DOMINION'S TRADE

New Zealand Herald, Volume LXX, Issue 21426, 25 February 1933, Page 7

DOMINION'S TRADE

RETURNS FOR JANUARY RISING VALUE OF EXPORTS GROWING STERLING BALANCE A large increase in the value of exports is shown by the returns of overseas trado in January issued by the Customs Department in Wellington yesterday. The recorded value was £1,000,000 greater than the total f<br December, and £910,000 greater than that for January of last year. The value of imports was £9OOO more than in December, but £87,000 lees than in January, 1932, the return for which was the lowest in January for many years. Following is a comparison of the January returns in the last five years:—

Expdrts Imports Excess 1929 .. £8,440.931 £4,319,091 £4.130.840 1930 . . 6.377.853 4.190.632 2.187.221 1931 . . 3,740.329 3,012.055 728.274 1932 .. 3,382.506 2,172,752 1,209.75t 1933 .. 4,292,428 2,085.521 2.206.907 The value of experts last month was just over half the amount for January in 1929, which constitutes the record for the month. The sterling equivalent of the balance for the month is about £1,870,000, as against £945,000 for.January last year. Returns for the seven months of the production year show a total value for exports in New Zealand currency higher than in either of the two preceding years, the increase in comparison with 1931-32 having been £2,329,000. Imports, valued on a sterling basis, are £115,000 less than in the corresponding period of the previous year. Following is a Summary of re turns for recent years:—

In 1930-31, the seasonal returns did not show an excess of exports until the end of the tenth month; the trade of 1931-32 produced a surplus of exports in six months, and this was increased by each subsequent monthly return. The total apparent balance for the 12 months was £12,483,097, equivalent to £9,700,000 sterling. During the current season, exports have been greater than imports during six of the seven months, the reverse position having appeared in September only. Conversion into sterling of the recorded value of exports indicates that the excess of exports for the seven months was equvalent to £3,630,000 in London, as against £1,369,000 at the corresponding date last year.

TRADE WITH RUSSIA RECIPROCITY QUESTION SUGGESTIONS IN BRITAIN [FROM Otrft OWN CORRESPONDENT] LONDON. Jan. 17 The Association of British Chambers of Commerce has submitted suggestions to the Government as to the form any new agreement between this country and Soviet Russia should take. The association's point of view is that the new agreement should aim at placing the trade between the two countries on a reciprocal basis and provide not only for the pro* tection of British industries and agriculture, but for the protection of Dominion industries and agriculture as well, in conformity with the principle laid down in article 21 of the agreement with the Canadian Government adopted at Ottawa in August, 1932. It is considered essential that, in any new agreement, Russian shipping should be given no advantage over British shipping. The present unfair working of the Soviet monopoly of foreign trade should be altered, states the report. At least one-half of the freights, insurance, etc., in connection with the shipping services should be British.

It is pointed out that as it is contemplated that on the termination of the Five-Year Plan the demand for machinery and tools will largely cease, exports from this country to Russia may in future he much reduced. To provide against this contingency the association considers that Russia should give' access to its immense markets for consumers' goods.

It is considered that the agreement should provide for the granting of facilities to any such trade delegation as may be found necessary. There' should be adequate Consular representation of Great Britain in Russia.

The committee of the association which has been considering the question is opposed to the extension of the system of export credits for the promotion of trade with Russia. It says it believes that if trade between the two countries is arranged On a reciprocal basis it should prove unnecessary. In thd event, however, of it being necessary to grant credits to promote trade with Russia, the security for such credits might take the form of a lien on exported goods, or some other concession.

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