Island, but a heavy deorease in ','the North. In. tallow, rcduotion in output ' • • ' accounts' for more than' three-fourths of J the : ..vfalling-oif,. the balance being due to lower, .prices. The -los.s in kauri. gum is fully accountod' for by' reduced". production,and would; indeed, have been heavier but for imprioes. vOf the shortago in 1 ;hemp neatly thrco-fourths .is dne to lessened output, and the b3linco to; fall in prices.' Tho ; comparatively light loss in gold occurs at Auckland,, tlio South Island, as-a'whole, '; : - &lio\vine a : slight;: increase.: On the whole ';.;'! it would appear : that, on : the. basis of .tho O iiore; important lines; lessened output: is: re-".•A.;:;;spdrisible^-'for. £1,600,000 falliiig- • off for the year, ..tlie Balance being' attri- . butable to reduction in prices. ■" <: ."

Imports. ; ,The volume of New . Zealand's imports again shows hcavv expansion, though the in- , crease is not quite so: great as .was that of 1906-7. upon . tno. . preceding year. :j. y ; ; The. values for the last four years compare as follows,. specie being stated separately Ports. 1907-8. 19CS-7. 19C5-6. 1504-5.' 7 £ ■ ■■ ■ ■ £■ 7 Forth Island— ' . - :• Auckland' 4,630,694 ' 4,184,076 - 3,210,600 3,253,740 Wellington 5,084,281, '4,649,870 3,994,570 3,463,174 OtTier N.I ' ports • ... 1,056,781. 869,630 698,072 632,970 BoutU'lsland—. ' •. . • , 'Lyttelton > .2,690,696 2,618,721' 2,300,962' 2,114,968 . ;i 'Danedin, : .2,550,282 : 2,368,4232,210,384 1,878,581 ■ Other 6.1. • ports • .'... 1,342,064 1,038,460 . 950,063 655,432 Total North s '.y :■■■'' '7 : v ■ • Island. ... 10,821,756 9,703,576 7,903,242 7,349,££4 Total South .. . Island; :. ... .6,562,942- 6,085,604, 6,461,409 4,658,981 Specie to all ■ ports •. . : 270,558 826,045 941,131 209,423 Parcels post - •-. ' '. porta 346,170 282,707 210,470 178.443 Total Colony 18,021,426 16,897,932 14,516,252 12,506,736 Total apart • •V from specie 17,750,868 16,071,887.13,575,121 12,387,313

It- may bo of interest to compare the values dominion's; imjrortis arid exports;for ;. the four -j'years: comprised . inthese tables, adopting,; for this-purpose, the figures apart •from specie, a-s giving the'measure of -mer- : cantilo transactions;; .The totals; are '-as follows:— : •Tear. Exports. : Imports.; . Eicess'. 1904-5 15,6641811 " 12,387,313. : Exports 3.277,493 1905-6 ■... 17,709,378 ■ ' -13,575,121. ■ ;Expdrt5,4,134,257 19C6-7 ... 19,891,t« 16,071,837 Exports 3,515,959 OT.'-e,... 16,370,687 17,75C-,B£B Imports 1,300,281 ' Financial Inconvenience. The sudden alteration-shown 'in the last twelvemonth in the balance - of :: trade, ; amounting 'to',-,a change of '£/>,200,000 in one , yearj has, naturally, been:, productive.: of : considerable financial; iiiconvenieiiMY to meet which the banks trading in the Dominion - have brought in funds from: outside to the ; /extent, of .four millions in the. twelvemonth". Even .this, large; suin, does not. fully meet 1 requirements or put an end to the- incon- , venience, and the course of trade in the . immediate future is a question of "importance and of somo ooncern. The .prospects of. the export trade of the Dominion for. the sea-'Clson?.;lSoß-9 are somewhat encouraging. '. An

increase in output may confidently bo looked for in wool, moat, find dairy produce, while gold .may be expected_ to give an average yield. -Turning to prices,- we fear that thoso for meat do not promise to 1)0 more than moderate) but those ruling for i dairy produce are most satisfactory, and prices of wool, though' still falling short of-thoso ruling in 1905-6-7, exhibit a distinct improvement upon 1907-3. Grain prospects seem also to ,be satisfactory, but thoro is no ground to hope for. any . recovery from tlio very serious fal!ing-off in tlio exports of hemp slid kauri gum, amounting togother to Nearly £600,000. While, therefore, a good measure of improvement is fairly certain, a fall return to the standard of 1906-7 is not to be expected, and a substantial reduction in,the volume of imports seem s_ to bo neces'sary ill order,to restore the equilibrium. The increase in this respect that has. taken place bf;lato, : amounting to over £5,363,500, or 43 per cent, in throe years, must bo regarded as excessive, and calling,for, - considerable; retrenchment. i-'v Vy