NEW ZEALAND TRADE

Greymouth Evening Star, 20 April 1934, Page 12

NEW ZEALAND TRADE

—- NEGOTIATIONS WITH AUSTRALIA [FEB PRESS ASSOCIATION.] WELLINGTON, April 19. A denial of a report in Melbourne papers that a ministerial delegation from New Zealand would visit Australia this year to discuss important subjects with the Commonwealth, was made by Mr Forbes. The subjects mentioned in the pap- • ers as likely matters for discussion were:- — 1 (1) Competition of American subsidised shipping in British Pacific ports with British and Dominion lines, (2) Marketing in the United Kingdom pf products exported by both Australia and New Zealand. (3) New Zealand embargoes on Australian fresh fruit, vegetables and citrus fruits, with the exception of oranges from South Australia. (4) The quarrantine embargo by Australia on-New Zealand potatoes. FAR EAST POSSIBILITIES. . ‘' Aprill9. The executive of the Associated of Bommeree has. set up a “trkde with' the'‘feast” sub-committee to secure ■all ’ 'information possible about the possibilities of New Zealand trading with Eastern countries. The sub-committee has power to add to its number from outside the executive if necessary, so that all available’ resources may be utilised. The Chambers of Commerce in China are being .communicated with on the subject Discussing Japanese trade, Mr Kuratsu Murai, Consul-General for Japan in Australia and New Zealand said one of the primary facts governing’the low prices of Japanese goods was the fall in the exchange rate of the; yen, caused by the reimposition of the gold embargo in December, 1931. There had also been a powerful ra-

tionalisation movement in Japanese industries which had brought about reforms. Deflation, by Increasing the purchasing power of the yen, permitted some reduction of wages. " Regarding allegations of dumping, he said, “I don’t deny there is competition, and it is a fact that we can sell our goods vefy cheaply, but this is only an abnormal phenomenon k brought, about by the world economic t depression. It cannot last for ever. /There is no ground for the accuse- ' tion that there is unfair competition.” ; Mr Murai said that no important cases of the Japanese selling abroad at less than cost had been proved. There was any amount of evidence, too, that tlite accusations regarding labour conditions in Japan were \ groundless. If the world recovered from the economic depression the keen ’ euge of Japanese competition would be removed. Stocks of raw materials were now having to be imported, and enhanced prices on account of the fall in the exchange, and this would in- ' crease the cost of production and rc- - duce competitive power. HUGE EXCESS OF EXPORTS April 20. There was an excess of exports from New Zealand over imports into the Dominion of £19,907,000, in terms of New 'Zealand currency, during the year ended March 31. The figures for 1 overseas, trade of New Zealand (excluding specie) were as follow, compared with corresponding periods last year. In the case of imports, the recorded value is given with the equivalent in New Zealand currency in parenthesis. In the case of exports and the balance the figures are in terms of New Zealand currency. Exports: month of March, 1934, £6,755,069; imports £2,030,298 (£2,466,000), excess of exports £4,289,000. March, 1933, £5,391,823, £ 1\841,899 (£2,243,000), £3,149,000. Three months ended March, 1934, £ 18,084,633—£5,954,202 (£7,270,000) —£10,814,000. March, 1933, £13,047,982—£5,503,327 (£ 6,716,000)—£6,-

332,000. Year ended March, 1934 x £46,042,000—£21,478,000 (£26,135,000)— £19,907,000. March, 1933, £37,510,000 — £ 22,649,000 (£ 25,059,000)— £ 12,451,000. March, 1932, £33,943,000— £ 23,109,000 (£ 24,761,000)—£ 9,182,000. March, 1931, £39,527,000—£37,938,000 (£39,833,000)—£306,000. Noto There was excess of imports in 1931. In official statistics imports from Australia are recorded in terms of Australian currency and imports from other ecountries in sterling. The value of specie excluded from the above return was as follows: — Month of March, 1934, exports: £69,4000, imports £73,800. Three months ended March, 1934, £373,000—£293,800. Year ended March, 1934, £373,032, £647,194.