B—l6

EXCHANGE CONTROL The following table gives a classification of overseas exchange transactions for the years 31st March, 1945, to 1948, inclusive :

Summary of Transactions (£(N.Z.)000)

On the receipts side proceeds of exports showed a large increase of £(N.Z.)2i-4 millions compared with the previous year. This increase was due mainly to increased prices for our primary products exported, but another material factor was an increase in volume—chiefly meat and wool. Under the heading of " Interest, dividends, legacies, immigrants' funds, &c. : ', an increase of approximately £(N.Z.)4-5 millions was recorded for the year. One of the reasons for this increase was the receipt of overseas capital for investment in New .Zealand.

5

Year ended 31st March, 1945. | 1946. I 1 I 1947. 1948. Receipts In respect of— Exports Interest, dividends, legaeies, immigrants' funds, repatriated capital, and private debts in New Zealand Trade debts due in New Zealand, including overseas earnings of New Zealand firms Commissions, royalties, and insurance Donations and allowances Travellers' expenses Receipts on account of American authorities and personnel Receipts by High Commissioner in London .. 85,287 5,861 4,205 295 424 272 5,974 28,559 108,521 8,129 5,388 441 ' 669 713 1,725 16,211 112,911 14,459 5,478 546 481 624 3,593 10,278 134,274 18,976 8,507 813 816 844 i 8,529 130,878 141,797 148,369 172,760 Year ended Slst March, 1 1945. 1 1946. J 1947. 1948. Payments In respect of — Imports, excluding payments in respect of Government imports Interest, dividends, legacies, emigrants' funds, repatriated capital, and private debts due overseas Trade debts due overseas, including earnings in New Zealand of overseas firms Government debt and other services, including payments in respect of imports Local-body-debt services Commissions, royalties, and insurance Donations and allowances Film hire and entertainments Travellers' expenses American authorities and personnel 30,927 4,741 1,497 48,063 1,539 719 675 508 191 4,458 36,139 5,746 1,881 87,344* 1.140 627 1.141 544 496 1,014 69,669 7,952 2,538 44,389 1,381 659 | 1,351 579 1,735 1 30 ! 121,996 .8,713 4,497 45,853 508 984 1,531 566 2,390 93,317 136,071 130,281 187,039 * Includes £22,721,250 payment under memorandum of security.