TRADE OUTLOOK.

Hawera Star, Volume XLV, 19 June 1925, Page 8

TRADE OUTLOOK.

EXPORTS AND IMPORTS

BANKER ISSUES WARNING

WELLINGTON. June 19

In the course of his annual address at the annual meeting of shareholders at Wellington to-day, the chairman of directors. Sir George Elliot had the following to say with regard to the Dominion’s trade outlook: —- For the year ended March last our imports amounted to £49,824,095, while our exports totalled £54,771,158, the difference in our favour being £4,950,063. It must- be obvious that this surplus is quite inadequate to meet the loans raised by the Government and local authorities outside the Dominion. It is true that towards the end. pl : the financial year there was a considerable slump in the price of certain of our primary products, and that a failproportion of our exports was held over in hope of a better market developing in the near future; but. even if prices had been maintained, and all the goods in store been shipped, though the relative position would have been 'unproved, the final balance would still have been insufficient to justify an optimistic view of the position at the present moment. Any advice as to the need for general economy is unpalatable. It has been given so often that 1 am afraid ■ itvfalls "on deaf ears. In New Zealand there is not the slightest doubt that, in private life, people are spending too much on imported luxuries, and it is time to call a halt and consider the position. New Zealanders particularly dislike the idea of trusts and Combines, and rightly so; but we must not forget that anything in the nature of a trust is also disliked in Great Britain. It would be unfortunate if the- formation of pools for the management and sale of all ' our products’ were carried to such extremes as to impress our customers across the seas with the idea that, whatever the conditions were in New Zealand, we intended, either by flooding the market or by keeping it bare, to extract the last penny possible for our wares. If this idea gained currency the people generally might refrain from buying New Zealand products and turn their attention to other lands jfor their requirement's. The proper storing, shipping and marketing of our wares is essential, but the greatest care should be taken to avoid even the appearance of price-fix-ing or market rigging, more especially at the present time, when everything from New Zealand is popular in the Mother Country, and when attempts are being made to draw the bonds of Empire closer, economically as well as socially. “We are gradually settling down to the even tenor of our ways; bit by bit we are getting back to conditions which prevailed prior to 1914. We have many valuable assets, and if, minding our own business. . ..we- exercise ordinary wisdom in the general, management ot our affairs, the future welfare of our country is assured. We shall naturally have ups and downs like others, but if we work and strive with a due regard to the unity and well-being of all the varied sections of our mighty Empire, we in New Zealand must, in 'the 1 general prosperity of a united people, reap, an abundant harvest.”-