DOMINION TRADE

Hokitika Guardian, 8 July 1931, Page 3

DOMINION TRADE

MAY FIGURES REVIEWED EXPORTS ABOVE AVERACE LEVEL. j.jie -.-iieiVil impression ga.iica lioin Ulo 1U..1 Ui u.c- .nUeACo ia tun. me pu.ae oi i/usn.eoa i*Ua lui.umcil Ul.it \ ■ juililii ueuiLS ailoW li a.-ciiU u--eieaae rroili the pAiVluuS u.oiim. o.u* January, wneii cuiunuons were t-vCep tionauy low, tno volume ot balm, uemta placed to individual customers' accounts (exclusive of Uovernnieirt accounts; nas. remained fairly consistent. Ine dairying'’industry continues to maintain a nign level ot production, although some diminution is recorded in the manufacture of cheese. The overseas market for this class of produce

however, shows little tendency towards improvement, and the month closed with the market very quiet. Trade conditions, on the other hand, show a substantial improvement.

Heavy exports of almost all the primary products resulted in the total value of exports for the month being restored almost to the level of normal experience. Huge quantities of wool were shipped, and, with the vastly improved prices being received for this commodity the value of the month’s exports was lifted well above the average level during the last five years. Cheese is the only one of the principal primary products to record a decrease in the value, exported, compared with the previous month. Imports for the month show a substantial diminution.

1 Financial circles, as indicated by the volume of land-transfer and mortgage business transacted were particularly quiet during the month. The unfavourable position occupied at present by this class of business in comparison with recent previous years has, of course, been largely accentuated by the excessive activity prevalent, in the large cities, especially, until quite recently. Internal trade conditions were not quite as favourable as during April

the quantity of goods conveyed by means of both rail and sea transport sliowinor an appreciable decrease. Inwards shipping from overseas has been largely effected in recent months by the slackness in the import trade, and the arrival of manv ships from overseas in baPncf has had its effect upon the .statistics of cargo handled by these vessels.

OYER.SEAS TRADE,

Overseas tr„ue picked up cm.side;-

ably Uur.ug tne lm.ntti as lar as exports are cone-meu, tne total tame being ’iuu,.iuj or ui.,-. pm cent, ahead of the liguie lor April. Compared with May, i9.io, this month’s total has cie-

unwed b\ ~? per cum., hut thi* figure is weveiv.xiess i.uiy fc.2 per cent below the a\erage for the mouth for the last five years. The release of wool for shipment has been the principal influence in this improvement in the export trade, the value of wool sent overseas this month being no iess than 30.8 per cent in advance of that exported in April, 10.7 per cent ahead of the figure for May, 1930, and actually 23 per cent mere than the average for the past five years.

The oth *r principal primary products of the D'minion, with the exception.of

all show substantial increases over the previ ms month’s figures and have contributed heavily towards the resto-ation of the export trade to a , l evftl somewhat approaching normal. The iinnort trade for the month was at a particularly low ebb. The total value of imports was only £1,528,644, a figure 23.5 per emit below April, 55 per cent less than May, 1930, and 50.2 per '■•ent behind the average figure for the last five y/'ars. The ( niost outstanding individual item, contributing towards the decrease in imports experienced Biir'ng the month as compai:ed with a 'im’Tr period of last year was motor vehicles, which recorded a decline in value imp rted of £208,000. OMier imoortart decreases were recorded by cotton piece-goods, £98,000; electrical •"acliinerv £86.000; metor-ear tvres " + ©,. £51.000; and hardware, etc., £51,000.

BANKING. fiiie movement in bank debits during the month was very slight, hut the figures are such as to indicate a. comparatively low level of business aetfvty. However, the volume of bank debits placed to individual custornters’ accounts fell to only 0.7 per cent from the previous month, and, considering /hat the customary winter restriction" of internal trade must- by now be well in evidence, this wavering of the indicator of business prosperity iip >n a consistent level during recent months may be regarded as a favourable indication.

Deposits during the month remained at very much the same level a.s in the orevious month, hut comparied with \fnv, 1930., record a shrinkage equivalent to 6.8 ppr cent. Advances also show a slight decrease, amounting to 1..6 ner cent for the month and 2.8 per cent, for the year. A further slight im•v'oveniert has been continuous now rjnee November last. The improved n'-is’tion 0 f the outlook should to neeplernte this +rpnd in rom■*yct »"/->ntl>e, Tfip ratm of free to fixed for the month, however, shows 'P + l/- rnenonre to tlio fovo--i’oldp influences being gradually brought to bear

upon the financial situation, and actually records a further diminution from 56.08 per cent for April to 54.57 per cent for May, 1931! Tn May. 1930, this ratio was as high as 76.10 per cent.