TRADE AND EXCHANGE

Evening Post, Volume 91, Issue 91, 15 October 1923, Page 6

TRADE AND EXCHANGE

Some concern may be felt on a first glance at the importing figures for 1923. The Government Statistician shows that for the first eight months of 1923 they amounted to £28,222,288, as compared with £21,747,081 —an increase of £6,475,----207. When he is in a position to publish the figures for the end of the third quarter of this year, he will probably show that this increase is sustained. There has unquestionably been an increase in importing during the current year, as compared with 1922, but it must b© remembered that that was a. year of drastic curtailment and liquidation of stocks. As a matter of fact, the value of the imports of the first eight months of 1921 was £32,582,023, and of the same period of 1920, £35,474,843. So, then, the figures for 1923 compare favourably with those of 1920 arid 1921. If they are compared, as they always o N ught to be, with the exports, it will be found that while the irhports for the period in review amounted to £28,207,000, the exports were worth £35,531,000, so that there is a clear gain to the Dominion of £7,324,000 for the ■eight months. Importing is, however, increasing, and especially in

certain directions which need not at present "be particularised; but it is not beyond control.

If there were to be another "boom" in importing, the effect would be to ease the present tense exchange position as it affects the Dominion in its relations with London. Credit is piling up there, and the money is wanted here. It comes out, of course—at a price. But the practical suspension of shipments of gold to adjust the exchange position has thrust the responsibilities upon trading, and the exports of this country are Still, and it is to be hoped will continue to be, largely in excess of the imports. At the same time, the fact remains that to bring the money due to New Zealand on account of produce realised upon in Great Britain is a relatively costly operation, and can only be reduced under present conditions by an increase in imports. With respect toAustralia, New Zealand is a debtor country, taking far more in value of produce and manufactures from the Commonwealth than it is exporting thither. The- exchange position is very closely associated with our imports and exports, and, so far as London and Australia are concerned, that position is now almost acute. Its adjustment by the exchange of gold as formerly still seems remote. But it is preferable that the. Dominion exports should continue to be well ahead of its imports.