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TEADE AM) MNANCE.
The Register Office, Saturday.
— Australian Trade.—
, ^Apparently the delay in the publicaf-oi
'of the trade' returns of Australia for the
month of November -had its explanation in
a purely local and depawhental reafijri,
and not from a desire to withhold tie
information until the outward bound shi.is
had reached their destinations. That at
]ea6t is what is to be deducted from the
fact that the figures for December and
for the first half of tie statisti.nl year,
have now been issued. Imports in tbe kit
month of 1916 were afseesed at £6,271,076
for merchandise only against £5,712.2t5l^n
the corresponding month jpf 1915,' and ex
ports of merchandise were stated at
£9,230,411, compared with £7.847,141. The
movement of gold to and from Australia is
?withheld, but the merchapdiee totals for
the six months make an interesting com
parison, thus:—
1915. 1916.
£ .£ ?
Imports ........ 38,7«,672 43,288,180
Esparto ? 30,872,335 39,935,251
Excess imports .. 7.869,277 3,352,923
The excess of imports -was reduced by
approximately £3,000,000 during December
owing to tie large increase in the outflow
of produce. That movement will continue
for the ensuing rix months, and there is
every reason to expect a substantial
balance of trade in favour of exports by
the end of the financial year. In making
?deductions from the growths in imports al
lowance must be made for the consider
able enhancement of values.
Comparisons of the leading lines of
import and export in December, 1915
(f.gDres in parentheses) and 1916
foilo w :— Imports.— Softgooda ( £1,330,385) ,
£1,880,502; cement (£17,557), £472;
china (£33,051), £36,832; coeoa and
chocolate (£34,358), £69,749: late and
caps (£25,119), £24.73S; implements and
machinery (£32,479), £34,805; rubber,
(£87,354), £79,978; iron and steel
(£110,837), £118,538; galvanized iron
(£197,715), £17,450; jute goods (£210,970),
£365,513; machines (£200,409), £269,360;
kerosme (£42,914), £44,004; paper (print
ing) (£71,451), £133,062; paper ' (other),
(£53,545), £138,227; whisky (£83,070),
£105,209; sugar (£122.160), £140,004;
timber (£156,289), £97,685; tinned plates
(£77,941), £27,805; tobacco (manufac
tured), (£6.386), £13,520; tobacco (un
ananuiactured), (£39,788), £43,669. Ex
ports—Horses (£29,400), £52,883; cheese
(£912), £58,031; coal I £48,676), £12,528;
concentrates (£147,379), £37,162; copper
(£151,896), £555.388; wheat (£257,597),
.£925.53S; flour (£20,942), £238,105; beef
(£4,149), £215,359; mutton (£117,040),
£520,123; ores (ex. gold), (£78,078),
'£76,71?.; hides ( £47,678), £28,119; rabbit
skins (£19,302), £41,827; timber
* £48,720), £14,758; tin (£38,070),
£32,269; 'wool (greasy), '(£4,811,215),
£3.077,803; wool (scoured), (£783,852),
'£649.038.
— A iiininnnn Price for the Next Crop. —
The statement of the Prime Minister
respecting a minimum price for the 1917-18
?harvest was noted -with interest in com
mercial circles, and 'fuller details are
keenly awaited. Will the arrangement bs
affected if peace is restored at a compara
tively early juncture? Will the present
eyctem of 'pooling'' be perpetuated? Is
it proposed to continue the 'pool' with a
view to more easily forcing bulk handling
upon Australia? la South AuL-tra'ia in tbe
scheme? These are eome of the questions
?which the announcement has giyen'rise to.
The Prime Minister eaid only three States
have agreed to the proposal. New South
Wales and Wetern Australia have come
to a definite decision. So far as Victoria:
is concerned. Tie Melbourne Herald pub
lished the followine on Friday: —
Referring to the motion reported to have been
passed by the Western Ac-tralian Legislative As
sembly on Wednesday night, at the instance of j
Hr. Front Wilson, the Premier, authorizing the
purchase by tbc Government of the wheat har
vest of 3917-1S at a minimum of 3/ . a buehd,
M. F. Hasrelttora (Minister for Agricultural, j
Victoria) wid to-day that no similar action had
been decided upon by the Victorian Government.
He added:— It might' be gathered from one report
-S the proceedings of the Western Australian
Legislative Assembly which had been publiEfceJ
that the Governments of Victoria, New South :
Wales, and South Australia had agreed to an ar- j
nngement to purchase the next wheat harvesta i
In their respective States, but he knew of no ?
Rich agreement. It was true that an advance :
of 3/ a bushel, less railway freights and charges, j
amounting to 6d. a bushel, bad been made by
the wheat pool on tbe 1916-17 wheat harvest, and
it was certain that if the pool continued a rimi'.ar
advance would be given, and might even be
Ruannteed on next harvest. ?
On Saturday The Argus said:— 'when
asked what States had already indicated
that they would participate in the scheme,
3Jr. Hughes said that for the present he
?would prefer not to give that information-.
It ie evident, however, from the presence
of Mr. Hagelthon and Mr. Adamson at tbe
meeting of the board, Victoria is one of
the three States to which Mr. Hughes re
ferred.' While it is satisfactory to
growers to know months before they sow
their crops that they are likely to get a
minimum price for their wheat, ifc is ques
tionable whether this will influence them
m their plantings. Experience has shown
that weather and labour are the main
factors in determining the acreage. . While
3/ a bushel has been mantioned as the
minimum for the 1917-18 'crops, it is under
stood on good authority thai that amount
will not be immediately available, but that
the payment is likely to be in instalments.
That, again, presumably would depend
cpon the repetition of business such as was
recently concluded with the British. Wheat
Supply Commission.
— A Banker on Economy. —
After dealing in detail with the opera
tions of the Commercial Bank of Australia,
Limited, during .the half-year ended De
cember 31, the. Chairman of Directors (Mr.
Robert Harper) gave shareholders present
at the recent meeting his views on the
economic position of Australia. He stated
that while the high prices obtained for our
wool and wheat were a matter of con
gratulation, the . extravagance of the. great
mass of the people was to be deplored, not
only from the point of view of Australia,
but bf the British Empire as well. This
lack of- thrift was shown by the excess of
imports. Differences of that character had
to be- mot by gold, a commodity that was
so badly needed nowadays for the support
of foreign -exchanges. Among imports
?were many articles which could be very
well- done -without,- and by the exercise of
a moderate amount of self-denial on the
part -of the -community the financial! burden
on Great Britain ? could be. materially
lightened. So strongly did he feel on this
question- ihat he would- applaud the Go
vernment of the -Commonwealth if it pre
vented the ? introduction of luxuries from
. abroad, and thus retained in the country
by force the money such purchases re
presented. If the last shilling, which has
already been promised for Imperial pur
poses, is spent merely in self-gratification,
Australia will have a sad awakening when
the period arrives for reconstructing the
fj-stem- of- economies, as -an alternative to
industrial extinction.
— Produce- Exports. —
Exports in quantities of some of tbe
Jnore important articles of Australian pro
duce for the six months to the end of De
cember compare with these for the cor
responding period of 1915, as under: —
Butter (ft.), 1915 9,766,940, 1916 30,635531;
wheat (centals), (503,362, 9,921,144; Sour
(centals). 87,325, 2,324,462; wool (greasv,
fb.), 263,388,943, 170,584,329; wool (scoured,
Tb.), 45,860,123, 35,040,970. Exports of but
ter from the Commonwealth to the United
Kingdom during December were as follow:
—New South Wales, 4,940,168 lb., £346,378;
Victoria. 5,890,124 ft., £392,679; Queens
land, 2,794.400 lb., £204,165: South Aus
tralia, 376,712 lb., £26,684; Western Aus
tralia, 11.480 ft., £820. Totals, 14,012,884
lb., £970,726.
—The Australian Wheat Pool, 1915-16.—
Up to January 27 tihe number of bags of
vlcat received on account of the Aus
tralian wheat pool for the season 1915-16
had totalled 53,793,100, averaging three
bushels each. The stocks held by shipping
agents on that date amounted to 22,580,000
bags, and the stocks held by millers on
storage aggregated 1,455,000 bags. The
quantity of wheat shipped (exclus^e of the
wheat equivalent of the flour exported by
tie Australian Wheat Board) bad been
17,078.000 bags, thus:— New South Wales,
5,686,000 bags: Victoria, 5.970,000; South
Australia, 3,057,000; and Western Aus
tralia, 2,365,000. The net indebtedness of
tire 'pool' to the Imperial Government
and tie Australian t nks on January 27
?was £5,371,000. A summary of the 'pool's'
figures for the whole of Australia and for
Sooth Australia on January 27 is appen
ded, the totais for this State appearing in
parentheses:— Receipts to date,' £16,461,000
f £2,419,000); certificates issued at 3/,
£24,336,000 (£4,484,000); certificates paid
at 3/, £24,302,000 (£4,479.000); second ad
Tanoe of 6d. a biwao], £3,893.000 ( £091,000) ;
shipments not drawn for, £6,186,000
(£1,043,000); net indebtedn«B to Aus
tralian banks and Imperial Government,
£5,371,000 (£1,754,000). Wheat shipped to
date*. 17.W8.000 bag3 (3.057,000); sold
locally.12,527,000 bags ' (1,376,000) ; disposed
of oihexwise, 158,000 baes (29,000): lield by
shipping agents, 22,550,000 bags 15,071,000);
held bv millers on storage, 1,455,000 bags
(274,000) ; total received on account pool,
53J38,000 bags (9,800,000).
—Australian Wheat Pool, 1916-17.—
The following particulars of the opera
tions of the Australian Wheat Board in
connection with, the 1916-17 harvest ar$
available. Total wheat received to Janu
ary 27, 5,553,000 ? bags, averaging three
bushels, certificates issued at 2/6,
£1,287,000, certificates cashed £668,000.
—Shifting the Surplus.
Thai good program ia being made in the
disposal' of the/ Australian wheat surplus
is obvious from the fact.that since the be
ginning of December the stocks of wheat
in rleTiands of shipping agents and millers
have been reduced from approximately
86,000.000 bushels to about 72,000,000
bushels. That, of course, 'takes- no cogni-.
zance' of this year's harvest. Exports of
wheat, and flour, ' since Deceinber 1 are
snown-'below in cqmparisqn with the move
ment a' year .previously: —
-rLast Season.—.
Wheat. Flour.
Bushels. Tons.
South Australia .... 1,282,237 3,673
Victoria ? 1,327.211 5,576
New South Wales .. 1,901,175 1,«-8
Western Australia .. 494,936 560
Totals .. .. .. ?? 5,005,609 11,477
—This Season.—
Wheat. Flour.
Bushels. Tons.
South Australia ?? .- 2,&85,154 6,917
Victoria ? 4,057,211 13,298
New South Wales .. ^753.878 . 3,751
Western Australia .., .l,8?t-,503 2,144
Queensland . . . ? ? ? ? ? ? . ° ? *
Totals ? - .. 11,291,751 . 26,111
—The Wheat Markets
It was indicated on Saturday -that there
had been a sharp fall in wheat prices in
America as a result of the strained rela
tions with. Germany, The extent of the
feD was apparent in to-days quotations.
On Wednesday Chicago cosed at 7s.
3 13-16d. a bushel for. May. wheat,, and at
6s 2 ll-16d.. for July. There was a. fall on
Friday to 6s. 7 15-1.6d. a bushel for May
wheat, and a drop to 5/103 for July. The
London market continued firm but qtnet.
There was no change to-day in Australian
wheat quotations. Present prices of wheat
for manufacture into flour in Australia are:
—For the United Kingdom, 6/6 a bnshe'
net cash on trucke at Port Adelaide, Port
Pirie, and Wallaroo; for Egypt and India,
6/3; for South Africa, 6/1, for January
February shipment; for Eastern Asia, 6/;
for New Zealand, 5/6; and for South. Aus
troHan gristing, 4/9.
— F'our and' FeedstufTs.—
Markets for flcur and ieedstuffs are un
changed. The regulated price of flour is
£10 15/ a ton net cash at the Port Ade
laide mCl doors, and miners quote £11 2/6
delivered, less discount. Country prices
range from £10 2/6 to £10 15/ net cash at
mil doors. The official net cash mill door
price of bran is £4 10/ a ton, and of pol
lard £5 10/.
$