The Star. WEDNESDAY, MAY 11, 1921. IMPORTS AND EXPORTS

Hawera & Normanby Star, Volume XLI, Issue XLI, 11 May 1921, Page 4

The Star.

WEDNESDAY, MAY 11, 1921. IMPORTS AND EXPORTS

Delivered every evening by 6 o'clock in Hawera, Manaia, Normanby. Okaiawa, Eltham, Mangatoki, Kaponga, Awatuna, Opunake, Otakaho, Manutahi, Alton, Hurleyville, Patea, Waverley.

New Zealand during the first quarter of this year continued to receive very large quantities of goods, and the three months' figures show that the total value of the imports is £15.658,----502, <rf which total £4,648,610 is credited to the month of March. j Against -the Value-of imports has to be j placed the value^of exports during the j three months. The 'total is £13,196,----514. We have therefore an excess value of imports over exports of £2,~ 461,988. Naturally the position is reflected in the bank returns for the | quarter, and whereas there was an <sx- | cess of deposits amounting to £2,338.----598 in the Becemiber quarter, there was a very remarkable change in the quarter, and advances showed an excess of £5,290,610 over deposits, I only two banks (New South Wales and Commercial) showing an excess of deposits for the quarter. There was also [ -a moderate -decrease' in the circulation during the quarter. We think that I these figures show very plainly why ! there is a financial-.stringency at the J present time and why the Government found it necessary to put through special legislation during the short session to check the 'rapid and dangerous changes which were taking place. Money, as many people know, is not so plentiful as iit was, and prices are showing a downward tendency all round. The position is one of very greaj interest and importance, and with such a change it is not surprising that there has come a pinch. There does nob seem "to ibe much chance of anything in the nature of a sudden return of the very prosperous times which the Dominion has ibeen experiencing, but- in stating that we do not .mean that the country has reaching a hopeless condition ; far from it, for it is certain Sthat the pace at which imports have been reaching the Dominion must slacken very considerably before long, and if the values of exports do not fall too heavily we ■should . find exports and imports by the end of this year ia closer relationship than was the case last year. Several classes of imports during the March quarter showed a falling off, tea especially, imports of which reached only about a tenth of the total for the March quarter last year. Grain, fish, dried fruits and leather also decreased, but hardware, •soft goods, coal, -glassware, petrol, paper, tobacco, and timiber showed 'big increases. The quantity of benzine imported showed" an increase for the quarlter over the corresponding period of last year of 2,500,000 gallons, and the value of imported coal was £357,390, compared with £125,172 in the previous (March quarter. It is absurd that with such splendid coal measures within (the Dominion so great a sum has to ibe spent on imported coal, and it is no less regrettable that with such magnificent water power available and awaiting development we should be using >such enormous quantities of 'beazine to do the work which electricity could do quite as well, and so very much cheaper. Perhaps "the stringency .which has made itself felt will bring home to the country the desirability of making the Dominion as self-sup-porting as possible. Imports will automatically 'be curtailed "by the diffi-' culties of finance; but the only road j to progress is by hard work and increased production. Everybody will hope ithat the reparations problem will be solved 'by Germany accepting the Allied terms. When that is done (the Continental demand for wool should increase, bringing better prices, and thus improving the financial position in New Zealand.