HEAVY IMPORTATIONS.

New Zealand Herald, Volume LX, Issue 18578, 10 December 1923, Page 8

HEAVY IMPORTATIONS.

«B»— The valuation of imports into New Zealand during; October, £4,601,000, must 'be regarded as an abnormal figure. It wati inflated to some extent by the delay to shipping during the London dock strike, which threw forward into the October account a large volume of goods ordered for delivery in September. But even when full allowance has been made for that circumstance, the expenditure for the month was disturbingly high. Since April, 1921, which was practically the end of the flood of goods released by the collapse of the post-war boom, the monthly value of imports has only once, last January, exceeded four millions. The October figure, therefore, constitutes a new record in normal conditions, and added to the returns for the three preceding months, makes a total for the spring period -, of £14,893,000, as against £12,349,000 for the corresponding months of last year. As the value of exports was necessarily lower, and actually less than last year, the result for the four months was an adverse balance of £6,255,000, compared with £2,500,000 last year. It is extremely doubtful whether New Zealand can afford to spend abroad at such a lavish rate. With ten months of the year gone, the balance of exports over imports has been reduced to £3,637,000. It will probably be increased by the November and December returns, but hardly to the amount necessary to cover the year's obligations in respect of debt charges, freight and other services. Indeed, it would not be sufficient merely to balance the trading account. The achievement of that result would show that the country had reduced its expenditure to its means, whereas it should be capable of producing an annual surplus to add to its capital wealth.