TRADE AND FINANCE

Hokitika Guardian, 20 June 1929, Page 8

TRADE AND FINANCE

A STATISTICAL SURVEY. RECORD DAIRY PRODUCE EXPORTS. In the monthly review of business statistics in the. latest “Abstract” issued by the Government Statistician, it is remarked that “measured by bank debits the physical volume ol business in April was on a level 1.0.01 per cent, below March and 19.(58 per cent, above April, 1928. The outputs of butter and cheese continue in -excess cJr all previous records, and with three months yet to go they are above those for the complete 1927-28 year. Building activity was above the level for April of last year, but the trend for the current year is below that recorded in 1928. “Real estate transactions and mortgages registered and discharged (the “Abstract” states) show expansions in volume over last year, hut the wholesale price level, although definitely below that for this time last year, continues practically stationary. State advances to workers during the quarter ended .March last more than doubled those lor this qaurter last year, while loans raised by local authorities during the same period aggregated £1,288,350. against £811,954 for the previous quarter and £1,156,247 for the comparable quarter last year. FOREIGN TRADE. “ There was a seasonal contraction •n exports in April, the recorded value being 27.5 per cent below March, while "omparison with April of last year indicates a decline ol 16.1 per cent. Ihe figures for the first four months of this year and for the twelve months ended April reveal levels just a shade below those for the comparable periods in 1928.

“The statistics relating to imports make different reading, although care is necessary that too much significance is not imputed to them; like all statistics referring to more or less isolated short periods, they may not be truly typical. The recorded value ol imports lor the month of April showed an increase of 49.0 per cent over Apiil, 1928, and 4.3 per cent above the preceding month df March, while the figures for the four months and twelve months ended April gained by 10.8 per cent and 4.8 per cent respectively. The visible balance of trade in favour of tho Dominion for the twelve months ending April last year was approximately £9,700,000, against £12,100,090 for tho comparable period a year ago.” “ According to the quantities recorded at the grading stores, the output ol butter in April was 17.5 per cent above April of last year, and that for nine months of the current dairying year is running on a level 10.1 per cent, above the comparable period in 1928. The output df cheese has been even more prolific, the figures for April and the cumulative season totals in this instance showing advances of 22.4 per cent and 14.8 per cent respectively. The prophecies that the production of butter and cheese in 1928-29 would exceed the record established last year have been vindicated by the nine months’ figures, which show . gains of 1.98 per cent, for butter and 4.12 per cent for cheese over the twelve months’ figures for 1927-28. The seasonal decline between March and April has not been so sharp this yeai. 1 The statistics relating to tho meat export trade show that the quantities of lamb and mutton shipped in April last were 11.4 per cent and 3.1 per cent respectively above the same month of last year. For the six months lamb shows a gain of 2.2 pci cent., and mutton a recession of 6.6 • !er cent. Comparisons based on the values show an advance ol 4.9 pci cent for land) and a recession of 0.01 per cent for. mutton, indicating a high w price-level this year for these products. “The exports of wool in April showed increases of 31.8 per cent in number of hales and 6.0 per cen,t in value ovei the same month of last year, while ioi the four months the quantity gained by 1.8 per cent., hut the gross values receded by. 7.5 per cent. BANKING AND FINANCE. “The volume of debits to individual accounts in the hanks of issue during April showed a gain of 19.68 per cent on that for April, 1928, and a recession if 10.01 per cent on March, 1929. The iggrogate advances and deposits on Jay 13 exceeded the corresponding igure for 1928 . by 2.2 per cent and !s per cent respectively, resulting in in excess rtf deposits over advances of M2 500,000, as compared with £9,300,000 a vear ago. Apparently investors still look to the banks to invest the bulk of their funds; nou-interest-bonr-m<r' deposits have increased by 5.7 per vent over the last twelve months while the interest-bearing class has advanced by 8.9 per cent. “ The total value of land transfers showed a seasonal decline in April alter tne marked activity which generally cnaractorises the month ol .March, but were 21.3 per cent above April, 1928. Four-monthly and twelve-monthly ag-

gregates ended April show gains of 11.9 per cent and 4.6 per cent over the corresponding periods for 1928, and appear to reflect the increased spending [tower now available. “ The value of mortgages registered, which is closely connected with the land transfer business, declined as usual in April from the high figure recorded for March. ' Like the transfers, mortgage registrations show a definitely higher level this year than last year, being 47.8 per cent above for the month. 19.9 per cent for the four months, and 5.3 per cent for the twelve months. A similar movement, perhaps with a sharper upward trend, is reflected in the statistics in regard to the discharge of mortgages, which are sensitive to changes in spending power. The aggregate value of mortgage debts discharged during the twelve months ended April last was just over £2,000,000, or 9.4 per cent in excess of the figure .for the corresponding period ended April, 1928.”