WAYS AND MEANS.

New Zealand Mail, Issue 1191, 28 December 1894, Page 40

WAYS AND MEANS.

New Zealand Trade Revieiv, Nov. 29

The following' figures represent the declared values of the exports and imports of New Zealand for the past six years, the 30th September, exclusive of specie :

The figures it may be contended can only be regarded as approximately correct, especially as regards the exports, the realisation of which no doubt often differs materially from the declared value at time of shipment. Still the values may be accepted as sufficiently accurate for our purpose, at all events, as not understating our resources.

The margin of excess of exports over imports is what remains to us, after paying for our imports, available for the payment to our British creditors of the interest on our public and private indebtednesses. In the Financial Statement of June, 1890, the Treasurer of that day, the late Sir H. A. Atkinson, in a luminous review of the position of the Colony, pointed out that prior to that time we had been able to provide for our engagements out of loan money, which still left us yearly a handsome sum to spend in the Colony, and he congratulated the colonists on tho fact that when that state of things had passed away, both public and private borrowing having, he judged, then ceased, the productions of the country had, so to speak, risen to the occasion, and provided amply for the country's necessities. He estimated the Colony's liabilities at that time for interest on loans, public, private and of local bodies, at per annum. Although in some directions our liabilities may have been reduced since that day, we knowthat in others they have been increased, and we suppose we may safely assume that our present liabilities are not less than the above amount. Even if it be supposed that in the two prosperous years there was a reduction of indebtedness it could not, apparently, have been to such an extent as to reduce the annual interest charge by anything like ,£IOO,OOO, so that the last three years' exports have manifestly not sufficed to provide for the claims of our creditors.

It will be seen that the halcyon days on which Sir 11. A. Atkinson congratulated us were all too brief, as they only lasted for two short years. The available margin of the then current year showed an advance of over on the preceding twelvemonth, but in the three latest years of our table the available balance dropped again below the figures for 1888-9, and considerably, below the interest liabilities of the Colony. The aggregate value of our exports has, it will be seen, receded to about the figures of that year, although the volume of quantity has largely increased in some of the most important lines. This position of affairs, chiefly caused by the low price of produce, is, we should imagine sufficient in itself to account for a reduction in the spending power of the community, and it calls for the exercise of all the wisdom of which those in authority may be possessed. We would not, however, say that low prices constitute the only factor which has been in operation. Several other influences have we consider had their share in bringing about the present position. It is evidently of the first importance that efforts should be made to increase the productive resources of the country, whether by the extension and improvement of existing industries, or by the establishment of new ones. The Colony must see to this.

Year. Exports. Imports. Excess of Exports. 1893-04 <£8,851,066 .£6,183,860 .£2,667,206 1892-93 9,120,203 6,491,364 2,628,839 1891-92 9,285,884 6,764,574 2,521,310 1890-91 9,778,952 6,298,371 3,480,581 1889-90 9,784,530 5,823,816 3,955,714 1888-89 8,811,318 5,899,963 2,911,355