THE DOMINION'S TRADE

New Zealand Herald, Volume LXVI, Issue 20355, 9 September 1929, Page 10

THE DOMINION'S TRADE

The fact that the value of exports from New Zealand in 1928 constituted a record, eclipsing even the amounts in years when accumulations of preceding periods were released, has already been chronicled. Official examination of the statistics, published in the annual report, has shown fhe record to be an absolute one. The comparison is made by assessing the exports of successive years at prices ruling in 1900, so that estimates of the actual volume arc obtained. On this basis of calculation. the volume of exports in 1928 appears to have been greater than in any previous year. One of the most important aspects of the trade statistics is their analysis according to countries with which the Dominion's commerce is conducted. The tendency in recent years, as illustrated by a summary for the period from 1921 to ]O2S, has been for an expansion of commerce with foreign countries at the expense of that within the British Empire. In 1921, the Empire absorbed 93.36 per cent, of the exports, only 6.61 per cent, going to foreign countries. The proportions have varied constantly since then, with the result that in 1928 the Empire's share was 8-1.1 per cent., no less than 15.9 per cent, going to other countries. Redistribution within the Empire has also developed, for the United Kingdom's share has fallen from 86.36 per cent, to 72.09 per cent., while Canada and Australia together took 10.44 per cent, last year, as against 5.63 per cent, in 1921. Variations in the distribution of import trade have been less pronounced, but not less certainly in the same direction. In 1022, imports from the United Kingdom reached the record of 52.26 per cent., the total for the Empire being 74.27 per cent. Last year the Dominion drew 47.43 per cent, of its imports from the United Kingdom, and altogether 68.64 per cent, from the Empire, while foreign countries supplied 31.36 per cent., as against 25.73 per cent, in 1922. The significance of these comparisons appears when it is recalled that in 1921 and again in 1927, the customs tariff was revised, the alterations including substantial extensions of the preference principle, chiefly by increasing the duties on competitive foreign goods. The later revision was welcomed in Britain as enabling Britain to sell £2,000,000 worth of manufactures more than under the old tariff, with the prospect of her exports to the Dominion increasing by £4,000,000 or £5,000,000 annually in two or three years. These high hopes were not realised in the first year under the new tariff, for while foreign imports declined by £II,OOO, those of Empire origin increased only £93,000—a small movement in a total of nearly £15,000,000.