Enormous Decrease in Export Values

Manawatu Times, Volume LV, Issue 7170, 18 March 1930, Page 7

Enormous Decrease in Export Values

AUSTRALIA’S FINAL SLOUGH. ARTIFICIAL STANDARDS OF LIVING THE CAUSE. United Press Association.—By Electric Telegraph.—Copyright. Received Monday ,7 p.m. SYDNEY, March 17. Australian exports for seven months to January 31 totalled £65,969,019, a decrease of £16,437,905 on the same period of the previous year. Imports totalled £87,224,915, an increase of £779,753. Tho exports included £8,179,185 in gold sent to London by the Commonwealth. The heavy reduction in the value of merchandise exported is due to the fall in wool and wheat prices as well as to the smaller shipments. Wool dropped by over *£14,000,000 and F7hcat by £4,000,000, or nearly 50 per sent. For the month of January, exports were £7,251,131, compared with £13,618,283 last year, and imports were £12,441,062, against £13,490,054.

higher Wages and Mounting Tariffs CONTINUOUS BORROWING. LONDON, March 16. The Daily Chronicle editorially says Sftat Australia’s difficulties are primarily due to Labour economics insisting on high wages and comfortable conditions behind ever-mounting tariffs. This artificial standard necessitated a continuous borrowing, not always productive. The paper adds that when reduced borrowing abroad helps to create any adverse trade balance, it is obvious that Australia has been living beyond her means. A remedy can hardly be expected from a Labour Government. By hoisting the tariff it may reduce imports, but it won’t increase exports. It will rather do the reverse and widen the margin between internal and world prices for wool and wheat. To the Auditor-General’s recommendations for economy might be added a scrupulous regard for the service of external debts and not more facile borrowing.

Information Leakages Regarding Customs record Clearances. CANBERRA, March 17. So great were the clearances from bond last week that the Customs collections reached the record amount of £2,266,917. Some concern is said to prevail in official circles regarding the apparent leakage of trade information resulting in a heavy withdrawal of goods from bond coincidently with a decision to table a new schedulo of duties.-