The New Zealand Times (PUBLISHED DAILY). THURSDAY, MAY 29, 1879.

New Zealand Times, Volume XXXIV, Issue 5667, 29 May 1879, Page 2

The New Zealand Times (PUBLISHED DAILY). THURSDAY, MAY 29, 1879.

Ait examination of the returns lately published, of the value of the imports and exports of the colony during the twelve months ending March 31st, which we append, will, we think, convince the most sceptical of the soundness and prosperity of the colony from a financial point of view'. The increase in the value of the imports is no doubt largely due to the great glut of goods in the Homo market, which has arisen from the stagnation of trade in Great Britain. As a sign of the almost unlimited confidence which is felt by the British trade in the stability of tho colony, it may be regarded as a somewhat flattering token of faith in our resources. The following tables show tho value of the imports into and exports from New Zealand for tho twelve months ending Slat March, 1879, with a comparison of the preceding twelve months ; Imports.

Upon the whole we think a considerable degree of overtrading is disclosed by the above tables, which show that the amount of imports during the past year have reached the hitherto unequalled sum of £8,963,000. For the previous twelve months they were valued at £7,614,000, ; and for the year ending December 31, 1877, £6,973,000. They have consequently increased by close upon two millions within less than two years, while the value of the export trade has slightly fallen off. So far as the port of Wellington alone is concerned she seems to have increased the value of her imports less than any of the other chief ports in the colony, Dunedin merchants appearing as far the most extravagant. The net decrease in the value of the exports amounts to £328,000, the decrease being least from Dunedin, Wellington next, and Lyttelton heading the list. Invercargill shows a remarkable growth in the importance of her outward trade, and may now be regarded as one Of the leading ports of the colony. We understand from commercial men that numerous orders for goods which had been sent Home during the past month or two have since been countermanded by cable, and the imports during the coming twelve months are likely, therefore, to be very considerably less than those before us. 'The purchasing power of the. colony as a whole has n oi kept pace with the growth of population, although the- increase of production has been considerable. ' This will best be seen, by reference to the subjoined return of the principal articles exported during the : twelve months ending' March 31 last, which shows the following alterations in the main items ; ’■

.• From the above return it is evident that the diminution in the value of the wool exported is very slight. Assuming that the values are as correctly estimated, this year as,last, the value would appear to have fallen off only by about 3 percent, j while tli.e depreciation in the market value per lb. must amount to nearly 20 per cent. The discrepancy.'would be due to thq increase in production, but the estirirated value at the time of export can seldom be regarded as very reliable. The exports of wool for the December and March quarters, which exhibit the result of the present clip so far, show a total of 52,782,147 lbs. in weight, and £2,733,796 in value, ; as against 51,595,213 lbs. weight and £2,821,899 value for the corresponding quarters of 1877-8. : An allowance has evidently been made, by exporters : for ■ the diminished value' of the wool they have despatched. We find • by calculation that during the abovenamed period in 1877-78 the wool was valued at 13 l-10d. per lb.; in 1878-79 it was estimated at 12 4-10 d. per lb. Wool of inferior quality is not worth sending Home in a dirty state, and would therefore be exported either as scoured wool of a greatly increased value per lb. or not at all. Referring to the table published above, it will be seen that the only item showing a serious decrea.se is the gold export. If this item were altogether excluded from the return, the net increase in the export trado would amount to nearly £200,000.' It is somewhat strange that the export'trade in timber should have fallen off duriqg’the year.by nearly half ; 'and we are at a loss to account for this. , change. The growing export trade in grain and flour exhibits an increase of £255,000 'during .'the, twelve under consideration, and this alone far more than covers the deficiency arising from the depreciation in wool. This trade has developed . itself ’ at a most astounding ratio; year from £3.45,000 to £600,000. The export value of tallow shows a'fair increase, and we believe that if the actual weight during each term were specified, the quantity exported would be found to be’far greater than the above return would

indicate. The vitality and elasticity of the resources of Now Zealand are clearly exemplified by the above'returns. In the face of a decrease in the value of. our ex-, ports-of gold, wool, and timber amounts ing to nearly £550,000. The net decrease only amounts to about half the above sum. A very great increase of production would be required to furnish this result. Seeing that the rapidly growing wants of the population have first to be met, and that only surplus wool and grain is exported, the figures given above are such as to inspire hope and confidence in the future before the colony.

PORTS. 1879 79. 1877-8. Increase. £ £ £ Puncdln 2.713.59-1 2,428,257 285,337 1,942.5ft; 1,475,421 407,173 Wellington .. 1,557,200 1.306.330 190,870 1,456.416 1,220,825 235,687 Invercargill and Bluff ,232,790 149 857 82 915 '229,854 225,931 3.923 Napier .. 203,734 155,880 , 47,845 Westport, Greyraouth Decrease. 249,593 324.321 74,728 Increase. Other Ports .. 377,245 207,707 109,478 Totals 8,963,024 7.614,624 Net increase 1 343,400 Exports. , PORTS. : 1878-9. 1S77-8. ■ Decrease. £ £ £ 1,003,981 1,875,032 211.071 1,532,068 1,003,752 71.094 848.995 049,945 100,950 Auckland 676. G90 723,755 147,005 834,203 392,403 8,140 Increase. Invercargill ,. 424,078 311,500 112.578 Westport, Greymouth 57,059 361,177 303.518 52,348 24,628 27,720 Other Ports .. 230,832 119,468 111,374 Totals 0,075,022 0,303,991 Net decrease 228,909

Goods. 1578-9. 1877-8. Variation. Wool Gold Timber .... Grain—Wheat, Oats, , .Barley. Malt ' Fldur, ; BranV Sharps, ' nnd Oatmeal: ) Tallow.. ... ■ .. [3,404,231 1,129,645 22,251 541,038 69,805 , 180,419 £ *3,502.981 ! 1,645,066 65,580 304,376 41,445 167.059 £ ■ Decrease. ’98750 415,421 -.32,329 . Increase. ' 236,602 ' . 18,360 23,360 Total N. Z. Produce British, Foreign, &c. 5,784.515 290,507 6,055.392 245,699 Totals.. C,075.022 0,303,901 Net Decrease.. 228,009