H.—44.

Tbade with the United States. Exports from New Zealand to the United States in 1934 were valued at £1,250,364, as compared with £1,188,972 in 1933. Expressed as percentages, the figures represented 2-52 per cent, and 2-88 per cent, respectively of total exports in those years. Imports into New Zealand from the United States during 1934 were valued at £3,000,613, in comparison with £2,383,451 for the previous year. These figures represented 11-13 per cent, and 11-11 per cent, respectively in 1934 and 1933. The proportion of our imports obtained from the United States has shown a substantial decline during the past few years —viz., from 19-10 per cent, in 1929 to 11-13 per cent, in 1934—and so also has the percentage of our export trade with the United States —namely, from 7-58 per cent, in 1928 to 2-52 per cent, in 1934. The 'absolute value of our export trade has, however, shown a steady increase since 1931. The position, so far as our trade with the United States is concerned, is briefly summarized in the table below covering the past seven calendar years : —

In considering the above figures it must be borne in mind, however, that the New Zealand statistics necessarily do not include any information regarding re-exports through other countries, and consequently do not record the full facts of our trade with the United States, which draws considerable quantities of New Zealand products through the United Kingdom. The same position arises in connection with the recorded figures of our trade with certain other countries, particularly certain European countries. The United States, with its adoption of a strict national policy during the past few years, combined with its high tariff schedules and with the lessened buying-power of the country generally, has greatly decreased its importations of raw materials from abroad. Under such circumstances it is particularly gratifying to be able to report that our sales of hides and skins, rabbit-skins, wool, sausage-casings, tallow, and grass seeds have been well maintained and in some instances have shown substantial improvement. The extent of sales in such commodities in each of the past three years is shown hereunder :—

Close contact has been kept during the past year by the New Zealand Trade Commissioner at Toronto with leading importers in the United States interested in New Zealand products, and this has paved the way for improved trade in future years. With the lifting of the embargo against New Zealand fruit by the United States there are prospects of our exports of apples and pears reaching such proportions that this new market will become of considerable value to New Zealand. The New Zealand Government approached the United States Government some little time ago with the object of concluding a trade agreement, but the matter has been delayed as a result of legislative and other difficulties in the United States. With a view to further extending both our trade and our tourist traffic with the United States the New Zealand Government recently appointed a Trade and Tourist Commissioner to the Pacific Coast of that country. The headquarters of this officer will be at Los Angeles. Trade with the British West Indies. As was intimated in last year's annual report, the New Zealand Trade and Tourist Commissioner at Toronto visited the British West Indies towards the end of 1933, with the object of obtaining firsthand information concerning the present and potential market for New Zealand products in that

8

v . i ni i n i. Exports to tlie Percentage of Imports from the Percentage of United States. Total Exports. United States. Total Imports. _ , . „ . £ £ 1928 .. .. .. 4,260,315 7-58 8,204,197 18-28 1929 .. .. .. 3,653,427 6-57 9,319,926 19-10 1930 .. .. .. 2,116,752 4-71 7,573,053 17-60 1931 .. .. .. 920,931 2-62 3,885,073 15-65 1932 .. .. .. 940,015 2-54 3,267,086 14-18 1933 .. .. .. 1,188,972 2-88 2,383,451 11 11 1934 .. .. .. 1,250,364 1 2-52 3,000,613 11-13

I 1932. 1933. 1934. £ £ £ Calf-skins 31,227 82,537 43,684 Cattle-hides .. .. .. .. 3,172 30,869 17,360 Rabbit-skins .. .. .. .. 41,497 155,852 187,287 Sheep-skins, with wool .. .. .. 9,44-1 64,035 4-3,862 Sheep-skins, without wool .. .. .. 197,159 380,197 372,824 Wool .. .. .. .. .. 32,044 88,923 104,005 Sausage-casings .. .. .. .. 99,674 170,019 312,626 Tallow .. .. .. .. .. 2,049 1,327 39,907 Grass and clover seeds .. .. .. 28,817 22,066 33,066