" WHISPERS "

Evening Post, Volume CIX, Issue 124, 28 May 1930, Page 14

" WHISPERS "

STATE OF TRADE

LOOKING FACTS IN THE FACE

"Evening Post,"' 2Sih May

■^According to "Jobsoii," that cautious but trustworthy authority on Australian aiid New Zealand investments, "whispering is the most eflicient form of propaganda .that in known," and more effective publicity is obtained by three men meeting in. the street and talking together than by. any other method. "Jobson" is convinced that to-day Australia is afflicted with "a mania for whispering, 'How bad times are' and 'when will the depression end ' " There is whispering in New Zealand, too, and plenty of it of the same kind. Official figures are whispered to prove the great shrinkage in returns from wool, meat, and butter-fat that will be shown at the end of the 1920-30 exporting year at 30th June next. Ihcse figures will be irrefutable, although some consolation will be found in increased volume ot production and. (over the whole dominion) slightly lower costs of production. Australia's overseas trade balance is still on the wrong aide ot the ledger, but it has been drastically reduced, and that process continues. The economic rot has been definitely stopped in Australia. But New Zealand, although necessarily affected by the present turn of things m \ustralia, is in- comparatively easy cncmnstances as indicated by the external trade figures furnished by the Customs. There is a balance ot exports over imports of £5,750,000 for the first four months of the year, and imports arc contracting. True, the excess of «P°rt? at this time last year amounted to nearly £13 750.000, so that £8,000,000 less has come into the country-so far. But there are a couple of months of exports to be shipped; with wool meeting^ a better Set. meat showing a slight and much needed improvement. Cheese id not unpayable at present prices, although butter is low in price. But the butter-fat production is greater this year than last by about 11% per cent.

CONDITIONS ELSEWHERE; 'in any case other'countries are passing through Similar trials. Great Britain s difficulties call for no more than mention The United States likewise has its knotty economic problems. As for Canada the Bank of Montreal's latest review remarks on the fall in the price of copper (a fly in the ointment oE that Dominion's great mineral prosperity); a great store of" unsold wheat is locked "P, »nd as for external trade it is stated: The trend of external trade in March iollowecl that of recent months both imports and eiports declining, the former by 21,114,000 dollars and the latter by 25,166,000 dollars. Low-water mark of foreign commerce is normally reached in the winter season, and - while a substantial rise occurred, last March, the .'aggregate trade makes untavo:urable comparison with : March of the three preceding years. In the twelve Months imports amounted to 1,240,423,000 dollars, being 16,216,000 dollars less than in the preceding year, but as in the first eight months of the period a large increase in imports occurred, the net loss docs not reveal the reaction o£ the lust tour months." > ;' FALL IN. PRODUCE PRICES. Exports of domestic products in the ■ fiscal year were 1,120,260,000 dollars, or "43 449,000 dollars less than in 1928-29, bein* 18 per cent. Four items of farm produce account for the whole of this decrease, 212,771,000 dollars in wheat 19,600,----000. dollars -in- flour, ~7,000,000 dollars .ill ' c-heeseT aiicr"T,loo',DW dollars m meats. The adverse visible balance ot trade in 1929-30 was 129,163,000 dollars, comparing with a favourable balance of 98,069,000 dollars in 1928-29, of 119,251,000 dollars m 1927-28, and of 221,265,000,, dollars ~in 1926----27. "Chiefly has this reversal in external trade balance arisen;: from ;a short wheat crop, unresponsivejSreign markets, low prices, and arrested .'exports." Canadian conditio»s,:-then, furnish material enough for .whisperings1, at the corners of streets in Toronto or Montreal. If whispering is, to-continue in Wellington, it might, take the,form suggested by ,the concluding lilies,in summary of the Department of^ridttstries^which read: "WhUeVthCTe^does^iriofc's'eeiriAtc) be justi-ncatibiyfor:the.p'essimistic-.putlook held in some quarters,'there.',is •.undoubtedly need for reasonable economy -while .the prices of the: majority of "our principal primary exportavare -on a comparatively low level, and until such time as- our .trade balance, is restored' to a more;' favourable position."; v . j?^" ■ ': ■•'*'■■'"'-'■>.