THE New Zealand Herald AND DAILY SOUTHERN CROSS FRIDAY, AUGUST 25, 1916. BRITISH TRADE ACTIVITY.

New Zealand Herald, Volume LIII, Issue 16317, 25 August 1916, Page 4

THE New Zealand Herald AND DAILY SOUTHERN CROSS FRIDAY, AUGUST 25, 1916. BRITISH TRADE ACTIVITY.

The British Board of Trade returns are still remarkable for the increases which have been so noticeable since trade recovered from the temporary shock that followed the outbreak of war. It is only natural—with the heavy importa- j tions necessitated by the enormous manufacture of munitions, together with the higher prices paid for nearly every commodity— the imports easily constitute a record; their value for the month of June j was £87,036,349, while - their value i for the quarter ending with June was more than £18,000,000 in excess of any previous record. The financial resources of the United Kingdom have been mobilised for war evidently nothing is allowed to interfere when Britain requires food and raw materials from abroad. Much more extraordinary than the increase in imports is the increase in British exports. It seems almost incredible that though millions of men are on active service, and other millions engaged in the munition factories which have sprung up like mushrooms, the export trade should have completely recovered, so far as total value is concerned. The export figures for May and for June were so high that only twice before have they been exceeded, viz., in January, 1914, and in October, 1912. This refers solely to British products, being quite apart from re-exports of foreign and colonial goods.

The most gratifying feature of this British trade is that the bulk of the increase was in manufactured goods. France continues to be a large customer for pig iron, tin plates, steel bars, in fact, for every' sort of iron and steel manufacture ; the increase under this head alone was £1,850,423. Cotton fabrics show an increase of £3,586,373, woollens of £1,361,030. Other gains are £814,533 in apparel and £683,504 in chemicals. An increase of £740,000 in munitions has reference to sales to other countries, for this is an insignificant fraction of the vast quantities continually going overseas for our own armies. When such results are obtained under the present adverse conditions we have a most encouraging indication of what British manufacturers can do when really pressed. Export values have been growing since the war began in inverse ratio to , the facilities available, so that considerable colour is given to the colonial contention that if British manufacturers handled commercial problems with energy and adaptability they could oust the foreign trader, who has of recent years been cutting so deeply into their preI serves.

In reviewing British trade returns it is most interesting to note what New Zealand has been able to contribute during the first six months of the year towards feeding and clothing the people at Home and the armies abroad. During that period Great Britain imported wool to the value of £24,029,992, of which Australia sent £9,475,375 and New Zealand £7,616,270, while South Africa forwarded £2,875,288 and Argentina only £1,493,118. There is a widespread impression that after the

war the demand for * wool : will slacken, but this dolorous anticipation ignores the fact that the end of the war will find every country in the world short of stocks onaccount of the Imperial Government securing for war purposes the bulk of the clips from Australia and New Zealand, the only two countries exporting enough to greatly affect the world's supplies. In dairy produce New Zealand, aa usual, holds a very high place. Denmark sold to the United Kingdom butter worth £4,880,410, but this | Dominion came second with | £2,099,007 out of a total British j butter importation worth £9,140,548 ; the only other country sending any large quantity was Argentina, which contributed £728,415. In cheese no rival came near us; of the £4,870,959 imported New Zealand sent £2,308,891, Canada being second with £1,440,340. It is difficult to interpret the fluctuation in the beef trade. Beef imports from the United States increased to £1,996,700, as compared with £758 in the same period of 1914. It is probable that this previous cessation of American beef export—which was just turning to an import trade when the war beganwill be re-established to the advantage of our own beef trade as soon as the war is over. In this trade the Argentine Republic is our great competitor. Out of a total importation to Britain of beef worth £10,373,817 New Zealand sent £1,268,228, and Argentina £6,259,791, while in mutton we provided £3,787,062 out of the £6,274,231 imported.