IMPORTS AND EXPORTS.

Otago Witness, Issue 2412, 24 May 1900, Page 16

IMPORTS AND EXPORTS.

The export returns for the Marcli quarter, 1900, give the most remarkable figures that we hare ever had to record, and although, as we shall presently show, we . shall have to make one important; deduction, they will" still stand ~ th'o highest on record. The coniparfeSn of the corresponding quarters for 1899' and 1900, deducting specie, which in each case is a very small item, stands as follows : — 1900. 1899. March quarter total ...£5,290.834- £4,293,920 — an increase (if the valuations were reliable) of no less than £991,914 — very nearly a million. The four 'qitarters of the financial year 1899-1900 will then stand as follows : —

j 12,915,316 10,190,095 — an apparent increase of £2,725,241. We will, however, first - deal with an item in which it is apparent there has been gross over-valuation — viz., wool. j The apparent increase for the quarter • \ in this important commodity is £421,026 ] (£2,939,716 -£2,518,690), but the dej elared weight is less in 1900 by, ! 3,741,2031b (86,472,5371b— 90,213,7401b).' • It is apparent, therefore, that the increase is entirely in valuation. The rate per ;.pound for 1899 is 6|d nearly; the rate ■ per pound -for 1900 is nearly B.^d. As | there have been several successive heavy j falls, from the high ngure-ior a,, short tim.e. attained, it is obvious that there isnow no justification for the increase, J as there . might have been when the shipments j were made, and last year's valuation is "now likely to be much nearer the mark. I This would make a deduction of no less Jthan £507,000. "We may safely say, | therefore, that a deduction of half a ' million should be made from the de- | elared totals for the year, which still , leaves an increase of nearly two and a1 quarter millions. Now to compare other items for the quarter, gold shows the 1 moderate' increase of £13,171 (£373,220 j — £360,049), the smallness of which is | difficult to account for. The three : previous quarters showed a total increase of £344,261. Kauri gum shows a de- ' crease of £27,917 (£129,950— £157,867).;' timber, an iucrease of £13,171 (£60,864 • —£47,693) ; butter, the large increase of j £121,857 (£335,430— £213,573); cheese, 1 also a large increase of - £66,440 ' (£102,959— £36,519). These items show I the rapid strides which our dairy industi'y is making. Hides show an increase of £3850 (£9325— £5475) ; live stock", ' an increase of £13,958 (£17,085— £3127), probably representing the value jof horses sent to Africa ; frozen meats, !an increase -of £80,094 (£546,098— £466,004)"; sheepskins, a decrease of £8233 (£63,561— £71,794), possibly arising from more skins- having been fellmongered for the wool; tallow, an increase of £22,972 (£113,788— £90,816). I Agricultural products show, the very | large increase of £182,008 (£292,647— £110,639), of which a large 'proportion went to South Africa. The main in- ' creases are in oats (£115,000), wheat ' (£52,000), flour (£10,500), and malt , (£11,500), and there are some decreases in seeds and other items. , Leather shows an increase of £6568 (£31,315 — ■ ' £24,747) ; phormium, the very important increase of £82,291 (£118,786—

£36,495). This is to a considerable extent due to increase in value from about £15 a ton to £22 10s; the quantity, however, increased from 2437 tons to 5315 tons. This commodity has thus again become an important item of our exports, but we fear the future market for it is precarious. It is not surprising, with such immense production, there are general signs of prosperity. As- might naturally be expected, the imports have at length responded to some extent to our increased purchasing power, the figures being : 1900. 1899. Imports for March quarter £2,634,105 £2,230,877 •—an increase of £453,228. We have again to complain that the amount of specie included in the returns is not shown -in the import figures, though we have no reason to suppose they are considerable. The year's imports show as follows : — 1899-1900. 1898-99."

9,063,444 8,249,323 • — an increase of £820,121. The surplus of exports over imports, after deducting the half-million over-valuation of wool, is £3,346,000 — far more than enough to pay all interest due in Britain on public and private debts. We have been greatly disappointed by the heavy fall in the' wool market after a rise which promised greatly to increase our wealth, and the effects of which will be surely felt by some sanguine purchasers. But, after all, we are no worse off than before the rise — perhaps "a little better, — and the market may yet recover. A colony of- only some 750,000 souls with an external trade of over 21 millions sterling is' a phenomenon of which we have some reason to-be -proud.

1599-1900. I. 1898-99. £ 'dtals for June quarter 2,846,954 'olals for Sept. quarter 2,020,560 'otals for Dec. quarter .2,756,988 'otals for M'rch quarter 5,290,834 £ 2,358,06' 1,641,43{ 1,891,67( 4,293.92(

"une quarter ... .« September ~ quarter December ..quarter . March, quarter 1,610,8£0 1,517,625 2,491,514- "2,313,415 2,282,945 2,187,4.06 2,634,105 2,230/877