H—44

The increased volume of wool exported in post-war years was caused largely by sales of stock wool accumulated during the war, and held by United Kingdom - Dominions Wool Disposal, Ltd. Quantities of stock wools sold at auction in the years ended June, 1948 and 1949, were 87,286 bales and 161,611 bales representing 9-4 per cent, and 15*7 per cent, respectively of the total quantity of wool offered at auction in New Zealand during those seasons. Hides and skins exports of all kinds were lower both in total value and volume in 1948-49 than in 1947-48, the main reason being increased purchases by local tanners. Increases are recorded in the 1948-49 values of exports of sawn timber, fish, and •of grass and clover seeds, and decreases in the values of exports of fresh apples, peas, •and tallow.

(b) Direction of Exports Table 17—Direction of Export Trade: Percentages

Table 18—Direction of Export Trade: Values

United Kingdom.—The United Kingdom is traditionally New Zealand's major export market. There has been, however, a decline in the proportion of exports to the United Kingdom in post-war years. During the years 1930-39, the United Kingdom purchased an average of 83 per cent, of New Zealand's total exports. The comparative figure for the years 1946-48 is 73 per cent. This decline has come about in spite of New Zealand's commitments of meat and dairy products under long-term contracts with the United Kingdom. New Zealand is committed up till 1955 to sell to the United Kingdom all its exportable surplus of meat, and nearly all its surpluses of butter and cheese. In addition there are contracts covering the major portion of buttermilk powder, skim-milk powder, and casein exported from New Zealand. A contract with the United Kingdom Government for the purchase of all tallow exported from New Zealand has also been negotiated each year since 1942. The value of goods exported to the United Kingdom under bulkpurchase agreements in the calendar year 1948 accounted for 52 per cent, of the value of New Zealand's total exports in that year. There are some disadvantages associated with bulk-purchase contracts. Export prices are held within relatively narrow limits in boom periods when import prices may be rising more steeply. There may also be some danger in dependence upon the ability

19

Year. United Kingdom. Europe*. U.S.A. Canada. Australia. East Asia.f Other. 1 J Total. 1938 84 4-7 2-5 1-9 3-8 1-4 1-7 100 1939 81 6-1 4-9 1-7 3-9 1-3 1-3 100 1946 70 7-6 9-6 2-8 3-6 4-4 2-0 100 1947 76 8-2 6-3 2-4 3-2 0-9 3-0 100 1948 73 13-7 4-9 2-0 2-7 0-9 3-0 100 * Includes Russia. f Includes Burma, Ceylon, China, Hong Kong, India, Indonesia. Japan, Malaya, Pakistan, and Philippines.

(£N.Z. thousands) Year. United Kingdom. Europe.* U.S.A. Canada. 1 Australia. East Asia.f Other. Total. 1938 1939 1946 1947 1948 48,898 46,689 70,923 98,660 107,965 2,743 3,521 7,733 10,674 20,259 1,422 2,847 9,716 8,174 7,273 1,127 964 2,803 3,060 2,991 2,189 2,256 3,627 4,096 3,956 822 775 4,435 1,198 1,295 1,175 997 2,070 3,544 4,045 58,376 58,049 101,307 129,406 147,882 * Includes Russia. t Includes Burma, Ceylon, China, Hong Kong, India, Indonesia, Japan, Malaya, Pakistan and Philippines.