WOOL WEALTH

Otago Daily Times, Issue 22197, 26 February 1934, Page 10

WOOL WEALTH

MEANING TO AUSTRALIA TRADE BALANCE. —i (From Our Own Correspondent.) SYDNEY, February 15. It is trite to say that the pastoral industry is the backbone of Australia, but no praise would be more fitting to describe the position at the present time. Remarkable figures have just been published by the Commonwealth Statistician showing that, during the first half of the current financial year, the export of wool and sheepskins in all forms represented 55 per cent t of the total export of merchandise. Dozens of other exports, including the product of such important industries' as agriculture and dairying, were valued in the aggregate at only 45 per cent, of the total. The vast difference which the wool sales can make in the economic position of Anstralia > is revealed by the fact that buoyant prices have assured a favourable trade’balance, higher than for many years. The improvement of the favourable trade balance for the half-yearly period from £9,516,000 to £24,101,000 is due almost entirely to improved wool sales. The casli return from sheen during the six months ended December 31 was £33,984,200, made up as follows: Grdasy wool, £28,654,600; scoured wool, £3,594,200; sheepskins, £1,525,900; wool tops, £209,500. These figures show an improvement of £14,835,700 over the amount received from the same exports during the corresponding period of the 1932-33 financial year, when itemised returns were: greasy wool, £16,209,900; scoured wool. £1,970,200; sheepskins, £844,500; wool tops, £123,900. • The pastoral industry’s cheque during the last six months represents more than the Commonwealth will receive from Customs duty on all imported lines, and from taxation on all excisable products in Australia. It also .represents an amount nearly equal to the tojtal Federal income tax revenue for four years. Comparison with other records of other countries shows that Australia is well to the fore in the obstacle race back to prosperity. Despite depressed prices, currency fluctuations and intense international competition, new, markets, are being developed and valuable trade is being captured. It is certain that the process is not proceeding as rapidly as it should, but every advance is welcome. Dried fruits, for instance, which returned £440,000 during the first half of 1932-33, ■produced a cheque for nearly £1,250,000 during the corresponding period of this financial year. The mining industry, too, has given a great hand in pulling round the balance. Over the two periods under review, the exports of silver and silver lead ores and concentrates were valued at £141,900 more this year than in the previous year. Lead pig exports were worth £225,600 more, zinc f 105,600, copper ingots £39,800, tin ingots £64,800, and other ore £108,400 —a total improvement ot £719,100. Nevertheless, it is to the pastoral industry that Australia must look for prosperity. This is emphasised by another set of trading figures issued this week—those for the third quarter of 1933, and the latest period for which detailed statistics are available. During the June-Scptember period last year imports from Japan were £1,133,930, compared with £994,747 for the same period in 1932. Australian exports to Japan at £2,007,173 nearly doubled. Exports of wool to Japan in the quarter were more than twice as great. While there were decreases in some lines imported from Japan, large increases were recorded in apparel and textile (increase of about £75,000 on the second quarter), earthenware, china, and glass and jewellery. The value of imports of the last-named item was almost doubled. < Other figures confirm a recent statement bv the Australian Trade Representative in Paris that the sale of Australian goods in France was increasing* They show a heavy trade balance in favour of Australia, fcjit also that France is buying from Australia only what she cannot get elsewhere. Practically the whole of Australia’s sales to France during last fiscal year comprised wool and slipepskins. The figures were:—Sheepskins, £964,767; greasy wool, £4,434,439; scoured wool, £501,788. Australian exports to France for the year 1932-3.3 were £6,054,054 in Australian currency, compared with £4,630,602 for the previous year. Imports from France in 1932-33 were only £1,195,470 (English currency). Australia’s trade in barley with France, which was worth £24,797 in 1930-31, fell to £lOl last year. Similarly, exports of wheat to France valued at £480,000 in 1928-29 were nil last year.