TRADE CONDITIONS.

Hawera Star, Volume XLVI, 3 December 1926, Page 6

TRADE CONDITIONS.

R AISING CUSTOMS BARRIERS. PRESENT-DAY TENDENCY. SPECIAL TO THE STAR. WELLINGTON, Dec. 3. “As compared with the previous year, apart from Government deposits, the total average deposits of all the banks trading in New Zealand for the three months ended -September last have decreased by £1,770,571, .while advances have increased by £3,127,375, making a total reduction in the resources of the banks of £4,897,946. This position is brought about entirely by excess of imports over exports,” stated Sir George Elliott, at to-day’s half-yearly meeting of shareholders of the Bank of New Zealand, in the course of his review of international trade conditions. He went on to ,say “May I remind you that practically the whole of our exportable surplus is shipped to the "United Kingdom, and it is within the range of possibility that in the years to come the demand for our products there may gradually deerease. “World conditions are changing. The tendency amongst the nations—not excluding the British overseas dependen-cies—-i« to heighten their customs harriers in order to encourage their manufacturing industries, and, as a consequence trade must suffer. “However much she may dislike the idea, Great Britain may yet be compelled, for the protection of her own people, to change her policy and folloiv tlie pernicious example that is being set her, and. by the imposition of heavy protective duties, close a market that' has been open and free to the products of every race and nation. “Canada for the Canadians, Australia for the Australians, New Zealand f<v the New Zealanders, are popular, if selfish, mottoes. If Great Britain adopted the same slogan and acted on it, the export trade of New_ Zealand, at anv rate, might be prejudicially affected. Our country cannot have it both ways; she cannot expect indefinite] v to have, a free market in the O’.d Country if her own Customs door is gradually being closed. In the event of a revision of the New Zealand Customs Tariff, this aspect of a very serious question should receive the most caref u 1 eonsideration. ’ ’