DOMINION TRADE

Hokitika Guardian, 13 May 1930, Page 7

DOMINION TRADE

MONTHLY REVIEW

The monthly review of business statistics, issued by the Government Statistician, covers operations in March. It says:

Bank debits reach their highest level for the year during the mount!) of March, in agreement with deposits which are at their maximum during March or April. The volume of debits for March, 1930, was 11.3 per cent ahead of February, but 4.3 per cent below the level attained in March 1929. Business on the wholp showed more activity during the past month the was apparent during either January or February, when fairly considerable recessions were recorded. The total of deposits for March is nearly £2,000-, 000 less than that recorded Ifor March 1929. Reviewing the movement between February and March for the last two years, March, 1929, is shown to have increased nearly £3,000,000 whereas March df this years shows an increase of only £1,750,000, practically all of which is made up by Government depos its. Government deposits increased during the two months of 1929 by £1,750,000 also, leaving, however, an inm-ease in ordinary deposits of £1,250, 000 whereas this 3’ear the ordinary deposits remain unchanged. The excess of deposits over advances amounts to £4,500.000 for March, which compares unfavourably with an excess of recorded twelve months earlier,

IMPORTS AND EXPORTS

The decrease in the value of exports for the first three months of the present year as compared with a corresponding period in 1929 reached the snb' stantial total of £6,500,000. Imports during the same period show a slight increase of £370,000. The month of Marc hmarks te end of the financial year, and the export figures for the twelve months records a decrease of 08,000,000 as compared with the year 19288-29, while the total for imports increased by £4,000,000. The excess of exports of £12,000,000 for the financial year 1928-29 has now been turned into an excess of imports of £122,000. Price of wool and dairy pioduce show no improvement; in fact, during the month values fell still further.

The dairying industry records an expansion of 17.5 per cent in butter-pro-duction, while cheese is only 0.8 per cent below last season’s figures. No appreciable increase in the welfare of the daily farmers will be received from this huge butter output, however, as substantial decreases in the prices realised on the overseas market will offset the increased production. Internal trade was fairly bouyant during March and compared with February. The passenger and goods traffic on the railways exceeded the volume of the preceding four weeks by considerable margins while the tonnage of coastal cargoes handled shows a satisfactory excess over the previous month, A considerable decline in the number of building permits is noticeable in the figures for March as compared with February, 1030, and March 1929, An analysis of the figures, however, shows that the decrease is wholly confined to the Auck land district. This is not surprising as operations on a large scale wore being carried on in Auckland and the stir, rounding suburbs. The shortage of houses in this district at least, seems to have been now overcome.

EXCESS OF IMPORTS.

The recorded value of exports for the month of March was £2,000,000 less than that for March last year. The cumulative fall for the first three months of the present year now amounts to £0,500,000. Imports for the quarter increased by £370,000 over the corresponding quarter last year, and the combined difference of £6,870,000 has substantially helped to change an excess Qif exports into an excess of imports for the financial year the deficitbeing £122,097. This deficit although small, is remarkable for the fact that only twelve months previous an excess of exports was recorded of £12,000,000 The fall in the value of our main primary exports, together with an increase ip importations has been responsible for this position. Wool for the three months of this year shows the large fall of £4,470,00 as compared with a similar period of 1929, partly due to lower prices and partly owing to the fact that, despite a record number of sheep shorn, only about 75 per cent of the usual quantity has been shipped so'far. One effect of the drop in price of wool has been to extend the selling-season over a longer period. Tliis holding-back by the farmers in a desire to secure a higher price for their wool-clip was instrumental in an unfavourable balance being recorded for the financial year. The quality of butter and cheese exported during March shows a falling-off of 64,009 cwt. and 160,000 cwt respectively by comparison with March, 1929. Thus decline in the qualities of dairy-produce shipped overseas, combined with the fact that substantially lower prices are now being received, has resulted in the but ter and cheese values for the three months of this year being £1,200,000 and £840,000 respectively less than for the corresponding period of last year.