MORE DAIRY PRODUCE

Hokitika Guardian, 17 November 1928, Page 7

MORE DAIRY PRODUCE

DECLINE IN I.MPOETS

A STATISTICAL SURVEY

That the general business outlook is inik-Ii brighter than it was last year is a conclusion drawn by .Mr M. Eraser. Government Statistician, in his survey lor September in the “.Monthly Ahstarot (>I" Statistics.”

“The many financial adjustments which occur at the end of September each year were reflected in the bank debits and clearings, which were substantially above the figures for August’ he says. “The evidence of an eprl.v dairying season is corroborated by the production figures for September which show the output of butter and cheese lo be continuing on a level substantially above last season. The export frozen meat trade shows a seasonable decline in the quantity of mutton exported in September; lamb and beef were belli maintained on a level above that for August. Unusual features elmraclerised the overseas trade ; the value of exports showed an advance, while imports declined. f l he immediate hanking situation is obscured by the half-yearly financial adjustments, but the treatment of the figures of advance and deposits so as to eliminate seasonal movements shows the position at the end of September to be infinitely better than at the same time last year. The transport statistics (coastal shipping and railways) reflects little difference in the volume of commidities hand as compared with August, but shows a definite advance over September, 1927. Building activity showed a recession in September; further slight improvement was recorded in the unemployment situation; while a substantial decline was shown in the number of New Zealand residents who left the Dominion with the avowed intention off taking up permanent residence abroad.

EXTERNAL TRADE

The total value of recorded visible exports in September appear to reflect the early dairying season; increases of 29.29 per emit, and 21.19 per cent., respectively are shown over August. 1928 and September 1927. The imports showed an unexpected contraction of 9.50 per cent as compared with the figure for August. For the nine months ended September the export trade has been maintained at a level 20.1 d per cent above, and imports at a level 1 .f)l per cent below, those recorded for 127 The visible balance of trade in favour of the Dominion for the nine months was as a result of these disproportionate changes in export and import values since last year, £12,627,432 this year against £4,232,649 last year. The value of exports for the twelve months ended September last was approximate |y £56,000,000 ,against approximately 46,000,000 for the same period ending m 1927, while imports were approximately £44,000,000 in 1928 against £46,000,000 last year. When it is considered that the excesses of export over import values is a powerful factor in regulating the London balances of the Dominion’s banking-houses and through them the purchasing power available in the Dominion, it is readily seen that the general business outlook is now much brighter than it was last year,

RAILWAYS AND SHIPPING

Freight traffic on the railways for the four weeks ended September 15, 1928, as represented by the net-ton-mil* es, was running on a level 4.01 per cent below the immediately preceding comparable period, but 10.34 per cent above the corresponding period last year. The coatswise shipping handled 1.40 per cent more freight than in September, 1927 and 1.90 per cent more than in August 1928. The increases of 3.32 per cent and 4.48 per cent respectively in the cumulative figures for nine months for shipping and railways respectively point to the fact that business activity has been me l tained on a higher level ior the nine months of this year. As business was depressed last year, this comparison cannot be regarded as indicating anything more that that the volume of business now definitely appears to be increasing after the recent depression.

FINANCE

A study of the differences between the averages of advances and deposit during 1927 and 1928 shows rathe strikingly how the excess of advances which appear for each quarter in 192, has given way in 1928 to an excess ol deposits over advances. The excess ol deposits for the average of the ffoui quarters ended September (£5,895,069) is not far short of the substantial bal uncos recorded in 1925, when purchas ing power was on a relatively high level.

The figures for Abe value of land transfers shows that the seasonal de dine in dealings in real estate is earlier and more marked than usual. Tiltvalue of transfers recorded in September was 21.36 per cent below August, 1928, and 11.38 per cent below Septem her off last year. The cumulative figim for 1928 is, however, 3.15 per cent above the corresponding figure last year, hut is approximately 6 per cent below the average for the last three years.

There is a dose connection between land transfers and mortgages registered. In view of the decreases re corded for the former, it is not unexpected to find decreases of 14.35 per cent and 11.12 per cent in the value of the latter as compared with August, 1928, and September, 1927. For the nine months of this year the figures show a a decrease off 4.52 per cent in comparison with last year. .Mortgages discharged declined by 17.54 per cent and 1.48 per cent as compared with August, 1928, and September of last year respectively; but are for the nine months on a level of 4.78 per cent above last year.