DOMINION’S TRADE

Waihi Daily Telegraph, Volume XXVI, Issue 7903, 17 September 1929, Page 3

DOMINION’S TRADE

STATISTICS FOR FIRST 7 MONTHS RECORD DAIRY RETURNS IMPORTS SHOW INCREASE (Special to Telegraph) WELLINGTON, this day. The national volume of business as measured by the debits to individual accounts (excluding Government accounts) during July showed a slight recession from June, but a gain over July, 1928. The 1928-29 dairying season closed with record production figures for both butter and cheese. The meat export season, with three months to run, shows a level of activity slightly below last season. In both cases the latest agricultural and pastoral statistics indicate that the prosperity of the last two seasons has been capitalized, to quite a considerable extent, in more sheep, better cows, and an increasing use of fertilizers.

There was a seasonal recession in the export trade, and marked activity in the import trade. The aggregate deposits in banks of issue were substantially above the corresponding figure for last year. A high level of business was recorded for the transactions in real estate, together with both branches of the mortgage business; while the general wholesale price index showed an advance. The building industry, although continuing on a level below that for 1928, shows signs of increasing activity. The exodus of permanent residents, so marked in 1927, has abated, and immigration appears to be losing some of the hesitancy that has characterised it since the early part of 1928. The number of marriages, a generally accepted index of prosperity, was higher for the first half of 1929 than for the corresponding period of last year. The number was also above the figure for the first six months of 1926, when conditions were relatively favourable.

BUTTER AND CHEESE July marks the close of the dairying season. According to the grading figures it also marks the nadir in production. The statistics for the month'just passed show a recession of 7.9 per cent, in butter and a gain of 28.9 per cent, in cheese in comparison with those for July, 1928. Twelve-monthly figures show the past season to be the highest yet recorded for both butter and cheese; compared with the 1927-28 season the output of butter shows a gain of 8.2 per cent., while cheese has advanced 14.3 per cent. As the number of dairy cows (in milk and dry) at 31st January, 1929 (1,371,063) showed a gain of only 18,665, or 1.4 per cent, over the number at 31st January, 1928, it is evident there has been a marked increase in the production per cow.* Climatic conditions and improved farming technique (including the increasing use of fertilizers) have played a big part in effecting this increase, but animal husbandry, combined with a better grade of animal, is also worthy of mention.

FROZEN MEAT EXPORTS Activity in the frozen meat export trade in July was well below that for the same month of last year. All branches showed recessions, the quantities of lamb, mutton, and beef receding by 21 per cent., 34.8 per cent, and 25.9 per cent, respectively. Compared with June there were recessions of 38.4 per cent, and 43.4 per cent, for lamb and mutton respectively, and a gain of 5.6 per cent, in the quantity of beef. Cumulative nine-monthly totals relating to quantities show a gain of 0.4 per cent, for lamb and recessions of 8.7 per cent, and 42.1 per cent, for mutton and beef respectively. Corresponding figures in respect of values reflect either higher prices of qualitative increases as compared with last year; the total recorded value of lamb advanced by 2.4 per cent., while mutton and beef receded by 3.6 per cent, and 35.0 per cent, respectively. The total sheep in the Dominion at 30th April last numbered 29,051,382, or just under 2,000,000 (7.07 per cent.) more than the figure foi 1928. Breeding-ewes gained by over 1,000,000, lambs by just over 500,000, and wethers (two-tooth and over) by just over 250,000. These statistics all point, in normal circumstances, to big figures for 1929-30.

OVERSEAS TRADE The recorded value of exports in July showed a sharp contraction after the unusually high figure for June. Compared with Juy, 1923, there was a recession of 19 per cent. The cumulative seven-monthly figures show the exports for the current year to be running on a level 1.4 per cent, below those for last year. The moving twelve-monihly totals confirm this slight downward trend; they show a decrease of 0.8 per cent. Continued expansion in the import trade took place in July, the recorded value showing an advance of 30.3 per cent, over June. Compared with July, 1928, there is a gain for the month of 21.6 per cent. Considered in conjunction with the cumulative seven-monthly totals and the moving ( twelve-monthly totals, which show gains of 9.8 per cent, and 7.7 per cent, respectively, these statistics indicate a definite upward trend in the import trade. The expansion in the imports and the slight decrease in the exports has diminished the favourable “visible” balance of trade in favour of the Dominion from £12,129,812 for the twelve months ended July, 1928, to £8,307,279 for the corresponding period ending in 1929.

more motor cars The figures for some of the biggest items in the import trade for the twelve'months ended July, 1928 and 1929, show that this trade has undergone some fairly rapid changes during this period. The outstanding feature is the sharp rise in the motor import business. Motor vehicles for the period ended July last rvere just over double in both number and value the figure for the corresponding period in 1928, the increase in value amounting to just over £2,000,000. Motor spirits showed a gain of G.l per cent, in quantity and

8.9 per cent, in value. Other outstanding increases were —sawn timber (27.7 per cent, in quantity and 27.1 per cent, in value); sugar (31.9 per cent, and 7.S per cent); phosphates and other manures (20.4 per cent, and 31.8 per cent.); and iron and steel-bar, holt and rod (19.1 per cent, and 15.4 per cent.). Against these increases must be set the following decreases; Confectionery (37.6 per cent, in value); tea (2.1 per cent, in quantity and 8.4 per cent, in value): whisky (1-1 per cent, in quantity and 4.5 per cent, in value); electrical machinery (10 per cent, in value); and cigarettes, cigars and tobacco (6.9 per cent, in value but an increase of 3.5 per cent, in quantity, the discrepancy being due to a greater import of leaf for local manufacture).