WOOL MAN'S FIGHT

Evening Post, Volume CXV, Issue 30, 6 February 1933, Page 9

WOOL MAN'S FIGHT

PRODUCTION: PRICE

FIGURES TELL THE STORY

FAVOUBABLE BALANCE

The preliminary figures for New Zealand's exports of 1932 (calendar year) are given in the January issue of the "Monthly Abstract of Statistics" (Census Office), and show that 1932, as compared -with 1931, and with 1929, has exported more wool, more frozen lamb, more frozen mutton, more butter, and more cheese. But the quantity gain has in most eases been cancelled by the price-fajl. Just note this: an export of 2,097,821 cwt of wool in 1929 was valued at £13,359,206; and an export of a greater quantity (2,12§,596cwt) in 1932 was valued at £5,740,821. ; MORE'WORK, MUCH LESS PAY. ( If the following table is studied it will be seen how price has hamstrung the farmer all along the line. The table shows *ho export position of the principal primary products of New Zealand from 1932 in relation to 1931 and to 1929, the peak of prosperity:

•■ The Government Statistician comments^ "The disastrous position of the Dominion's chief source of income is at once apparent. Compared with 1929, the latest year's, figures show an improvement in quantity of cvory item specified, but a decline in total value, and a substantial fall in unit value. In comparison with 1931, however, 1932 showa an all-round increase in volume while as regards total values, wool, frozen mutton, and cheese indicate increases, and lamb and butter decreases. The unit values in every.case except cheese record appreciable decreases." Taking exports as a whole, for 1932 New Zealand's exports (exclusive of specie) reached a total value of £35,609,919 in New Zealand currency, a figure 1.9 per cent, ahead of that recorded in 1931, but as much as 21.2 per cent, below, the average for the last five years. As to valuo of imports (excluding specie), this was £22,979,792 (sterling ' currency), and was 7.2 per cent, below that recorded in 1931, and 37.4 per cent, below the average yearly total for the last five years. j EXCESS OF EXPORTS. Expressed in terms of New Zealand currency, the excess of exports over imports was approximately £10,900,000, as compared with >. an excoss of £§,400,000 in 1931. Iv terms of sterling, the excess of exports over imports' was £9,900,000 in 1932; in 1931 the execs was £7,600,000. ' The Government Statistician reports':—"Exports (excluding specie) for 1932 were £.659,221 greater than in 1931, the majority 'of the principal items of export showing increases,.particularly in quantity. Increases in both quantity and recorded value were as follows:—Gold, 76,5780z, £500,831; cheese, 154,084cwt, £489,975; mutton, 286,146ewt, £33,696; dried and preserved milk, 3,187,7821b, £22,638: apples, £ 8,530,7881b, £114,103; , calfskins, 192,960, £2458; wool, 80,707 bales, £225,445; tallow:, 2113 tons, £249,001; sawn timber, 11,249,566" super, ft., £96,458. Increases in quantity and decreases in recorded value were as follows: —Butter, 196,979cwt. £10,474; beef, 91,146cwt, £37,238; lamb, 102,976cwt, £398,701; ' sausage casings, 110,8681b, £133,145; rabbitskins, 486,048, £38,825; sheep-skins without wool, '1,579,328, £79,592. In the following items both quantities and recorded values represent decreases: —■ Pork, 27,204ewt, £76,468; eattlp-hides, 4790, £33,701; sheep-skins with wool, 24,609, £32,029; coal, 12,471 tons, £27,087; kauri gum, 990 tons, £65,958. IMPORTS. "Imports j (excluding specie) of £22,979,792 for 1932 were £1,777,011 less than in 1931. The principal decreases were as follows (1932 figures shown first, with' those for 1931 in parentheses):—Confectionery, £64,202 (£112.568); tea, £378,680 (£.650,550); tobacco and cigarettes, £575,730 (£662,604); miscellaneous apparel and ready-made clothiiig, £855,708 (£1,160,248); motor spirit, £1,115,784 (£ 1,243,306); crude residual - oil, £372,610 (£417,148); coal, £111,377 (£194,137); iron and steel galvanised plate and sheet, £176,364 (£218,521); railway and tramway plant, £60,151 (£105,555); copper wire, £30,778 (£83,521); miscellaneous hardware, cutlery, and metal manufactures, £316,462 (£386,106); electrical machinery and equipment, £673,585 (£980,121); telephones and accessories £260,673 (£328,756); engines, £39,253 (£111,682);* sawn timber, £73,574 (£157,498); timber other than sawn, £12,185 (£65,078); earthenware and chinaware, £124,877 (£170,311); printing paper, £425,635 (£472,569); books, papers, and music, £310,437 (£352,481); fancy goods, £133,002 (£215,544); phosphates, £364,993 (£451,534); motor vehicles, £527,212 (£578,039); musical instruments £59,117 (£133,403). Increases were less numerous, the principal being:— Raisins,' £249,045 (£201,922); wheat,' £246,602 (£33,508); flour, £159,079 (£123,271); yams, £219,379 £142,199); cotton piece goods, £1,372,105 (£1,161,164); silk and artificial silk piece goods, £677,002 (£610,388); mineral lubricating oil, £231,132 (£168,495); dairying machinery, £178,778 (£95,751); sulphur, £262,503 (£88,500); tires, tubes, and covers for motor vehicles, £608,696 (£518,922)." ■ The Statistician observes that "probably in consequence of recent improvements in wool prices, stocks going abroad have. increased enormously. In quantity, wool -exports for the month (December, 1932) are 62.4 per cent, above those for December, 1931, while an increase in total value of 37.7 per cent, is recorded." Butter exports remained on practically the same level as in December, 1931; cheese shows some improvement over that month; but "heavy restrictions in mutton and lamb continued during the month," and the total exports for the month are 1.2 per cent, below those of December, 1931. They are 23.4 per cent, above those of Kovember, 1932. Imports during December, 1932, were practically on a par with November; and 13.2 per cent., above imports for December, 1931. , WOOL AKD EXCHANGE BATE. The Statistician also reports: "The market conditions for the principal primary products may be briefly summarised as follows: Wool is showing a distinct improvement. Whereas the December sales indicated little movement, ■ with the exception of the finer sorts, nevertheless the prospects were hopeful for a firming market. Later sales and overseas reports indicate that these early signs were sustained and a. general improvement at all recent sales has taken place. The effect of the increase in the exchange rate was made apparent in the last Chiistchurch Eale, \when values appreciated by an average of 2d per pound on fine wools, and from Id to I+d on crossbreds. "The frozen meat market is not so favourable. Prices during December

were improving, but .'-the reduction in the quantity of mutton and lamb afloat and the uncertainty of supplies duo to labour disputes and impending restrictions of exports appears to have had a weakening tendency on the overseas market in more recent weeks. "Prom a price point of view, the position of butter and cheese is most unsatisfactory, and unprecedently low prices have been received abroad. The volume of production has, however, been stimulated by au unusually favourable season, and new records are being established monthly. "The export season is in full swing, and being a, heavy one, transport of goods by rail and' water indicates a substantial increase over the previous month. Overseas vessels outward bound are leaving these shores heavily laden as the cargo tonnage statistics indicate. -1 . . A slight decrease in the quantity of butter received into grading stores this month suggests that the peak of the production season was reached a little earlier than usual. The movement, however, was slight, and the quantity produced.' was still 12.1 per cent., ahead-of last year's record output for the month. For the five months of the current season the production .of butter has continued definitely in advance of 1931-32, tho total production for the cfcnmlative period showing an increase of 20.1 per cent. "On the other liana, cheese maintained an. increase in production for the month of 4.5 per cent., and in comparison with December, 1931, of 5.3 per cent. The present season to date has seen an output of cheese 13.9 per cent.

ahead of that for the corresponding portion of the previous season. Altogether, therefore, butter-fat products this season have exceeded those for 1931-32 by 17 per. cent." Export prices in December, 1932 "receded to the lowest level yet recorded, the 'all groups' index (822) represent-, ing a fall of 17.8 per cent, compared with the average of export prices ruling during the years 1909 to 1913." DEPOSITS NOT IN BANKS. The following^ appears, in the January issue of the "Monthly Abstract of Statistics' * (Census Office): —'' Statistics of deposits with building and investment societies and trading companies are given in this issue for tho quarter ended 30th September, 1932. In' comparing these figures with those | for the previous quarter, allowance must be made for an amount of. £240,727, representing'the deposits of companies [ not covered in the June quarter reI turns, but included in the September quarter, and for £25,294 formerly inI eluded under the heading of 'Building j and Investment Societies' now transferred to trading companies. With these alterations, the difference between the September and June quarter returns amounts to an increase of £163,000 in deposits with trading companies, and a decrease of £82,400 in^ deposits with building and investment societies.? HEAL ESTATE BUSINESS. ' "Prior to December (reports the Government Statistician) the real estate business had shown some slightly favourable signs from time to time," but' December records "an all-round diminution of business. The total of. transactions recorded indicates a decrease of 7.6 per cent, from November, while town a,nd suburban properties have declined by 5.3 por cent. In comparison with December, 1931, the total is also down by 7.6 per cent., and town and suburban properties-by 7.9 per cent" For the nine months ended 31st Decembor total transactions decreased by 9.3 per cent., and town aud suburban transactions decreased by 10.4 por cent. I "The mortgage business also was particularly slack. Eegistrations for the month were on a par with those for November, but discharges decreased by 6.6 per cent. Compared with December. 1931, registrations declined by 20.1 per cent., and discharges by 25.3 per cout. While th& cumulative figures for nine months record decreases of '27 0 per cent, and 25.2 per cent, respectively.".

Ilem' Quantity. 1929. 1931. 1932. cwt. cwt. cwt. l!001 2,097,521 1,890,350 2,120,596 15 Frozen lamb 1,850,937 2,404,801 2,507,777 6 Irozen mutton 878,457 1,053,203 1,339,349 1 Butter .... 1,653,797 1,988,566 2,185,54313 Cheese .... 1,778,083 1,636,347 1,790,431 7

Value per Value. . - ' Hundredweight. 1929. 1931. 1932. 1929. 1931. 1932. e s as s s i,359,206 5,515,3:6 5,710,821 7.32. 2.92 2.70 1,786,053 6,426,020 6,027,310 3.67 2.67 2.40 1,790,628 1,432,729 1,466.425 .2.04 1.36 1.09 1,227,017 10,649,527 10,639,053 8.00 5.36 4.87 ',017,463 4,461,293 4,951,208 3.94 2.73 2.77