MARGIN TOO CLOSE

Dominion, Volume 19, Issue 118, 12 February 1926, Page 8

MARGIN TOO CLOSE

DOMINION’S IMPORTS AND EXPORTS By Telegraph.—Press Association. Auckland, February 11. In a speech at Kaitaia, the Hon. A. D. McLeod said this niorning that New Zealand was the greatest trading country in the world for her size. The latest figures showed £lOB a year as the trading figure for every man, woman, and child. During the calendar year just closed, primary products comprised about 96 per cent, of the total export. There had been a favourable balance in the trading account of about £3,000,000, but considering that .we had to find about £5,000,000 a year in London to pay interest on money borrowed to aid the development of the country, there would have to be a larger margin between imports and exports. If the country was to be prosperous, there should at least be enough to provide interest payments in London.

“I know that from what we are getting at present, wool and mutton will show a decrease on the year of not less than £10,000,000,” he said. “Where are we going to make that sum up? The work must devolve upon those interested in dairy farming, and I do not know whether you can do it, despite what you have done in the past. These matters are of grave moment to the Government as well as to settlers throughout New Zealand. I do not want you to think that I am a pessimist, but if the people are going to live extravagantly, then you will find that the Government will be extravagant too.”