TRADE AND INDUSTRY

Otago Daily Times, Issue 22365, 12 September 1934, Page 7

TRADE AND INDUSTRY

DEPARTMENT’S ANNUAL SURVEY EVIDENCES OF IMPROVEMENT The Department of Industries and Commerce briefly reviews the overseas trade of the Dominion in its report, which was laid on the table of the House of Representatives yesterday. The report states that for the year ended December 31, 1933, the value of exports from the Dominion was £41,301,951, as compared with £36,965,780 for the previous year, an increase of £4,336,171. Imports for 1933 aggregated £21,451,382, a reduction of £1,593,724, as compared with the figures for 1932, in which year the imports were assessed at £23,045,106. The foregoing figures are inclusive of specie, exports of which during 1933 amounted to £296,032, as compared with £1,355,861 for 1932. Specie imports during these two years were £424,704 and £55,310 respectively. During the year 86.12 per cent, of the Dominion’s exports went ■to the United Kingdom, and 50.29 per cent, of our imports were obtained from there. The import and export trade with Australia has remained a fairly constant quantity, the figures for last year being: —Exports to Australia, £1,393,311; imports from Australia, £2,074,683. After discussing in detail the various aspects of the internal and external trade of the Dominion, the report proceeds: In general, it may be said that the department has been calledupon to an ever-increasing extent during the past few years to supply general information relating to the Dominion’s industries, commerce and economic and social conditions, and particular information relating to specified industries. This information pertains particularly to the development of markets for our products both within New Zealand and overseas, and it may he said that the functions of the department in this connection have been substantially extended in recent years, and that the importance and value of its activities in this direction to the commercial community have been materially enhanced.

It is gratifying to note that there are many indications definitely pointing to our further emergence from the adverse economic conditions which have enveloped us during the past four years. The far-reaching effects of the depression have clearly demonstrated that New Zealand has placed too much reliance upon a few main classes of exportable commodities, and it was only natural that increasing attention should have been given to the question of exporting a wider variety and to the exploitation of new and undeveloped markets. In this connection the department is active in its endeavours to open the way for an increase in the export volume of a more diversified range of our products and for the extension of present overseas markets. While there is still a measure of uncertainty and obscurity in the world economic position and the consumptive demand for ail classes of commodities continues to remain at a relatively low level, it is becoming more apparent as time goes on that there must soon come about the formulation of a definite policy by the leading nations of the world in respect of the trend of economic nationalism, and it is to be hoped that a policy will be adopted that will open the way to a greater flow in the volume and value of international trade.

Commodity prices generally show a steady upward trend, an improvement which, if sustained, will soon rid us of the fear of a relapse to the conditions from which we are emerging and' will quickly form a sound foundation for the building up of that confidence which had been so badly shaken during the period of falling and contracting markets. The marked improvement apparent in the economic progress of the majority of those countries in which our principal markets are found is being reflected in our own progress • along the road to the attainment of more prosperous conditions..,