WORLD AFFAIRS.

Star (Christchurch), Volume LXVI, Issue 20361, 19 July 1934, Page 11

WORLD AFFAIRS.

American Export Business Adversely Affected. OTTAWA AND USA. The view prevailing in the United States that the operation of the Ottawa agreements has adversely affected American export business derives considerable support from the detailed figures of the geographical distribution of the external trade of that country for 1933. the first complete year since the agreements came into force, saysi an article in the June review of Bar-! clay’s Bank. According to official! estimates, the volume of total United] States exports last 3-ear was approxi-j mately the same as in 1932, but the! value rose from sl6ll million to $1675] million, the increase being attributable in part to the lower exchange value] of the dollar, as well as to the stimulus afforded to the sale of American goods by the depreciation of the currency. As shown by the following table, however, only three Empire countries, namely, the United Kingdom, South Africa and Trinidad and Tobago made larger purchases than in 1932, and the share of United States' exports taken by the Empire as a whole fell from 40 per cent to 37.9 per cent, the greatest reduction, measured by value, being recorded in shipments to Canada. The , increase in United Kingdom purchases was largely due to heavy acquisitions of cotton at higher prices.

Notwithstanding the falling off in American exports to the Empire, says the review. United States imports from British countries showed a considerable increase, both actually and relatively. In 1933, total imports into the United State amounted to $1449 million compared with $1323 million in 1932, whilst the proportion obtained from Empire ■sources rose from 27.6 per cent to 31.1 per cent. As the appended table indicates, heavier purchases were made from most parts of the Empire, the increase in the case of the United Kingdom being particularly noticeable Other Empire countries which also improved their position were New Zealand, South Africa, Australia, India and British Malaya, the expansion in the case of the last-mentioned being due to larger imports of rubber and tin. UNITED STATES IMPORTS.

OVERSEAS MARKETS. / Argentina Wants Raised Wheat Export Quota. (Received July 19, 11.30 a.m.) BUENOS AIRES, July 18. Argentina's Ministry of Agriculture ;to-day proposed that the nation’s wheat export quota should be raised at next month’s international wheat conference to 150,000,000 bushels, owing to the abundance of the last crop necessitating a larger export quota to overcome surpluses. The Ministry stated that Argentina’s attitude towards the agreement was unchanged, but immediately surpluses were eliminated she will effect the policies intended and reduce sowing. Germany Requires Merino Wool. (Received Julv 19. 11 a.m.) LONDON, July 18. The “ Yorkshire Observer J> says that it is estimated that Germany's stocks of raw wool will last barely five months. She especially requires Australian merino wool. New Zealand Apples in London. (Received Julv 19, 10 a.m.) LONDON, July IS. The Trojan Star’s and Port Hobart’s New Zealand apples sold as follows: Sturmers. 10s to 11s 6d per case; Rokewood, 10s 6d to 11s 6d; Statesman, 9s 6d to 10s 9d; Doherty’s, 10s to 12s 3d; Granny Smith, 12s to 17s 6d. Dairy Produce Cable. The New Zealand Loan and Mercantile Agency Co. advise that they have received a cablegram from their London office, dated July IS, 1934, giving the following market quotations: Butter—73s. There is a better demand. Cheese —White, 47s 6d, 48s; coloured, 455. The market is steady. Colombo Te» Sales. Per Press Association, i DUNEDIN. July IS. J Mr L. M. Wright has received the following cabled report on the Colombo tea auction of July 17: Market for fine teas advanced 1 cent, while medium and common grades were slightly irregular. Quality of offerings much improved. In all 2.250,0001 b auctioned and the same quantity will be catalogued for next week’s sale. The Price of Gold. (Received July 19. 11.30 a.m.) LONDON, July IS. Gold is quoted at 13Ss per ounce. Other gold quotations this year have been as follows:

. UNITED ST ATES’ 1332 EXPORTS. 1933 Pereen’ge Increaset ill Li’.itect Kingdom 288 311.7 Canada 241 4 210.5 Australia 26 8 26.3 British India . . 24 9 19.9 -20.3 British S. Africa 1 6 22.4 140.3 Hong Kong .... 8.6 -11:7 New Zealand 2 S.2 -10.9 Irish Free State Newfoundland— 4 6 4.1 - 8.0 Labrador 4 4.1 f 2.5 British W. Africa 3 8 3.4 -10.S Jamaica 8 2.6 - 5.9 Bermudas .... 2 S 2.3 -17.5 British Malaya . Tinldad and - 5 2.4 - 4.0 Tobago British E. Africa 1 1 1 2.1 1.0 t27.7 - 9.3

1332 1933 Percen’ge increasef From (In million dols.) or dec.— Canada 174.1 185.1 f 6.3 United Kingdom 74.7 111.2 t48.9 British Malaya. 34.8 59.9 t72.2 British India . . 33.2 43.8 f31.S British W. Africa 8.9 9.3 t 3.7 Newfoundland— Labrador 7.1 4.S -33.4 Ceylon 5.9 7.0 fl8.6 Australia .... 4.6 7.7 f65.4 Hong Kong .... 4.3 3.9 — 7.7 Trinidad and Tobago 3.4 l._5 -54.7 Jamaica 3.2 1.2 —61.5 British S. Africa 2.4 4.1 t74.9 New Zealand . . 2.2 4.8 fl22,l British E Africa 1.8 1.6 -10.1

s. d. January 2 127 0 February 5 (official) .. 140 0 March 1 137 1 April 3 135 2 Slav 1 135 11.J June 1 137 July 2 137 10