IMPORTS AND EXPORTS.

Otago Daily Times, Issue 12040, 11 May 1901, Page 8

IMPORTS AND EXPORTS.

TO TIIE EDITOR. Sin,— I The question postulated w. Should imports be greater than exports? When in tin early clays traders from Sydney took to tho islands tobacco, prints, knives, jew's harpa, etc., they bartered for coeoamit oil (there was no drying the nut in tliosis days), sandalwood, shell, etc. Now the more of the latter they .reccivod for tho former, the tatter they wore pleased. When tlioir imports exceeded their exports they felt they were doing a Rood business; but if the value of tho goods they took down to the islands —that is, exported—exceeded the valiio of those brought lmek—imported,—they knew they were losing instead of gaining. Now, it is just tho famo with nations. Excess of imports ovor exports, unless the imports como n? a loan—which wo know is not the case with Great Britain, it is unfortunately so with New Zealand—implies wealth and prosperity, whilo cxcess of export?, unless as a loan, shows the opposite. Now, wo are a debtor colony—Australasia. as a whole. ?bout £250,000,000, — hoiiro our cxcess of exports over imports .-.hows we are able to pay the interest to our creditor*, tho British capitalist. If we take, say. tho year 1874, when we were revelling in borrowod money, \vc find our imports £8,121,812, while our exports were only £5,251,269; or, in other words, we were living on borrowed money. But to-day the Iwlnnco is fortunately on (ho other side of the equation. As a proof of this demonstration and the enormous and ever-incroasiiig wealth' of (ircat Britain, her exports for 1900 were £265,660,6-17: whi!o her imports wero £485,075.514.. Tho le?son wo should draw is a simple one. Endeavour as much as possible to create a- national debt of our own, because by doing fo «o retain enorpy —capital—amongst ourselves, which tends to increase production, and this again tends to increase local manufactures. Would Übo prosumptuous to suggest to one s political pastors and masters a cautious financial ccureo for the future, because wehavo keen competitors to meet in tho world's markets, and wo arc yearly becoming, moro and more, larger exporters in order to pay tho intcrost of our indebtedness to (Jrcat Britain?—l am, etc., R M