FOREIGN HOLDINGS OF U.S. DOLLARS

Press, Volume XCV, Issue 28260, 24 April 1957, Page 19

FOREIGN HOLDINGS OF U.S. DOLLARS

£357m Increase Last Year The United States Commerce Department has reported that foreign countries increased their dollar holdings by nearly 1000 m dollars (£357m) during 1956 despite Suez Canal developments, which temporarily reversed a five-year trend in the balance of payments, according to the “Financial Times,” London. The office of business economics said the United States received 24,500 m dollars during the year from foreign countries, and paid them 25,500 m dollars in return. The 1000 m dollars excess raised total foreign reserves to about 33,000 m dollars. “Special factors associated with the Suez developments brought some temporary shifts in the last quarter of 1956, the department said. Actual foreign expenditures in Washington during that period exceeded United States expenditures abroad by about 300 m dollars, the first time that had happened since early 1952,” the paper says.

SHIPMENTS OF POTATOES Start Of Seasonal Trade

Shipments of potatoes from Lyttelton up to last Saturday totalled 6315 sacks, of which, more than half—344B sacks—were shipped in the last two weeks. By April 14 last year 3563 sacks had been shipped through Lyttelton. As returns are made fortnightly this return, though six days earlier than the first return this year, is the most nearly comparable. In the fortnight to April 28 last year, however, 12,229 sacks were shipped.

Auckland and the east coast of the North Island have taken more than two-thirds of this year’s shipments to date. The east coast demand has come earlier than it did last year, when 1927 sacks had been shipped by April 28. Details of shipments in the fortnight ended April 20, with the total to date in parenthesis, are as follows: To Auckland, 908 sacks (2464); Wellington, 487 sacks (789); Napier-Gisborne, 1748 sacks (1832); West Coast, North Island, 305 sacks (651); Fiji, nil (579); total, 3448 sacks (6315).

Australians Urged To

Eat More Meat

The Australian Government has agreed that the Australian Meat Board be empowered to conduct an Australian campaign designed to increase local meat consumption. In making this announcement, the Minister for Primary Industry (Mr McMahon) emphasised that per caput consumption

of meat in Australia had fallen 11 per cent, since 1939. Legislation at present empowered the board to undertake sales promotion overseas only.