N.Z. EXPORTS FOR 1948 PROVE TO BE RECORD

Grey River Argus, 18 December 1948, Page 5

N.Z. EXPORTS FOR 1948 PROVE TO BE RECORD

The figures before and after the alteration in the exchange rate are given as follows (in thousands) from July 1, to August 19.

P.A. WELLINGTON, Dec. 17 The appreciation of tne exchange rate in August was reflected for the first time in the trade statistics released by the Minister of Finance, the Kt. Hon. W. Nash. The figures relate to the first nine months of 1948, and comparisons with similar periods of 1946 and 1947 are given. From January to August 19, 1948, the total exports were valued at £112,231,000 and total imports at £88,042,000. Under the new rate of exchange from August 20 to the end of September, exports amounted to £12,771,000, and imports to £11,736,000. The excess of exports over imports for the whole nine months stood at £25,224,000—0ver double the figure for a similar period of last year. The value of exports for the first nine months of this year is approximately 23 per. cent., greater than for tne similar period of 1947. The value of imports is about ten per cent higher. Mr Nash commented that it is possible to make preliminary observations on the effect of the alteration in the exchange rate. For August, and September, 1948, the total expoi 1 income amounted to £211,784,000. Though a large proportion of this figure includes values at the ne\v rate of exchange, it is still substantially higher than the value of exports for August and September, 1947 — £16,728,000. LITTLE EFFECT “While it is not possible to draw any definite conclusion from this fact, it seems to confirm that the appreciation of the exchange rate will not have any undue effect on the total domestic income derived from exports,” said Mr Nash. The table issued with the Minister’s statement gives the following totals for the monthly preiods in the years stated, the figures in parenthesis indicating the value converted to the exchange rate applying prior to August 20 (all in thousands):—

elude re-exports 01 goous, hoc ueuig produced in New Zealand.

British Exporters Versus N.Z. Pottery Industry LONDON, Dec 15. Mr A. R. JJurd, Conservative member for Newbury, in the House of Commons, recently asked the Pi’esident of the Board of Trade (Mr Harold Wilson) whether it was true that the New Zealand Governments recent restrictions on British pottery imports had reduced the amount ‘.it pottery Britain could export to New Zealand to 8 per cent of the volume permitted in 1938, and, if so, what action the British Government proposed to take to protect pottery exports. Mr Wilson replied that the New Zealand Government’s programme of import licenses for 1949 reflected _ its policy of keeping New Zealand’s imports within the limits of the Dominion’s current earnings of exchange. He knew that the schedule meant a reduction in imports of British pottery, but he could not say tn what extent. He understood, however, that the matter was being fur. ther considered by the New Zealand Government. N.Z. IMPORTER’S INSPIRATION? The British Pottery Manufacturers’ Federation has issued a long statement, sent to one of its members by its New Zealand agent, a Wellington pottery firm. According to this New Zealand importers estimate present licenses will satisfy only 12u per cent, of their requirements for next year.'They suggested that the Britisn exporters should take advantage or the presence in Britain of the New Zealand Prime Minister, the Rt. Hon. P. Fraser, and lay the facts before him , , The British Pottery Manufacturers Federation in an accompanying statement, says: “We did not see the New Zealand Prime Minister during his visit here, because we did not think it would do any good.” The Federation says that New Zealand is evidently encouraging its own local pottery industry, whose wares will compete with those of British manufacturers.

1948 £ £ Exports 125,002 (128,195) Imports 99,778 (102,712) Excess exports 25,224 ( 25,483) Exports 1947 £ 101,37 Imports 89,346 Excess exports 12,030 Exports 1946 £ 75,961 Imports 52,746 Excess exports 23,215

Exports £ 19,724 Imports 16,860 Excess exports 2,856 From August 20 to September 30 the figures are:- £ £ Exports 12,771 f 15,964) Imports 11,736 (14,670) Excess exports 1,035 ( 1,294) The above values foi ? exports in-