CURRENT STATISTICS

Evening Star, Issue 23375, 19 September 1939, Page 6

CURRENT STATISTICS

JULY BUSINESS CONDITIONS SEASONAL RECESSION REFLECTED ANOTHER P.O. SAVINGS BANK EXCESS OF WITHDRAWALS The value of exports in July fell away sharply when compared with those of June, a decrease of 30.9 per cent, being recorded, according to, the Abstract of Statistics. An outstanding feature of the financial statistics for July was the heavy decrease ,jn sales tax collections, which were ,15.4 1 per cent, less than in June, or lower than in any month since February last. Business conditions in July reflect the seasonal recession associated with this period of the year, the review states. The value of exports fell away sharply when compared with June, a decrease of 30.9 per cent, being recorded. Imports, which reached particularly high levels during the pre- ' vious two months, also declined, the July figure showing a decrease of 14.1 per cent, when compared with June. The volume of bank debits, although considerably less than in the earlier months of the year, is operating at higher levels than is usual for this . period of the year. Deposits on current account, which normally show a ' reduction in July, increased slightly as compared with June, while fixed which had been declining steadily in recent months, also recorded a slight increase. BANKING. The average weekly value of bank debits placed to individual customers’ accounts during July was £17,309,188, a fall of £353,473, or of 2 per cent., belowthe average for June. The July, 1938, figure was £16,704,182. The volume of cheque transactions continues to operate at higher levels than last year, and during the last three months has exceeded the record figures for a May-July period estaolished in 1937. . Contrary to the usual experience at this season of the year, deposits on current account show a slight increase when compared with the previous month, the average amount with the trading banks for July being £34--610,811, as compared with £34,449,266 in June. The corresponding figure lor July, 1938. was £32,046,749. Fixed deposits, which had declined steadily since February, also increased slightly, the average for July (£30,830.442) being £226,545 in excess of that for June. The comparative figure for July, 1938, was £32,247,317. .. . , . Bank advances, which during the first six months of the year had been at higher levels than those of the corresponding months of 1938, declined sharply during July, the average tor . that month being £54,699,631, a decrease of £1,231,261 below the June average and of £277,896 below the figure for July, 1938. Advances expressed as a percentage of total tieposits decreased from 85.16 in July, the latter figure lower than i n any other month since May, 1938. Unexercised overdraft authorities at £-3,549,121 on July 31 are £424,100 less than the total on June 26. The average net note circulation tor Julv was £11,773,616, an increase ot .£166.159 above the average tor the previous month. The July figure has been exceeded on only one occasion—viz.. May of this year. The net overseas funds (on account of New Zealand business) of banks operating in fcew Zjealaiid fell tro ’’* , £(N.Z.)9.088,221 on June 26 to £(N.Z.)B 922.449 on July 31, a decrease of £(N.Z.)165,772. The returns for the Post Office Sai ings Bank for July reveal decreases of both deposits and withdrawals as compared with the previous month. JJtposits totalled £2.086,344 and withdrawals £2,432 849, figures for June being £2,263.406 ana £§ 1 847.796 for deposits and withdrawals respectively. The exc ? ss ’ withdrawals, although less th ™ n in a 0 m month since January >st still con tinues, the July excess being £346.500. external trade. The value of merchandise exported during the month of July was £3, 006,740 a decrease of £1,588,342 below the June total, and of £226.0J( "ben compared with the total tor Jul> of last year. The value of exports nor- . mall/shows a sharp fall m July owing ' to the winter recession in farm production. Last year the grease between June and July amounted to 36.0 per cent., as compared with 30. J per cent, on this occasion. The item mainlj responsible for the decline of 6 percent. from the total- for July of last year was butter, the difference amounting to no less than 54,683 cwt in quantity and of £386,370 in value. Ot the other principal commodities, decreases were recorded in the values of exports of cheese (£29,480), frozen mutton (£93 286). frozen pork (£59,091), ami apples (£51,864). while exports of frozen lamb and of wool recorded substantial increases, the differences in value amounting to £236,2-0 and £142,487 respectively. A comparison of the elapsed seven months of the present calendar year with the same period ot 1938 reveals that the value of exports has declined by £751.568. while the value of imports has increased by £929.259. Hie excess of exports over imports tor the seven months of 1939 amounted to £7.689.29-1. as compared with £9,370,121 for that period of 1938.