H—44

The following tabulation shows that, although there has been a large increase in the export price index, this has been paralleled by a rise in the import price index, viz. :

Table 2—New Zealand Price Indices

The importance of our import and export figures to our economy can be appreciated when the figures per head for New Zealand are compared with some other commonwealth countries :

Table 3—Trade per Head, 1948

It is fortunate, therefore, that as the price of imported goods has risen, so too has the price for our exports. Any marked fall in export prices would, indeed, present difficult problems. 2. GENERAL The Department during the year has extended such assistance as has been within its power to the manufacturing and commercial community. We have been in close touch with the representative associations and gratefully acknowledge the fullest co-operation and friendliness. Government Departments, too, have been most helpful, particularly in regard to technical and scientific subjects. The Department's overseas representatives and Trade Commissioners have again given valuable service. Their range of activity is extremely wide, including the development of our export trade, locating sources of commodities in short supply, assistance and advice to visiting New Zealand businessmen, and acting on behalf of Government Departments in many varied matters. During the year delegations of officials visited New Zealand from Australia and the United Kingdom for discussions on trade and economic subjects of mutual interest. The resulting exchange of information and views was invaluable, and it is to be hoped that these will be followed by further similar discussions. Constant attention has been given to the possibility of removal of wartime restrictions and the return of trade to normal channels. The only items remaining under factory control at the beginning of the year were tinplate, Manila fibre, galvanized iron, black steel sheet, and galvanized and wrought iron tubing. During the year the stage was reached where it was no longer necessary to retain these controls, and under the Supply Regulations Amendment Act, 1949, the Factory Emergency Regulations were revoked as from the 31st December, 1949. On the 31st December, 1949, the authority under which the Shipping Controller was appointed, the Shipping Supply Emergency Regulations 1942, was revoked and the control previously placed on vessels on the New Zealand registry no longer exists.

4

(Base —Exports : First quarter, 1949 = 100 ; imports : 1948 = 100) Year. Exports. Imports. 1939 50 44 1947 96 96 1948 106 1 100

(£stg.) Country. Exports. ! Imports. Total. New Zealand 69-4 61-7 r~ 131-1 Canada 59-2 55-9 1151 Australia 42-1 38-7 80-8 United Kingdom 31-6 41-6 73-2 Source.—Report of Commonwealth Economic Committee.