FLOOD OF IMPORTS

Manawatu Standard, Volume XLVII, Issue 219, 13 August 1927, Page 2

FLOOD OF IMPORTS

1926 PEAK YEAR. FOR AUSTRALIAN TRADES. MELBOURNE, July 30. The balance • against Australia in external trade rose to £31,683,824 in the fiscal year ended June 30. This is the difference between merchandise trade inwards and outwards, movements of bullion and species both ways being excluded. Imports, valued at £164,744,927, exceeded by more than £2,714,000 the high total of 1920-21 the year in which Australia felt the full effects of tho> post war trade boom. ■ The 1926 imports we therefore the largest for one year, recorded in Australian Customs returns. After the deduction of £588,868, representing bullion and specie, the merchandise imports are left at £164,156,059. A similar deduction from exports reduces the total to £132,472,235 or £10,600,555 below the 1925-26 total. NEW SOUTH WALES’S £5,000,000. All States, with the exception of Queensland, show increased import figures. Victorian imports rose from £50,327,055 to £55,559,214, and those for New South Wales by about £5,000.000. Exports from New South Wales amounted to £62,849,428, an increase of £8,847,514 on the figures of 1925-26. Victorian exports increased about £1,500,000, but other States showed decreases, notably Queensland, where figures fell from £26,384,916 to £14,721,157. The value of Motor chassis, bodies and parts, brought in during the year, amounted to £14,170,888 as compared with £11,978,188 in the preceding 12 months.

Commenting on -, the adverse trade figures, Mr R. B. Lemmon, past president of tho Chamber of Commorco, said that such a state of affairs could not continue. AN AVALANCHE.

“A country’s exports have normally to pay for its imports,” he said, “and figures indicate that this coun'try is at present spending to a degree far greater than its current income warrants. “It is little wonder that banks are complaining about the effect that the heavy spending of the community is having upon their resources. It is not to be wondered either that there is unemployment in our community, when such an avalanche of imports has descended upon it. “Apparently attractive prices abroad and facilities for financing largo purchases have had the effect of increasing our import figures to a record level.