EXCEPTIONAL BUOYANCY.

Auckland Star, Volume LXVI, Issue 213, 9 September 1935, Page 4

EXCEPTIONAL BUOYANCY.

BUSINESS IN JULY. HEAVY BUTTER EXPORTS. Statistics illustrating the state of business in July reveal exceptional buoyancy in a month which' is normally one of the slackest of the year (writes the Government "Abstract"). Statistics of bank debits to individual customers' accounts — a significant index of business activity— are, naturally, considerably below the seasonal peak, but are definitely higher than in June and substantially above the July figures for several years past. External trade was relatively busy for a July month, exports being only slightly lower than in June, while imports advanced substantially. Notwithstanding the marked increase in imports, an excess of exports emerged as a result of the month's external trading in commodities —largely due to an exceptionally heavy export of butter for this time of the year. An indication of increased financial activity is provided by statistics of land transfers and mortgage registrations, which are both higher, ill respect of the amount involved than in any single month since December, 1930. The number of men a charge on the Unemployment Fund on August 3 shows mi increase of 2003, or- 3.6 per cent over the corresponding total in July, but is 7.8 per cent lower than in Augilst of last year. Wool production in the Dominion during the 1034-35 season totalled 275.000,0001b in the grease, a decrease of 8.2 per cent, as compared with the result shown in 1033-34. Crop- yields-grass seeds excepted—were also substantially lower during the harvest season just past than in the previous season, while the exceptionally dry conditions also affected the output of dairy produce. It is a significant indication of a definite turn for the better in the economic affairs of the Dominion that, despite lower production in these important industries and the unsatisfactory level of wool prices during the selling season, statistical indicators of employment and business activity generally continue to maintain a better showing than has been the case for some years' past. Present indications point to iin improvement in wool prices during the coming season, while prices of dairy produce have shown continued improvement for some months past. While crop yields generally were disappointing in the 1034-35 season, the harvest of grass seeds was exceptionally good, the yield of perennial ryegrass in particular—l7,ll7,llßlb—representing a substantial increase over the 1933-34 yield. A satisfactory export trade in grass seeds is being built up, export of grass and clover seeds during the seven months ending in July being valued at £153,015, as compared with £60,020 in that period of 1034.

External Trade. Exports during the month of July were valued at £3,218,038, a decrease of £9223 as compared with the total in Juno, but an increase of £300,088 over the July, 1934, total. A sharp falling off in exports is normal in a July month, the fall on thi.s occasion being considerably loss than is normal. Exports of butter were abnormally heavy for a July month, totalling 212,030 cwt, the declared value being £1,024.078, the corresponding figures for Juno being—quantity 140,683cwt, value £581.601. Wool exports wore lower in quantity but higher in aggregate value than in June, the July shipment including a higher proportion of scoured wool. The value of imports during July was £2.947,213, an increase of £381.188, or 25.1 per cent, over the total for June, which was, however, somewhat lower than the average level of imports during recent months. Imports during the seven montlis of the current calendar year have totalled £10,665,023, an increase or £3,041,550, or 18.3 per cent, over the total for the same period of last year. Notwithstanding the decided increase in import values and the Blackening in exports (though in this ease considerably less than the seasonal normal), commodity trade during July resulted in an excess of exports amounting to £270,823. whereas in July of last year a slight excess of imports (£16.382) wns recorded.