TRADE OF THE DOMINION

Otago Witness, Issue 3867, 24 April 1928, Page 17

TRADE OF THE DOMINION

A REMARKABLE RECOVERY. GOVERNMENTS OPTIMISM JUSTIFIED. . WELLINGTON, April 17. A vindication of the Government’s optimism and progressive policy of development in industry was uttered by the Prime Almister to-day in his address to the annual conference of the commercial travellers and warehousemen when Mr Coates quoted figures which showed that the past financial year had produced one of the most sensational recoveries of the balance of trade in the history of the Dominion, second only to the record period of 1921. Some of them reading the criticisms of the Government might have been disappointed, said Mr Coates, but he proceeded to justify the Government’s faith in New Zealand and in its programme and policy which were designed to carry the country to its natural destiny. Proper railway accommodation and facilities were essential, but that expense had been spread over 10 years, and Mr Coates gave other instances of a determination not to recognise the predictions of increasing depression, which the figures he would quote showed to have been the right course. Great Britain. —For the vear ended March 31, 1927, New Zealand’s trada balance with Great Britain shows an excess of exports over imports of £13,556,921, whilst for the year ended Alarch 31, 1928, the excess of exports from New Zealand to Great Britain increased to £19,286,699, an increase of £5,729,778. Australia.—Tn regard to New Zealand's trade with Australia, the results of the year ended Alarch 31, 1928, show that an excess of imports as at Alarch 31, 1927, amounting to £1,320.189 has been converted to an excess of exports to Australia amounting to £137,109. , Germany.—ln regard to New Zealand’s trade with Germany for the same period an excess of imports amounting to £8139 has been converted into an excess of exports amounting to £532,078. France.—The Dominion's trade balance with France shows that an excess of imports amounting to £192.081 has now been converted to an excess of exports amounting to £1,159,508 as at March 31, 1928. Canada. —In trade with Canada the excess of imports amounting to £2,167,629 in 1927 has been reduced to an excess of imports amounting to £442.117 United States—With the United. States of America the excess of imports in 192< of £6.508.316 has been reduced to an excess of imnorts for 1928 amounting to £4.940.346 Japan.—ln trade with Japan tne excess of irnpo-ts of £365.733 has been reduced to an excess of imports amounting to £135.063 during the year. South Africa.—AVith South Africa there has been a reduction in the excess of imports from £109.777 to £86.642 at March 31 - 1928 - .. , , , , Summarised, the total British trade uiirinpr the year showed an increase in the of exports from £7.485.117 to £l6 899.386—an increase of £9.414.269 Tho total foreign trade of the Dominion show’s a reduction of the excess of imports, which ♦ mounted to £9.995.449 at Alarch 31. to £6.356,712 at March 31. 1928. a reduction in the excess of £3.638.737. The total trade of New Zealand fo r the year ended March 31. 1923, therefore showed an imnrovement of no less than. £13.053.006. divided as follows: —

“ The Government has had no misgivings as to what was likely to happen,’* said the Prime Minister. “ Had things been going completely to pieces then we should have be?n wrong in carrying on; but wo have not thought so. We know we are right.”

British £9.414,269 Foreign £3,638.737 Total £13,053,006 With the exception of the trading- year 1928. these figures constitute a record in the recovery from an adverse trade balance suffered during the preceding year, 'the actual figures are as follows: — Trade of New March 31. 1927— Zealand for year ended Exports £45.632.338 Imports 48,192.670 Excess of imports ... £2,510.332 Trade of New March 31, 1928— Zealand for year ended Exports £54.962.031 Imports 44,419.357 ■Excess of exports ... £10,542.674 The trade of the Dominion with the principal countries of the world for 192627 and 1927-28 was as follows:— EXPORTS. 1926-27 1927-28. To United Kingdom £35,377.604 £40.649,661 To Canada ... 1,030.462 2,065.222 To Australia ..> . To South Africat .. 3,239,210 3,857,653 i Union 27.078 41 467 To U.S.A. ..: .. 3.258.594 , 3,052,710 To Germany ... 690.530 1.399.317 To France 676,400 1.995.827 To Japan 201,781 452,746 Total British ... £40.137,253 £47.226.579 Total Foreign ... 5.545,085 7.735,453 IMPORTS. 1926-27 1927-28. From United Kingdom ... .. £21,820.633 £21.362.962 From Canada ... ... 3.198.091 2.507,339 From Australia ... 4,559.399 3,670.544 From South African Union ... 1.36.855 128,109 From U.S.A. ... 9.766 910 7,993.156 From Germany . 698.669 867,239 From Franco 836.319 From Japan ... . 567,514 57,809 Total British £32,652,136 £30,327.192 Total Foreign .. 15,540,534 14,092.165