TRADE STATISTICS

Evening Post, Volume CXIX, Issue 32, 7 February 1935, Page 4

TRADE STATISTICS

CHANGE IN COMPILATION

A change is to be made in the method of. showing in the New Zealand official trade statistics the valueV, of all Imports. From January 1 tKeue;'values will be shown in terms of sterling, thus'removing the present misleading entries, which take no account of the difference in the £1 in various parts of the Empire. The matter was recently brought under the notice of the Minister of Industries and Commerce, the Hon. E. Masters,- sby the; Auckland Chamber ' ofs * Commerce", when it waa pointed out that,, notwithstanding the fact that the, £1 in the United*- Kingdom, in Australia, South Africa, and New Zealand1 haH divergod very, materially, the Government-.Statis-tician was, supplied with returns in "which Australian. pounds were freely added to English pounds without any adjustment for their different values, reports ' the" "Herald."

' The' chamber pointed out a further anomaly resulting from the fact that the Customs Department insisted:on shotiring imports converted into sterling where they were expressed in other currencies, whereas exports were shown in terms, of New Zealand currency. There was a natural temptation for people-desirous of' | arriving at balances of trade,' Neither for ! New Zealand as a whole or as between New Zealand and particular countries, to subtract the import figure from the export .figure, or viceo Versa, without the necessary adjustment. The desirability of rectifying the matter was urged ■on the Minister. :■ ~ , , ...... . ;

. The Minister has advised, the chamber that from January 1 the value of "all imports into New Zealand will he shown in terms of sterling in the official trade statistics. This will mean ; tbat> all imports from Australia, • admissible as the I produce or manufacture of that country [and therefore, hitherto, sliown in Australian currency, will be converted to and shown as sterling. For purposes of comparison .an attempt would also be made to.show in sterling values all imports entered during 1934. In the official Abstract of Statistics this.would in due course have the effect of eliminating the column "Recorded Values" under the heading of imports. ; ;....." ....

"With reference, however, to the question of adjusting the values of all itn; ports to New Zealand currency,"padded the Minister, "it is regretted that Raldnj*; as .ad valorem rates of duty* are charged' on the current domestic values in*ttie country of export expressed in-terms of sterling (except for the bulk of imports from Australia), it -would not be possible, without an increase in the statistics staff of the Customs Department, to make these conversions on approximately 200,000 import .en triespassedannualjy/^*