THE Wairarapa Age MORNING DAILY. MONDAY, FEBRUARY 3, 1936. OUR OVERSEAS TRADE.

Wairarapa Age, 3 February 1936, Page 4

THE Wairarapa Age MORNING DAILY. MONDAY, FEBRUARY 3, 1936. OUR OVERSEAS TRADE.

In our own currency, exports from the Dominion during the calendar year 1935 were valued at 46.5 millions and imports at 36.2 millions, leaving for the year an excess of exports of 10.2 millions. In sterling, the excess of exports amounts only to about 8.2 millions—in other words it falls considerably short of the amount heeded to meet out overseas debt, shipping and other obligations. The position may be modified by the end of the present producing year, since for the six months to the end of December last exports increased, in New Zealand currency, by over 3.5 millions, as compared with the corresponding period of the previous year. For the same periods, however, imports increased by over 2 millions, New Zealand currency. It therefore seems likely that the export surplus for the producing year ending on June 30 next will fall substantially short of the amount needed to meet our oversea debt and shipping charges. The probable relative movement; of export and import figures in the immediate future is a little uncertain, but the position as it stands goes far to dispose of concern over the “piling up of surplus credits in London,” and incidentally of the use that was made of the accumulation of these credits as an argument in favour of lowering the rate of exchange. We appear, indeed, to be in some danger of getting back to the position that obtained in pre-depression days, when the export surplus, over a period of years, normally fell short of meeting our obligations in the way of debt, shipping and other charges payable overseas. In those pre-depression. years, the deficiency was made good by oversea borrowing, but it is certainly not desirable that we should revert to that potiev of improvidence. The current figures of trade give added emphasis to the demand for a plain statement by the Labour Government of its intended financial policy. Statements by individual Ministers have made it clear that some heavy additions to internal expenditure are in prospect, but from what sources these outlays are to be met has yet to be made known. Taking account both of the internal position and of the disclosed trend in overseas trade, it is clear that the Domin-

ion is confronted by financial problems which will not easily be brought to a satisfactory solution.

A SHOW PROCESSION. With the outlook in primary industry improving in some respects, it may be hoped that the annual Show of the Masterton A. and P. Association to be held at Solway on February 18 and 19, will achieve a full measure of success. The association, now within one year of its jubilee, has played a worthy and useful part in good times and in bad times in helping to build up the prosperity of the district, and certainly is entitled to united and active support in the still difficult days through which we are passing. A practical and gratifying recognition of the community of 'interest in which town, and country are united appears in the proposal put forward by Mr. E. M. Hodder that Master ton business people should organise a procession of trade displays on People’s Day at the Show. Broadly, the idea is that displays prepared by business and industrial firms, mounted on vehicles, should move in procession from Masterton to the Showgrounds on People’s Day and should take part In the Grand Parade. In view of what has been done in the past on more or less similar lines, in the organisation of Winter Shows and in carnival and other displays, there does not seem to be any doubt that the procession of trade exhibits may be made a very effective means of g’iving added interest and attracting additional support to the Show. Business people are showing the right spirit in desiring to give active support to >he A. and P. Association. At the largest view, townsfolk have as real and vital an interest in the Show as have those engaged in farming industry. While it will doubtless have its direct interest and appeal, the procession now being organised should be at the same time an excellent-means of demonstrating how completely the interests of ( town and country are identified.