TRADE BALANCES

New Zealand Herald, Volume LXXV, Issue 22977, 3 March 1938, Page 7

TRADE BALANCES

ADJUSTMENTS NEEDED POSITION OF NEW ZEALAND ABNORMAL FLOW OF IMPORTS On the basis of the apparent balance of trade between New Zealand and both Canada and Australia, the new tariff adjustments have not come before their time, for during the past year the Dominion's trade relations with these countries alone were carried on at a loss of over £8,000,000. The significance of these figures is illustrated by the fact that the favourable balance for 1937 with all countries amounted to only £10,552,684. Both Australia and Canada have recently assumed the role of New Zealand's woVst customers. The Commonwealth last year sold us goods worth £6,943,838, and bought to the extent of £1,821,183 only. Dominion purchases in Canada totalled *£1,567,449, against an expenditure of £4,564,051. Tiio total unfavourable balance of £8,002,008 has been established at the expensi! of a valuable trade with Great Britain, which was worth £22,537,592 "o New Zealand in 1937. As well as encouraging local industry, it is clear that the tariff amendments arc designed to protect the most important markpt the Dominion possesses and practice.lly its only customer for dairy and meat products. Rapid Headway of Australia Ever since the New Zealand rate of exchange on London was raised, Australian manufacturers have made rapid headway in wresting from Britain a large share of the Dominion's import trade. With the currencies of the two countries on practically an equal footing, the proximity of th<3 Australian market and the possibility of securina; more rapid delivery of goods has bcni an important factor in attracting orders frn,m the _ Dominion. Measures for increased reciprocity between Australia and New Zealand have been discussed at various times but it was not until last year thilt an abnormal flow of imports placed the position forcibly before local manufacturers. The list of items affected by the new amendments is a formidable J one, but the following tabic shows the""increaso in imports of several lines during; the first nine months of the past two years, together with the rise in the tariff rates:— 193" 1036 Tariff £ £ Eise p.c. Leather .. 64,831 53.050 5 Leather mfrs. 11.820 5,071 15 Earthenware . 2,03(5- 1,267 5 Pappr 7.715 4,251) 5 Electrical app. 117.352 107,024 IB Growth o 1 Canadian Imports The previous trade agreement with Canada came into force in 1932. but was extended from time to time. With the recent growth of New Zealand's imports, Canada has been favourably placed to supply a large quantity of this Dominion's requirements of manufactured goods. The growth in the leading classes which are affected by the tariff amendments is emphasised in the following table: 1037 1936 Tariff £ £ Rise p.c. Boots, shoes. . 140,442 96,823 5 Elect, mach. 125.090 82,395 20 Paper .. 126,131 86,124 26 Hosiery .. 92,094 65,721 22Va Apparel .. 54,294 25,115 20 Hats, caps, etc. 12,193 6,574 20 Wireless app. 8,739 8,772 25 Under present conditions there appears little possibility of a reduction in the disparity of trade between New Zealand and Canada. Some years ago Canada; provided an outlet for a quantity of New Zealand butter, and large shipments have been made this season on account of a shortage. However, this is not expected to be any more than a temporary phase. .New Zealand's principal exports to Canada include wool, hides and skins, sausage casings, apples, flax fibre and kauri gum.

HONEY PRODUCTION BEEKEEPERS' FIELD DAY LECTURES AND EXHIBITS [from our own correspondent] HAMILTON, "Wednesday was a large attendance of beekeepers at the annual field day organised by the South Auckland branch of the National Beekeepers' Association and held at the Claudelands showgrounds to-day. The ;prcsidefit, T. H. Pearson, welcomed tho visitors, and said that South Auckland was the largest houeyproducimg district iri* the Dominion. Lectures on the following subjects were given:—"Queen Rearing," Mr. P. A. Hillary; "Systems of Swarm Control," Mr. T. S. Winter; "Handling and Blending Honey," Mr. J. Bentoul. Mr. E. A. Karp, chief apiary instructor, also addressed the visitors. A number of new devices for dealing with b<ies and preparing honey were exhibited, and demonstrations were ; given. SYDNEY WOOL SALES MORE ACTIVE COMPETITION (Received March 2, 0 p.m.) SYDNEY, March 2 At the wool sales 11,096 bales were offered nnd 10,810 were sold, 893 privately. There was strong competition from all sections with a particularly keen Japanese demand. All descriptions continued to rule in sellers' favour, while wools showing a very good length staple commanded extra competition from Yorkshire and Germany. Excellent clearances were effected. Greasy Merino made to 22$ d per lb. WHOLESALE EGG PRICES RATES AGAIN ADVANCED A further advance in wholesale egg prices. >:lie third within tho last few clays, lias been announced by the Auckland Eg;g Marketing Committee. Hen eggs are 2d a dozen dearer for all grades and duck eggs have been advanced by 3d a dozen for first grade and by 2d a dozen for B and C grades. Following arc the advanced wholesale quotations announced by the committee:—Hen: First grade/ 2s 3Jd a dozen; B grade, Is lOJdj'G grade, la 4{d. Duck: First grade, 2s 3jd a dozen; B grade, 2s OJd: C grade, Is 6Jd. Country storekeepers' minimum 5 buying prices for first grade eggs are:— Hen: Is 9Jd a dozen; cluck, is 9Jd. PIG CHAMPIONSHIP 101 ENTRIES FOR SHOW CLASS [fiuwi our own correspondent] WHANGAREI, Wednesday Entries totalling 101 have been received for the national bacon pig' championship at the Whangarei Snow on 3larch 11 and 12. The entries are from nil parts of the Auckland Province, and as far south as Palmerston North. Last year the entries in this class numbered 6(1. Entries in all classes ill the pig section, especially the pedigree classes. «ro well in advance of previous shows, pud this also applies to the sheep section, but the cattle section has not attracted quite so many entries.