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New Zealand Mail, Issue 767, 12 November 1886, Page 22

Some very interesting statistics illustrating the commercial position and progress of this Colony have been recently compiled and are published in that useful little periodical the New Zealand Trade Review. The judicious plan has been adopted of making up the returns, not merely each quarter, but for the twelve months ending with the close of each quarter, and so a broader and far more accurate view of the state of trade is presented. The statistics are classed under three main headings—Exports, Imports, and Customs, and the results in every case are those obtained for the twelve-monthly period ending on the 30th September in each year. Taking the exports first, we find that for the Colony as a whole there has been a steady decrease in value during the past four years, the respective amounts of New Zealand exports being as follow :

1883 £7,313,172 1884 6,920,969 1885 6,712,211 „ 1886 6,572,470 Here we see a persistent decrease, year by year, but at a lessening rate. Thus the falling off between the first two years was nearly £400,000, whereas between the last two years it is only £140,000. But for the four years the decrease is close upon three-quarters of a million sterling. As we have pointed out before, however, the loss does not represent diminished production, but reduced value of products. For instance, take our chief article of export wool. Its export value

this year was less by £291,829. But the quantity shipped was greater by more than eleven million pounds, the respective shipments being : This year, 89,485,7571 b, last year 78,174,0341 b, representing an increase of nearly 15 per cent, in quantity, notwithstanding the large loss in aggregate value. On this head the Trade Review has the following interesting remarks: —

The year 1885-6 exhibits a decline upon its predecessor of L 139.741, in spite of shipments of specie to the extent of L 107.465 in excess of the previous year. New Zealand produce shows a falling-off of L 252.375. Wool alone has diminished by L 291.829. The weights shipped in the two periods were, however, aa follow :

'Year ended Sept. 30, 1885 ... 78,174,0341 b „ Sept. 30, 1886 ... 89,485,7571 b The last year shows therefore an increase of 11,311,7231 b, or between 14 and 15 per cent., equal to about L 450,000 upon the value for 1884-5. Such an increase, if accompanied by a return to former values, would place the exports of the Colony in a most favorable position. Tallow shows the next heaviest fall-ing-off, equal to over 30 per cent. The reduction in quantity is, however, only about 4 per cent., being 6,778 tons, as compared with 7,072 tons in the previous year, The decrease in live stock arises no doubt in the trade in horses to Australia ; but on the other hand the export trade in cattle and killed meat to Australia bids fair to assume large proportions. The increase in meat, butter, and cheese is satisfactory. The trade in; these products is growing with rapid strides, sand they promise to take rank among our most important indusries.

It is further remarked that, notwithstanding therdiminished values of many products, 'the falling-off in the value of our exports is considerably less than that in the value of our imports, so that in instead of a difference between the two of over a million sterling, as was seen in 1883, the balance this year was under £410,000. The conclusion arrived at is, therefore, that ‘‘although the total for the year exhibits a slight falling-off, there is evidence that in spite of the depression the Colony is making substantial progress, and, given a return to better values for our products, has before it every prospect of prosperity.” It is worth noticing that Wellington, from a “ bad third,” has grown into a “ good second ” among the New Zealand ports in regard to the value of its exports, and has steadily advanced in this particular during the last three years. Imports show a similar steady decrease year by year, the value for the last four years ending 30th September being as follow: 1883 ... £8,326,950 1884 £7,734,228 1885 £7,439,848 1886 ... £6,982,121 It is pointed out that the year 1882-3 was a time of excessive importation, and that the diminished values from year to year in the other three years are partly attributable to reduced cost of manufactures, but also no doubt, especially in the latest year, partly to the depression which has prevailed, and has resulted in a weakened spending power in many parts of the Colony. The decrease in the latest year as compared with 1884-5 is to a little over 6 per cent. Among the four large ports Wellington alone shows an increase upon previous years, and her relative position is considerably changed since 1882-3. It is possible that the development of local manufactures has also had something although, perhaps, not much as yet —to do with the falling off in imports, and this influence is likely to increase year by year, as local industries expand and multiply. A good thing too. Lastly, we come to the Customs revenue for the four successive years ending 30th September. This was as follows: — 1883 £1,438,791 1884 1,418,234 1885 1,431,509 1886, ; ... 1,322,921 Comparison of these figures will show that the falling-off in the last twelvemonth, as compared with 18845, is £108,588. This decline is divided among the different classes of goods in a way which, in the opinion of the Review, Droves that the loss cannot be accounted for by any partial or fortuitous factors. Tea is the only important item that shows an increase, and there the improvement is apparent rather than real, as it arises from the receipts of 1884-5 having been anticipated to the extent of £13,000 or £14,000 by speculative clearances in the last quarter of 1883-4. Spirits, wine, and beer show in the aggregate a decline of £27,000 ; tobacco and cigars, £14,000; sugar, £15,000; goods by weight, £16,000 ; and goods ad vnlorem, £38,000. The following remarks of the Trade Review on this aspect of the situation are very much to the point:—

We think there can be little doubt that a diminished spending power in the community must be inferred from a consideration of these figures, even after making every allowance for other operating causes and accidental occurrences. Amongst the latter we may point to the steady decline in the clearances of spirits

which has been in progress for the last four or five years, no doubt as a result of a change In the habits of the community. The clearances of sugar, again, have been made in advance for speculative purposes both in 1883-4 and in 1884- and the latest year suffers in comparison to the extent of some LIO,OOO. In gcods by weight a comparison of the four years suggests that the clearances of 1884 5 must have been in excess ef_ requirements, and to some extent have gone into consumption in. 1885- In the important class of goods whieh pay ad valorem duties, the heavy falling off is no doubt ascribable in a measure to the reduced cost of manufactures, which has been such a marked feature in trade for the past year; possibly also to the importation of cheaper classes of goods to meet hard times. In this branch there can be little question also that the increasing production of woollen goods within the Colony is having its effect. A consideration of these -various causes does not seem to suggest any ground for hope of a speedy improvement in the revenue ; but we trust that changes for the better, the beginnings of which are discernible both within and without the Colony, will lead before very long to a gradual and permanent restoration of better times.

If this view be a correct one, of which it appears to us there can he little doubt, it follows very plainly that to restore the equilibrium of our finances we must look much more to the reduction of our expenditure by rigorous and sweeping economies—repugnant though these always are — than to any possibilities of materially augmenting our revenue.