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2

The Result of the Year's Trading. The business transacted during the year shows a loss of £1,719 14s. 7d., after allowing for interest on debentures to the amount of £2,879 16s. Id. As a result of.the Department buying freely during the " slump " which set in towards the end of 1920, and from which the trade has not yet nearly recovered, expenses have gone on just the same, and the lack of business abroad brought prices down to the point where there was little chance of profit. The unusually large holdings of gum made necessary the raising of further loan debentures, with the result that the increase in interest charges this year compared with last year more than accounts for the loss shown. The stocks on hand have been written down where deemed necessary, and the qualities and gradings of all stocks held, are good of their kind. The position on the whole is very satisfactory. Considering the heavy rainfall since January last, which has made the best of the gum-swamps unworkable, and the fact that no accumulations of gum of any extent are held either abroad or in the country districts, we may look forward with every confidence to the increased demand that must inevitably set in. Purchases and Sales. During the year kauri-gum to the value of £38,641 17s. lOd. was purchased by the Department, whilst the sales amounted to £21,852 6s. Id. These figures speak for themselves, and show that, as in previous years, the Department has done its full share towards tiding the diggers over the " slump," which has extended since last year over the greater part of this year so far as medium and low grades are concerned. The purchases exceed those of last year by over £5,000, and the stocks on hand at the 31st March, 1922, are almost double the figure for the previous year. Kaurt-gum Exports. For the year ended 31st March, 1922, the export was 3,968 tons, of the value of £391,304, the average price per ton being £98. With the exception of the year 1918-19 this is the smallest tonnage exported for many years, although tho value of this year's export exceeds that of several years when a larger tonnage was exported. Last year the average price for the export was £85 per ton, the average for the previous four years being £64. This year's export, therefore, constitutes a new record, not on account of higher prices being obtainable, but purely as a result of the best gradings being in good, demand, whereas lower grades during the most of the year were almost unsaleable. It will be noticed that for the first time since 1914 Germany again figures as a country to which kauri-gum has been exported. It must not be taken that the 58 tons shown as being exported to Germany constitutes the total amount that country has purchased, as it is quite certain that kauri-gum shown as exported to the United Kingdom was reshipped to Germany, and it is also probable that a good deal was shipped, to Germany from the United States of America.

Particulars of Kauri-gum exported from New Zealand from 1911 to 31st March, 1922, inclusive.

Country to which exported. 911. il2. 1913. l! ill. 11 915. 1st .la 31st Ma iniiary to irch, 1916. Jnited States of America Jnited Kingdom Germany Janada Australia Belgium France iustria-Hungary Russia Netherlands .weden [taly lapan Song Kong Tons. 3,514 £ 209,216 Tons. 3,894 £ 232,566 Tons. £ 3,995 308,456 3,390 187,547 833 27,880 62 4,618 80, 3,933 126 1 5,120 45 3,995 112 2,617 53 1,725 60 2,495 15 420 9 300 Tons. 4,531 £ 316,200 Tons. 3,312 £ 222,856 Tons. 974 £ 60,010 2,378 1,142 9 75 78 75 131 80 55 35 15 130,767 34,062 1,061 2,559 3,990 5,774 3,968 1,859 1,206 803 417 25 2,468 1,053 40 39 123 37 159 2 42 35 15 1 114,640 32,964 3,370 2,487 5,088 3,037 4,611 184 974 952 410 22 3,335 373 70 19 34 42 14 3 8 20 23 1 148,370 21,193 2,114 1,720 1,519 3,599 329 225 664 560 855 96 1,172 56 9 5 48,585 4,550 594 430 336 118 5 13,548 8,972 314 21 2,1.18 Totals .. 7,587 395,707 7,908 401,305 8,780 549,1061 8,473 497,444 4,575 279,133 1,433 82,844 Country to which exported. 1st Aprl 31st Ma 11, 1918, to irch, 1917. 1st Api 31st Ml 11, 1917, to 1st Api irch, 1918. 31st Mi il, 1918, to 1st Api irch, 1919. 31st Mi 11, 1910, to j 1st Api vrch, 1920. 31st Mi ril, 1920, to 1st Apr arch, 1921. 31st Mi il, 1921, to irch, 1922. United States of America United Kingdom Germany Canada Australia Belgium France Austria-Hungary Russia Netherlands Sweden Italy Japan Hong Kong Tons. 3,158 £ 218,214 Tons. 2,316 £ 164,516 Tons. 1,371 £ 81,914 Tons. 2,037 £ 157,251 Tons. 3,224 £ 345,992 Tons. 2,487 £ 266,922 1,484 '±33 29 68,378 7,718 1,982 363 1.929 18 13,982 124,271 1,577 346 572 49 19,977| 45,588, 4,820 1,650 1.016 23 90,422 6_,005 1,936 2,544 314 49 149,422 24,481 4,802 1,297 58 89 37 104,094 3,574 9,641 7,073 .. "50 3,440 " 1 .. "539 10 506 4 8 Totals 4,8621 300,271 4,636 304,852 2,338 152,299 4,726 310,614' 6,181 524,701 3,968 391,304