COOK ISLANDS TRADE

New Zealand Herald, Volume LXXI, Issue 21880, 16 August 1934, Page 13

COOK ISLANDS TRADE

LOSS OF COPRA MARKET LOWER DOMINION SUBSIDIES SEVERE EFFECT ON GROUP [By TELEGRAPH —SPECIAL REPORTER] WELLINGTON, Wednesday The continued collapse •of the copra market is a serious matter for the local Treasury and is felt severely throughout the group, says the annual report of the Minister for the Cook Islands, Sir Apirana Ngata, submitted to Parliament to-day. The report says the lower islands obtained a measure of relief from the export of fruit, but upon the copra trade the inhabitants of the northern islands depended almost entirely both for currency and for sea communication with the outer world. With the loss of the copra market the export trade of the territory was dependent upon other products of the soil and a special effort had made for some years to improve the quality of oranges, an effort in which growers were participating by improving their citrus areas and propagating high-grade export stock. The medical and educational services were being maintained, but with everdecreasing financial assistance from the New Zealand Treasury. The services were throwing an undue burden on the local Treasury to the detriment of other general services which were being carried on only with the exercise of stringent economies and the holding over of important works. For the financial year ended March 31 last the income amounted to £36,531, and without taking into account depreciation amounting to £2lßl, the expenditure amounted to £38,744, which showed an excess of expenditure over income of £2213. Taking into account the cash in hand at the beginning of the yfcar, £4162, and bringing all receipts and payments into account, the vear ended with cash in hand amounting to £767. Subsidies from the New Zealand Treasury were on account of public health and education only, and for the current year were reduced to £11,013. For 1931-32 the subsidies were £17,464, and for 1932-33 £13,850. For the year ended December 31 last the value of exports was £73,983 and of imports £76.716, showing an excess of imports of £2733. For the previous year the corresponding figures were: Exports, £73,409, and imports, £63,585.