PRODUCE AND MARKET REPORTS FROM DAY TO DAY

Evening Post, Volume CXIII, Issue 136, 13 June 1927, Page 11

PRODUCE AND MARKET REPORTS FROM DAY TO DAY

FACING- THE FACTS

AUSTRALIAN TRADE AND

FINANCE

•■•RvcMns Post," 13:h June, -trade returns of the Commonwealth for ten months ended 31st April still show a substantial excess of imports over exports. There has been a steady fall in the value of the former since November, when the total was £14,627,534, as compared with exports of the value of £12,----452,134. The position as at the end of April was as follows:—

OVERSEA TRADE OP AUSTRALIA. Ten Months. 192i)-2f(. 1926-27. Exports— Merchandise 125,206,279 113,958,164 Bullion and specie .. 1,820,636 10,860,658 Total exports £127,026,915 £124,818,822 Imports— Merchandise 128,037.845 138,G59,413 Bullion and specie .. 319,196 421,105 Total imports . £128,357,041 £139,080,51S

Excess of Imports £1,330,126 £H,261,69G To the increase in imports over 10 months the soft-goods division contributed a million sterling and the class machinery and other metal manufactures £4,000,000. Of the latter increase motor vehicles were responsible for £2,000,000. • . These figures are very interesting in their relation to the Public Debt of the Commonwealth and States. ; This indebtedness was the subject of a recent address by the president of the Actuarial Society of. Australia, Mr. Bertram Latham, A.1.A., who prefaced his remarks by pointing out that it was only when the debt over a long series of years is brought together, and compared with the growth of population that the seriousness of the position is fully, realised. The table, which he presented to show the growth of the debt over 30 years is condensed in the following figures:— . . rUBLIC DEBT OF AUSTRALIA. . . .... Interest ■J per he&d Year. Population. Principal.''lnterest, ofpopu. ■'£■.... £ £ s. d. 1896 3,510,000 179J45.000 7,081,000 2 0 0 1906 4,091,000 243,743,000 8,654,000 2 2 4 1916 4,875,000 457,095,000 '17,669,000 3 12 6 1926 6,076,0001,013,757,000 51,767,000 8 10 5 Mr. Latham pointed out that in 1928 Australia was considered to be very heavily in debt. Since that time the Public Debt has increased :by 22S per cent, per head of the population, and the annual interest payable thereon has increased by 326 per cent. Though it is frequently stated that a large part of the increase is due to the war, Mr. Latham, said-that that fact did not relieve any obligation to pay, and that the obligation must be faced in the same way-as with regard to debts incurred in other circumstances. After pointing. out the operations of the National Debt sinking fund of the Commonwealth, Mr. Latham gave it as his opinion that the extension of efficient sinking funds to all Public D.ebt is urgently required, and there are. indications that Australia may be forced to provide sinking funds for all new and conversion loans issued abroad. He went on to say that ! if borrowed money were wisely expended in productive undertakings that earned interest and sinking fund on cost there would be little ground for concern, but 1 such was not the case. The present state I of affairs could not go „on indefinitely, and ! the position should be. laced without dcI lay. - " ■" ."