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The Cyclopedia of New Zealand [Wellington Provincial District]

Commercial

Commercial.

In both imports and exports the Provincial District of Wellington compare favourably with the other districts. During the decade of 1884–1893, there was first a general falling off in the imports of the Colony for five years, but since 1888 there has been a fairly steady recovery. Auckland began the decade with £2,035,071, but fell in 1889 to £1,395,287, recovering in 1893 to £1,512,654. Canterbury began with £1,378,108, fell to £1,247,683 in 1891, and advanced to £1,379,733. Otago began with £2,373,796, fell to £1,706,296 in 1888, recovering to £1,860,733 in 1892, and falling of to £1,756,429 the following year. Wellington began the decade with £1,343,756, sinking to £1,082,660 in 1888, but advancing to £1,770,480 in 1893. As Marlborough, Nelson, and Westland have fallen off from £319,673 in 1884 to £213,695 in 1893 it is probable that Wellington has been importing in bulk and supplying these smaller provinces from goods that have passed through the Customhouse at the Capital. During the same period the total population of these three provinces has increased about twenty per cent., and their exports have increased by eighteen hundred per cent., so it is plain that there can have been no reduction in consumption to account for the reduced imports. It is probable that Wellington had credit during the earlier years of the decade for a large share of the exports of these western provinces.

In the exports for the same period, there has been a fairly general increase, Otago being the only exception. Auckland has increased by about forty per cent., Wellington by about thirty per cent., and Canterbury by about twenty per cent. In amount Canterbury heads the list with £2,403,906; Otago follows with £2,173,995; then Auckland with £1,485,741; and then Wellington with £1,342,792. Hawkes Bay, with £801,530, page 208 comes so near the million as to deserve honourable mention in the list of exporting provinces.

The total exports for 1893 amounted to £8,985,364, and the total imports to £6,911,515, which shows that there was not much borrowing being done, though the interest on previous loans was painfully apparent in the increased exports. There can be no doubt, however, that the borrowed millions, though not all very wisely spent, have helped to make exporting possible, so that though there is no visible return for the extra two millions of exports, it cannot fairly be said to be “a loss on the year's trade,” as the political economists are always ready to term it. It may be mentioned here that while the quantity of wool exported in 1884 was increased in 1893 by almost thirty-five per cent., the value in the latter year was only about twenty-five per cent, greater, showing a heavy loss to the Colony by the reduction in price.