Segar. — The Balance of Trade. 173 



is as much as an average man can lift with difficulty. A second 

 post has been uncovered 15 ft. distant, between the survey peg 

 mentioned and the peg at the angle of Queen's Terrace. This 

 one is not well preserved. These posts must have been in the 

 ground upward of a hundred years. 4 ft. from the first post is 

 a kumara'pit, 7 ft. long, 5 ft. 3 in. wide, and 3 ft. 3 in. from the 

 surface to the original bottom. Beneath 1 ft. of soil which has 

 fallen in are charred pieces of totara, further evidence of the 

 burning of the palisade. Side by side with this pit is one of 

 smaller size. At various spots between where Queen's Terrace 

 commences and Miramar cutting there are further depressions. 

 There is a deposit of sand on the top of the ridge, now prevented 

 from drifting by a growth of bent grass, and on its surface and 

 in the soil are burnt umu stones and shells innumerable, as well 

 as pieces of charred sticks, fish-bones, &c, and other evidences 

 of the exercise of the culinary art. It is interesting to find that 

 these indications occur where most shelter from the northerly 

 winds is obtained. 



It may here be mentioned that the sites of Tapu te Rangi, 

 O-rua-iti, Kau-whakaara-waru, and Te Mahanga have been 

 fixed more or less definitely. The sites of Kakariki and Te 

 Matakikaipoinga still remain to be located, and to these may 

 be added Paikakawa and Harukaikuru. I have recently been 

 informed that earthworks of a pa exist on the summit of the 

 range rising directly behind the churchroom at Worser Bay ; 

 also that totara posts were discovered in the ground during 

 the construction of Fort Gordon. 



Art. VII. — The Balance of Trade. 



By H. W. Segar, Professor of Mathematics, University College. 



Auckland. 



[Read before the Auckland Institute, 20th Jinn, 1904.] 



Plates III.-VI. 



Introduction. 



By the " balance of trade" of a country is meant the difference 

 between the imports and exports as ordinarily understood and 

 recorded in its trade returns. In the usual and generally recog- 

 nised method of calculating these returns the exports are cal- 

 culated at their value at the port of shipment, and the imports 

 represent the value of the goods at their place of origin plus 

 the cost of freight and insurance. Transit trade is generally 

 omitted, the imports then being goods for home consumption, 



