N.Z. TRADE

Hokitika Guardian, 17 April 1929, Page 5

N.Z. TRADE

BRIGHT PROSPECTS FOR 1929

“The year 1928 shows a considerable improvement over 1927, and there has been a decided recovery in conditions all round,” states the annual report of the council of the Wellington Chamber of Commerce. “Jn 1926 our exports fell away some ten millions, and only recovered three millions in 1927, but last year there was a further improvement of £7,074,027, which places the total of that year as the highest on record for any calendar year, while the total appears certain to go even higher before the season is finished. Imports nad to be restricted to meet the reduced income from exports, but this could not be effected quickly; so 1926 showed an excess of imports, and the excess of exports in 1927 was not sufficient to balance this. However, imparts have been kept down, with the result that 1928 shows a splendid surplus of exports of £10,726,279, which restores the Dominion to easy financial conditions. The result of this improvement is that at the end of 1928 the banks had a surplus of public deposits over advances of £3,500,302, although at this time of year they usually hold a very light supply of funds, and frequently have advances in excess of deposits. The year 1928 has been decidedly better for trade than was 1927. but there was not quite the measure of improvement that was anticipated. This was due to the fact that much of the increase in exports had to go towards paying off the debit balance of 1920 trading. This is now completed, and with exports still keeping up a high total and plenty of funds available with the hanks there should he considerable lurthor improvement in trade all round in 1929.”