B—l6

On the payments side the increase of £(N.Z.)52 millions under the heading of " Imports "is the most outstanding feature of the whole table. The issue of import licences in the 1947 licensing period on proof of availability of goods was largely responsible for this increase. The total figures for the year disclose that payments exceeded receipts by £(N.Z.)I4-3 millions. There has been no'marked change during the year under review in the administrative procedure of the Exchange Control Regulations covering overseas trade, funds, and securities. As a result of the dollar crisis in August, 1947, more severe restrictions have been placed on the expenditure of dollars. TRADING BANKS The following combined figures are compiled from the monthly returns furnished by the trading banks to the Reserve Bank in accordance with statutory requirements :

Assets (£(N.Z.)000)

Liabilities in New Zealand (£(N.Z.)000)

6

Last Wednesday in Month. Deposits at Reserve Bank. Reserve Bank Notes, Total Cash in New Zealand.* Net Overseas Assets. Government Securities. Advances and Discounts. 1947 March 53,903 7,335 62,199 14,602 21,058 73,011 April 60,196 7,082 68,211 10,789 21,057 75,319 May 63,172 7,216 71,308 10,497 21,057 75,196 June 62,391 7,142 70,423 12,425 21,057 73,913 July 59,900 6,852 67,642 15,118 21,057 75,815 August 58,425 7,070 66,374 12,115 21,057 76,908 September 55,148 7,213 63,245 13,280 18,592 78,774 October 55,191 7,694 63,738 12,845 18,593 82,356 November 52,520 7,931 61,416 13,872 18,593 83,208 December 49,877 9,195 59,890 12,632 18,593 86,984 1948 January 54,340 8,437 63,977 14,331 18,593 86,740 February 57,688 8,182 67,091 16,719 18,593 86,612 March 46,995 7,801 56,316 15,864 18,593 93,788 * Includes deposits at Reserve Bank, notes, and coin.

Last Wednesday in Month. Demand Liabilities. Time | Liabilities. Total Demand and Time Liabilities. 1947 March 126,791 35,396 162,186 April .. .. .. 128,855 35,989 164,844 May .. .. .. 131,549 36,256 167,805 June .. .. .. 131,771 37,187 168,957 July 129,051 37,989 167,040 August 126,950 39,209 166,159 September 126,897 40,219 167,116 October.. 125,571 40,934 166,505 November 126,915 40,823 167,739 December 1 Q A Q 128,219 39,716 167,934 January 134,451 39,143 173,594 February 141,832 38,261 180,092 March 142,348 39,098 181,446