WOOL WEALTH

Evening Post, Volume CXVII, Issue 47, 24 February 1934, Page 16

WOOL WEALTH

VALUE TO AUSTRALIA

THE TRADE BALANCE

(From "The Post's" Representative.) ' SYDNEY, February 15. It is trite to say that the pastoral industry is the backbone of Australia, but no phrase would be more fitting to describe the position at-the present time. Remarkable figures have just been published by the Commonwealth Statistician showing that during the first.half of the current, financial year the export of wool and sheepskins in all forms represented 55 • per cent, of the^ total export of merchandise. Dozens of other exports, including the product of such important industries ns agriculture and dairying, were valued in the aggregate at only 45 per cent, of the tbtrth The' vast-difference which the wool sales can make in the economic position of Australia, is'revealed by the .fact that buoyant prices have assured a.favourable trade balance, higher,.thaiv for many years. ;'*''"."'*: \.v. ■:':-■"-?" ■*:■■"■ ■.",," The improvement of a'favourable trade balance for the half-yearly period from £9 ; 516,000 to £24,101,000 is due almost entirely to improved wool sales. The cash return from sheep during the six months ended December 31 last was £33,984,200, made up as follows:—Greasy wool, £28,654.000; scoured wool, £3,504.200; sheepskins, £1,525,900; wool tops, £209,500. These figures show -an improvement of £14,835,700 over thfiamdiint. received from the same expoi'ts,"durihg,"tlie corresponding period of the 1932-33''-'financial year, when , itemised returns , were:—Greasy wool, £16,209,900; scoured • Wol, £1,970,200; Bheepskins, £844,500; wool tops,. £123,000. The pastoral industry's cheque during the last six months represents more than the Commonwealth will receive-from. Ous; toms_duty onfall.imported,lines and from taxation. on; all 'excisable products: in "Aus-tralia..,--:-It represents"! ■;■an . '■'■. anipiint nearly • equaUto,.the total.Federal vincome tax revenue, ;fpr t four years, j Comparison with -pthqr -records of {other;'. countries shows' that rAustraliaVisi'well to the fore in the'jObstJtcleJr^ce^back to prosperity. Despite depressed-prices, currency fluctuations, • and sintehs'e international -competition, new-markets are being developed and valtiable'Vtrade is being-.captured.''lt is certain •. that, 'the.' process -is not, proceeding as' rapidly' as it jshbuld,: but.every advance is welcome. Dried fruits,: for* instance, which returned £440,000. during the-first half ;0f'1932-M.;producey;:'a!'cheque for nearly ■£1,250,000 during the;;corresponding period of' thi3 financial year;' . The mining industry, too/ has given a S' reat hand in .pulling: round the balance, 'ver the two .periods Cunder review the exports of silver'and .silver lead ores and concentrates were.valued at £141,900 more this year than-in. the previous yeatrLead pig exports : were -worth V£255,600 more, zinc fiiqo^eOQ^cppper ingots" £39,800, tin ■ingots £64,800,' and other ore £108,400—a total improvement.,of £719,100. Nevertheless, it is to the'pastoral industry that Australia must look, for prosperity.-This is emphasised by.'.another set. of trading figures issued this week—those for thp third quarter 0f'1933, and .the latest period for which detailed statistics are available.

During the June-September period last year imports from Japan were £1,133,930, , compared with £994,747 for the same period-in 1932. Australian, exports to Japan, at £2,007,173",. .nearly doubled. Ex- ' potts of wool to Japan in the quarter ■were more than twice ..as great. While there -were decreases in some lines iim ported from Japan, large increases were recorded in apparel and textile. (increase Jjf about £75,000 on^the second quarter), earthenware, china and glass, and jewellery. • The -value of imports of , the lastiamed item was almostidoubled, . ,?.?. / '; Other figures confirm-a recent statement by the Australian Tradev>Representative in Paris that 4he^'sale., of goods in Prance was increasing. They show a heavy trade balance in favour of Australia, but also that France is buying from Australia only what she cannot get elsewhere. Practically the whole of Australia's sales to. France, during, the last fiscal year comprised wool and sheepskins. -, The figures were: Sheepskins, £964,767; greasy. :>yop!. £4,434,439;... scoured.; t;woql, £501,788. Australian exports to'; Frhhco for the year 1032-33 were £6,054,054 in 'Australian currency, compared with ."•£4.636,602. for the previous year. Imports from France '-.'in; 1032-33.5 were i only .£1,195,470 (English currency). Australia's ■trade in 'barley 'withvFrance, which \vas worth £24,797 in 1930-31, foil to £101 last year. Similarly, exports of •wheat1 to France valued at £480,000 in 1929-30 were nil last year. '.