OFFICIAL REVIEW

Hokitika Guardian, 18 March 1931, Page 8

OFFICIAL REVIEW

BUSINESS STATISTICS. The monthly Abstract of Statistics for February reviews the business statistics for the month ol Jan nary from which extracts are as follows: — The customary recession in general business activity ior the month of Januarv was tar more noticeably this year than is usual, as judged by the comparative volumes of dMiits placed to customers’ accounts for the same period of 1939 and 1931. A slight rise in deposits accompanied bv an almost identical drop in advances had the effect of reducing the ratio ol advances to deposits from the abnormal figure of 100.2 in December, 1930, to the more favourable proportion of P 9.0. This ratio compares with a figure of 95.4 for January, 1930, and reflects the continued heavy demand upon the hanks for accommodation which has been characteristic ol the banking statistics for the greater part of the past year.

The overseas trade statistics showed a slight improvement over the previous month, but the total value of exports 'Hot January was considerably below normal. Uncos realised for wool still exerted a depreciatory influence upon the total export values ; but prices obtaining at recent sales indicate a possibility of some improvement, imports wbtre well down for the month, and the balance of trade in favour of the Dominion was approximately •£700,000, a figure (56.7 pot cent, less than that recorded H'or January, 1930, but, nevertheless, a considerable improvement upon the balance of £200,000 against the Dominion recorded 'for the previous month. Financial circles recorded a very lean month, while the building industry was at a very low level, reflecting to a certain extent the greatly diminished activity in the operations of the State Advances Department. DAIRYING INDUSTRY. The customary falling-oil' in production of both butter and cheese for the month of January was recorded this year. The grading figures place the decreases below the December totals at 16.2 per cent, for butter, and at* 9.7 per cent, for cheese. Compared with January, 1930, tlie quantity of butter received into grading stores during the month shows a recession ol five per cent. For the first six month. 1 , of tlie 1933-31 season, however, butter production lias reached a level of 2..5 per cent, above that attained for a similar period of the previous seas

A high level of production of dices" has been maintained throughout the year. I’hc month of January, 1931, recorded a quantity, according to the grading figures, 9.4 per cent, in excess of the figure for January, 193). while the season’s total to date was 11.3 per cent, above that recorded for the first six months of the 1929-30 season. ! ■ AGRICULTURAL PRODUCTION. Lower average yields than were recorded last year are anticipated this harvest 4’or each ol the three principal grain crops. In the case ot wheat the position is ifurther affected by a reduction in the area sown, so that the total yield is expected to be only 6,600,000 bushels, as compared with 7,239.666 bushels in 1930 and 8,832,864 in 1929. The yield indicated for 1931 is some 2,000,000 bushels below normal annual requirements. As, however, there was a carry-over of 2,832,000 bushels (including allowances for flour) at November 30th, 1930, little importation should be necessary. OVERSEAS TRADE. Although the total value of exports during January exceeded the December, 1930, total by 26 per cent., the figure was nevertheless 41.4 per cent, below' that recorded for January, 1930, and 40.4 per cent, inferior to tlie average for the month for the past five years. Exports of wool approximately doubled in quantity as compared with tlie previous month, and owing to a small improvement in the average prices realised, slightly more than doubled in value. The depreciation in wool values experienced for so long, however, still produces a very unfavourable comparison of the exports o>l this commodity during tlie month with similar periods of previous years and it would apear that wool is still the principal retarding influence upon tlie much-needed rise in total export values. Butter and cheese are other primary products that remained (veil below tin* average export, values for the month/

Imports show a decrease of 4.8 por rent, over the previous month. Compared with January, 1980, the total value of imports is down hy 28 per cent., and compared with the latest quinquennial average, hy 22 per cent. The greatest falling-off in imports occurred amongst motor vehicles, which declined hy £138,0000 in value. Bags and sacks declined by £82,000, timber by £02,000, and cotton piece-goods by £55,000. BANKING. Business generally shows a slackening off in January consequent upon the lull experienced after the Christmas inflation. The 24 per cent, drop in the volume of debits placed to indi-

victual accounts (excluding Government accounts) during th e month Is therefore not unexpected. That business conditions are still far from normal, however, may be judged from the the 'fact that the total of debits tor •January, 1931, was no less than 30.3 per cent, below the total for a similar month of 1930. Deposits showed an increase over December of only £IOO,OOO, as compared with an increase of £900,000 shown in January, 1903. and nearly £2,000,000 in January, 1929, The total average deposits for the month under review, moreover, were 4.9 per cent, below a similar month's figure of the previous year. Advances declined slightly during the month, and remain on a level fairly comparable with that established in January, 1930.