SLIGHT RECESSIONS.

Auckland Star, Volume LXVIII, Issue 271, 15 November 1937, Page 4

SLIGHT RECESSIONS.

BUSINESS IN SEPTEMBER. A SEASONAL MOVEMENT. Statistics illustrative of business conditions in September given in the latest Abstract of Statistics show, in genera!, slight seasonal recessions. External trading in commodities, both export anA import, shows a fall as compared witfF the position in August, while the value of cheque transactions and the active note circulation are both ulightly below the figures recorded in the preceding month. The present levels of these and other indicators of the state of business compare very favourably with the September figures for previous years.

While business indicators generally in September show moderate seasonal recessions, statistics of the number of unemployed males recently released by the Department of Labour show an improvement for the second month in succession.

Late winter and early spring conditions in most farming districts have been favourable, following cold and wet weather in the* early winter months. Pastures and stock are reputed to be in good condition, while lambing conditions are favourable. Prices for live stock at sales held in recent weeks have been at very satisfactory levels.

The prospects for the 1937-38 wool season are bright. A slight easing in prices from the unusually high levels ruling during the 1936-37 selling season is anticipated by some observers, but the statistical position of the industry is sound, and there is no suggestion of a slump in wool values. A pre-estimate of wool production in New Zealand during the 1937-38 season gives a total of 313,000.0001b in the greane. a record for the Dominion. The actual production in 1936-37 was 302,900,0001b, the estimate for 1937-38 representing an increase of 3 per cent above this figure.

Trade returns for the month of September reveal decreases in both exports and imports. The value oi commodity export.* foil from £4.457.611 in August to £3.901.674 in September, while imports of merchandise have fallen from £6.008.286 in the former month to £5.402.535 in the latter month. For the third month in succession the value of imports of merchandise has exceeed that of commodity exports, the excess in each of the last three months being—July, £10.041; August. £1.550,675; and September. £1,500.861. The cumulative excess of imports during these three months amounts to £3.070.577. An excess of imports is normal in the late winter and early spring, when farm production is at its lowest ebb. The value of external trade in commodities, both export and import, has been abnormally high during the present calendar year.