Part III.

Equalizing Imports and Exports.

Although in nearly every civilized country—the remarkable exceptions being America and Germany, great Protectionist countries, where the exports exceed the imports in the one case by twenty millions a year and in the other by four millions—the imports exceed the exports, yet the proportion of excess is but small in progressive countries established upon sound fiscal principles. One would expect to find that in the colonies, as industries develop and production increases, the imports and exports would gradually become equalized, more especially if the conditions and policy prevail which have already been indicated. Accordingly it will be found that in the Australasian Colonies the imports and exports have of late years approximated very nearly to one another. Taking the mean of ten years, from 1873 to 1882, the imports exceeded the exports—in Victoria by £1 11s. 6d. per head of the population; in New South Wales by 18s. page 12 10d.; in South Australia by 3d.; and in Tasmania by 6s. 9d. In Queensland the exports exceeded the imports by 16s. 5d. per head, and in Western Australia by £1 18s. 6d. Taking the above period of ten years, the imports of New Zealand exceeded the exports by £4 3s.—a proportion far in excess of that in any other colony. In 1882, the last of the ten years in question, the excess was £3 16s. 8d. But during the last two years there has been a marked change, and imports and exports are becoming as equalized as in the other colonics, the excess of imports over exports being £1 10s. per head in 1883, and only 18s. 9d. in 1884. Making full allowance for other causes, it is still evident that the growth of New Zealand industries has left its mark on her commercial returns.