PRODUCTION AND INDUSTRY

Nelson Evening Mail, Volume LXIV, 19 June 1931, Page 6

PRODUCTION AND INDUSTRY

COMPARATIVE FIGURES DECREASE IN IMPORTS fßy Telegraph—Special to “The Mail”) WELLINGTON, This Day, Referring to the national activities as a whole when moving the adoption of the report and balance-sheet at the anual meeting to-day of the proprietors of the Bank of New Zealand, the chairman of the Board of Directors (Mr YV. Watson) said ' “It says a great deal for the energy and diligence of the vast majority of Lho people of New Zealand tljat, despite the discouragement of low prices for exports, lower purchasing power for manufactures, '.and high taxation, tliero has not been\much falling off in tho national activities ns a whole. “The values of the imports and exports for the five years ended 31st March compare as follows:

Imports. Exports 192-7 48,192,670 45,682,338 1928 44,419,357 54,962,031 1929 45,105,865 57,154,343 1930 49,167,914 49,045,817 1931 L 38,300,807 39,527,784 “When the overseas interest on public and municipal debt, calculated to amount to over £B,ooo,ooo,per annum, and the invisible payments for services are taken into account, it will be seen how important it is to have larger surpluses of exports. “From these figures it will he noted that imports from overseas have much decreased as compared with tho year 1929-30. This is a commendable feature, as previously moro in the nature of luxury goods were imported than the Dominion, taken as a whole, could well afford, and stocks were too extensively carried. Facilities for obtaining goods induced superabundance of retail shops, rendering it difficult for those previously established to make reasonable profits at fair prices, and also encouraging unnecessary buildings and high rents. In consequence several towns were overbuilt, causing aftermaths of depression in these places which will take time to rectify. “Manufactures have been well maintained in goods suitable to the people’s requirements. The general depression lias caused less turnover by manufacturing concerns, and consequently less profits and dividends, but no less than that expected from the universal position of affairs.

“Owing to market prices for produce averaging lower last year. than in tho year previous, the quantities of exports compare larger in proportion to values. The comparison of quantities with values for the two financial years is as follows:—.

“Dairy factories have continued to extend their operations and improvements and developments have taken place on many farms. “Meat freezing companies were not generally successful during the past

year, as flic prices paid for live stock wore too high at the beginning of llm season. Some changes which will avoid overlapping and reduce expenditure have been made, and it is expected Unit, notwithstanding the low prices in Britain, better results will he ellccted this season.

“Wool prices have been extremely disappointing —so much so, that many who could afford to do so held their clips hack from sales or shipment. It was considered that when at the lowest price last summer, wool was much below cost of production. Since then, values have risen, and it is hoped that they may soon return to paying point. “Droughts have been severe on the cast coast of the North Island, and in many places cattle had to be removed, while sheep and lambs were diflicult/lo fatten. “Timber milling has, in tho main, been conducted at a loss, owing partly lo diminution in building, partly to exchange rates in exporting to Australia, and to the conditions prevailing there, and partly to high costs of production as compared with other countries. “The greatly lowered prices, and leaf disease, have rendered Jinxmilling nonpnynblc. ’The land suitable for llax growth is, however, of the richest grade, and, when properly drained, excellent for dairying, cropping, and fattening, so that its use. can he profitably availed of, and this has been done in several large areas.”

12 months ended March, 1930. Value Butter (cwt.) ... 1,599,397 12,022,330 Cheese (cwt.) ... 1,618,537 6,180,213 Wool (bales) .. 603,260 10,610,979 Lamb (cwt.) . .... 1,948,777 6,901,305 Mutton (cwt.) ... • 978,959 1,988,370 Fruit (lbs.) .. .... 40,454,531 553,843 12 months ended ■I March, 1931. Value. £ Butter (owl) ... 1,841,245 10,513,684 Cheese (cwt.) ... 1,875,380 5,964,699 Wool (bales) ... 542,115 5,464,228 Lamb (cwt.) . .... 2,290,710 7,054,834 2,079,219 Mutton (cwt.) ... 1,232,541 Fruit (lbs.) . .... 50,366,758 627,208