The Waikato Times.

Waikato Times, Volume 120, Issue 10010, 7 October 1936, Page 8

The Waikato Times.

The Congress of Chambers of Commerce of the British Empire has “Pl“‘oVed of a proposal to develop trade within the Empire by means of bilateral agreements, rather than through another general economic conference. The understanding reached at Ottawa was really incorporated in more or less definite agreements between the Mother Country and the Dominions individually, and New Zealand should welcome any further developments along that line. While In the aggregate our imports of British goods may not equal the purchases of the larger Dominiuns the imports per head of Polmla‘ tion are second only to the Free State. For the past five 01' six years more than one-half of the, total imports of the Dominion came from Great Britain and the percentage from all Empire countries was over 73 last year. When it is remembered that there are many things that must be obtained from certain foreign States the Dominion imports from all non-British countries—little above one-quarter of the total—are convincing proof that New Zealand is doing its part in the development of Empire trade. The balance of. trade between the Mother Country and the Dominion is heavily in our favour, but it is substantially reduced If interest payments,-hoth national and local body, are deducted and allowance is made for the invisible imports such as freight and insurance. With most of the other Dominions New Zealand has adverse balances, and so is in a good position to drive a bargain. Especially is this the case .with Canada and Australia and any agreements should provide for extended markets for our produce in both these countries.

The decision of the congress now sitting in Wellington should he of great assistance to the Minister of Finance when he goes to London. Mr Nash’s chief purpose is to negotiate a bilateral trade agreement with the Mother Country, and he can now claim that this course is favoured by the Empire Chambers of Commerce. The difficulties, of course, will be apparent. The British Government will have to proceed with great care, especially if there should be any intention to protect the home agricultural interests. During the debate in Wellington an Australian delegate said that the Commonwealth would not stand for the curtailment of exports to the United Kingdom, and it would be a somewhat hazardous matter to impose limits for each Dominion. Mr Coates had to fight hard, when in London, to secure for New Zealand a. satisfactory meat agreement, the Australian representatives demanding a larger share of the markets based on current export figures. However, the congress has endorsed the principle of bilateral agreements and that fact alone should be of material assistance to the Minister of Finance. '