IMPORTS RISE

Wanganui Chronicle, Volume 76, Issue 122, 26 May 1933, Page 9

IMPORTS RISE

AUSTRALIAN FIGURES w TRADE BALANCE UP L o SYDNEY, May 11. d Returns of Australian trade for the t nine months of the current trade year o show a favourable balance of ( £33,382,090 sterling. This compares [. with a favourable balance of i. £30,742,000 sterling for tho correspond- ® ing period of 1931-32. Much of the e ’ favourable trade balance, however, was due to the shipment abroad of the gold reserve of the Australian notes y fund. This is estimated at £11,000,000 t for tho nine months, so that actually > the position is slightly less favourable than would seem from a casual exam- , ination of the figures, and has given a rise to a little apprehension in some . parts. e Figures supplied by the Common- • wealth Statistician show that in the nine months exports of merchandise, valued in Australian currency were 6.5 per cent, higher than in the nine r months of the last financial year, and _ totalled £76,719,614, against £73,553,- . 725. Bullion and specie exported in the period was £14,133,733 higher, at _ £21,010,564. Imports compared with the nine months of last year were 38 9 per cent, higher. Valued in English currency, merchandise imported was £43,878,000, against £31,803,000 ijj the previous year, a rise of £12,075,000. Imports of bullion and sterling reached a figure almost double that of ! the previous year, at an aggregate of j £892,900. The bullion and specie balance was £16,012,000. Large increases were recorded in thc*value of wool, wheat and butter which were exported, while minor | gains occurred in the export of rab- • bits and hares, sheep skins, flour and apples. Decreases were registered in meat, sugar, rabbit skins and timber. In imports the general movement was upward, and textiles, petroleum spirit, 5 machines and machinery, and other | metal manufactures, made a large advance. Decreases were mostly of small account, the biggest losses being in whisky and wool packs. I Australia requires £32,000,000, in- ■ eluding exchange, to meet overseas iui terest payments alone, apart from | other services. Before the House of | Representatives goes into winter re- ! cess the question will bo raised by the ! Labour Party whether the trade bali ance, as revealed by the latest figures, ; is sufficient to meet overseas commit- | ments. It has been tho boast of the [ Labour Party that the Scullin Governnient’s policy of Customs prohibition I and restrictions righted the trade balance, and enabled Australia to pay l z

its way overseas, and there will be a strong move for the reimposition of these prohibitions in view of the increased imports and the lower trade balance that is likely later. It is doubtful whether tho Scullin prohibitions were alone responsible for the balancing of trade. Tho buying power of the people had become so restricted that a falling-off of imports was imperative. The condition of the Commonwealth is certainly much better now than it. was when Air. Scullin reigned.