TRADE AND FINANCE

Evening Post, Volume CIV, Issue 26, 30 July 1927, Page 12

TRADE AND FINANCE

PRODUCE & MARKET REPORTS FROM DAY JO DAY

ITRADE WITH BRITAIN

how: it is shrinking

FOREIGN COUNTRIES SCORE

Miv-G. H. Scott, president of the New flealand Association of British Manufacturers and Agents, at the recent meeting icJ the council of that body referred to the serious position revealed in the figures relating to trade with the United Kingdom, and in the course of his remarks eaid: "I doubt very much, if the people of tjur Dominion fully realise the extent to vhich the proportion of our trade with the United Kingdom is being reduced and the degree of increase in the proportion of our foreign purchases. The disclosed tendency of our trade figures taken for the period 1909 to 1926 must be a very disturbing fact to those who visualise the possible effect upon values Of our exports f f we continue decreasing the degree .of our pupport to the United Kingdom. "A SEROUS DROP;" "1n'1909 the percentage of imports into this Dominion from- the United Kingdom !was 62.68, in 1913 it was 61.48, but in 1926 it had fallen to 45.69. The years during which our imports expanded very largely were the years 1920 to 1926, and it is over- this period tEat the very serious drop in the percentage of our imports from the United Kingdom, has taken place/ ■ Commencing from 1919 (but particularly in regard to the period 1920-1026), Mr. Scott showed that there was a very noticeable rise, in the volume of this Dominion's imports; but it was a regrettable lact, he said, that foreign manufacturers obtained the largest percentage of the increase. The following figures relating from 'the period 1909 to 1906 showed the increased percentage in New Zealand's imports Jrom all sources, and. also supply an -fenalysis:— TTotal' imports 1009 £ 14,817,462 JTotal Imports 1926 £49,311,741 ■ : Increase 236.16 per cent, imports from United Kingdom ..;....... 1909. £9,287,786 (bnports from United Kingdom 1926 £22,752,622 Increase 144.97 per cent. friports from U.S.A. . 1909 £1,166,063 Imports from U.S.A. . 1926 £10,004,261 ' Increase 757.95 per cent. Imports from Canada 1909 £198,384 Imports from Canada 1926 £3,430,458 Increase 1629.20 per cent. •Total Foreign Imports 1909 £2,119,757 jtotal Foreign Imports 1926 £15,823,907 Increase 646.50 per cent. i BALANCE AGAINST DOMINION. ' Talcing years 1920 to 1926, the total Talue of imports from foreign countries amounted over the whole period to /92,760,811, said Mr. Scott, whereas the exports to foreign countries over the 1 same.period only amounted to. £38,075,----270, leaving a balance of £54,685,541 against New Zealand. This huge sum, he said, had gone out of the Dominion in hard cash', and no section of the British Empire was benefited thereby. "This position points to this Domnion's failure to create trading treaties with foreign nations that will enforce a greater idegree of reciprocity or, in other words, trade on the basis of interchange of corutoodities," concluded Mr. Scott. I AUSTRALIA AND NEW YORK. '. . (Received 30th July, 10.5 a.m.) NEW YORK (via Montreal), ..: 28th July. Reports are current in financial circles 5n New York that, the Commonwealth Bank of Australia is preparing to open an Bgency in this city. This step on the part of the bank is attributed to the contraction of the lending facilities in London. Mr. Armitage, Deputy-Governor of the Commonwealth Bank, is due to arrive here within a fortnight, in order to make ariapgements for the agency. He will meet local bankers and will determine the location and scope of the new agency. gome New York bankers are reported tc? be of opinion that Australia can ospeet the United States to enter the local market to the extent of one hundred million dollars within the next year or two. FOREIGN RATES OF EXCHANGE. (United Press Association.—Copyright.) :„ LONDON, 28th July. ■Foreign rates of exchange of 28th July, as compared with par rates, or as averaged first half of 1914, are:— • 28th 25th July- July. Tar. Brussels, belgas to ■ ;£ 34.9$ 34.93 — Paris, francs to £ 124.10 124.05 22.22% Stockholm, kroner to £ 18.12% 18.12 Oslo, knr. to £ . IS.SO 18.80 15.12 Copenhagen, kroner to £ 18.15% 18.15% 18.12 Berlin, Reichmark to £ 20.41% 20.40 — ■Jlome, lire to £. . 89.25 89.30 — Calcutta, pence to rupee 17% 17% 24 Yokohama, pence to yen 23U 23 932 24 Pong Kong, ponce to dbl 24% 24% 24 Montreal, dollars to £ 4.861-16 4.86 1-16 4.866 New York, dollars to £ ....... 4.76 4.8513-16 4.866 Amsterdam, florins to £ 12.11% 12.11%. 12.107 Batavia, florins to £ 12.12 12.12 — BRADFORD TOPS QUIET. (A.P.A. ana Sun.) LONDON, 28th July. The Bradford wool tops market is very quiet, owing to the holidays. Quotations are firm but unchanged. :. PRICES OF METALS. LONDON, 28th July. Copper.—On spot, £;)5 los 7V£d per ton; forward delivery, £55 19s 4%d. Lead.—£24 2s 6d, £24 12s fxl. iSpelter.—£29 5s and £28 ]6s 3d. Tin.—£2B9 2s 6d and £284 10s 3d. I Silver.—Standard, 25 7-8 d per oz.: five, 87 15-16 d. P. & O. DEFERRED. LONDON, 28th July. P. & O. deferred stock, £288 15s. 1 DAIRY PRODUCE PRICES. (A.P.A. and "Sun.") ■_..,'■ ' LONDON, 28th July. the butter market is firmer, but small trading is being done owing to the holidays. New Zealand, 160s -to 162s per cwt; Australian, 158s to 160s; Danish, 1635. Cheese—New Zealand is quiet at 92s per cwt.' CHICAGO WHEAT. ,; (Received 30th July, 11.30 a.m.) '■'■■ CHICAGO, 29th July. Forward wheat: July, 1.36% dollars; September, 1.36 3-8 dollars; December, 1.40% dollars.