ACTIVITY IN INDUSTRY

Press, Volume LXX, Issue 21356, 26 December 1934, Page 16

ACTIVITY IN INDUSTRY

INCREASE IN NOVEMBER BURDEN ON UNEMPLOYMENT FUND DECREASES .gr "The normal seasonal increase in industrial activity is reflected in statistics illustrating the state of business in November," states the "Abstract of Statistics." "The number of men a charge on the Unemployment Fund on November 27 was 56,439, a decrease of 2888 since the previous month. A marked improvement in the employment situation has been evident even during the slack months of the current year, the winter increase in unemployment being considerably less than in 1933. In fact, the peak level during the current year was recorded in January, usually one of the lowest months in the year; while the November total was 22 per cent, lower than that recorded at the same time last year. "Prices at the opening wool-sales of the current wool-selling season are considerably lower than those realised at the corresponding sales last year, but are still materially in advance of the extremely low prices ruling during 1931-32 and 1932-33. Some improvement in the tono of the market was evident at the Christchurch and Timaru sales, which succeeded those at North Island centres. Increase in Bank Advances "Banking statistics for the month of November reveal an increase in advances for the third successive month. Although the ratio of advances to deposits is still abnormally low <69.26 per cent.), advances have increased by £2.900,000, or approximately 7i per cent., since August. Deposits have fallen by £4,700,000, or 7 per cent., during the same period, but are still considerably above normal, in ppite of this fall. "November proved to bo an exceptionally busy month in respect of overseas passenger traffic, arrivals during that month totalling 3946 and departures 2495 —both exceptionally heavy totals. Among the passengers arriving during the month were _ .1666 tourists, including 761 tourists visiting the Dominion in a pleasure cruise. Bookings at the principal tourist resorts point to a record season. Record Sales-Tax Receipts "Sales-tax receipts during the month of November were £205,256, easily a record amount in any one month since this form of tax came into operation. The total for November of last year was £164,829, so that a substantial improvement is shown by the latest relurns. Sales tax paid during November would be swelled to a certain extent by the payments of retailers on at least a portion of their Christmas stocks; so that it would appear that a heavier volume of Christmas shopping is anticipated than was the case last year. Statistics of imports of certain classes of commodities usually favoured for gifts also support this impression. "Trade statistics for the month of November show that a slight excess of exports emerged as the result of overseas trading in commodities during the month; whereas, during the preceding four months an excess of imports was recorded. The value of imports was lower than in the previous month (when an exceptionally heavy total was recorded), and this fall, combined with a seasonal increase in the volume of exports, restored the commodity trade balance. Banking "The average weekly value of bank debits to individual customer's accounts during November was £11,717,160, a decrease of £448,460 as compared with October, but an increase of approximately £1,000,000 over the totals recorded during November of 1931, 1932, and 1933.

"Deposits fell by approximately £1,000.000 to £61,335,670, the lowest monthly average since January. Fixed deposits continue to show a gradual falling tendency, having decreased by £2.200.000 since the peak in July, •when the figure was £41,800,000. Deposits on current account have fallen slightlv; but in this case, the fall is no more than the usual seasonal movement. November being normally one of the lowest months of the year. "Advances increased for the third month in succession, the November figure (£42,479,040) being the highest so far recorded this year, while the ratio of advances to deporits. though still abnormally low, is also the highest monthly average recorded during the last XI months.

Railways "Increases in both passenger and goods traffic are revealed by the statistics of railway operations during the four-weekly period ending on November 10, the number of passenger journeys and the net ton-miles run being both higher than in any November period since 1830. "Operating revenue during the period totalled £413,592, and working expenditure £386,279; so that an excess of working revenue amounting to 927,313 is shown. This result must b-e regarded as very satisfactory; since, during this particular period of the year, an actual excess of expenditure is not abnormal. Overseas Trade "Exports during the month of November were valued at £2,815,854, an increase of £758,796, or approximately 37 per cent., over the total for October. ?Trst shipments of the new season's yroduce commence to move in October and November, a considerable increase in the volume of exports being normal in the latter month. Exports of butter, cheese, and frozen lamb were substantially higher last month than in October.- As yet, no considerable quantity of the new season's wool has been shipped. . "The recorded value of imports during November was £2.249,290, a derrease of £556.575 since the previous month, when the heaviest monthly total since January, 1931, was recorded. The November total, though substantially below this relatively high figure, still compares quite favourablv with the totals in November of 1931, 1932, and 1933. Mortgages and Land Transfers "A slight decline during November Is shown by statistics of mortgage registrations and land transfers, the November totals being still, however, relatively high for recent years. During the current calendar year there has been a decided improvement in both land transfers and mortgage registrations as compared with last year. The monthly totals are nevertheless considerably below the figures normally recorded in 1930 and the years immediately preceding that year. Building Activity "The progress of building activity, as indicated by the number and value of permits issued in the larger towns, experienced a slight setback in November, the total value represented by permits issued during that month being £327,020, as compared with £391,883 in October. In spite of this fall of 16.6 per cent., the November total is still considerably above the monthly figures recorded during the period April-September. . "Permits issued during the month for the erection of new dwellings were 246 in number, as compared with 303 in October. The value represented by these permits was, however, slightly higher in November than in Jhe previous month, owing to the |«Bures for November including a per- # - ? r the erection of a large block flats. Prices fcort A ndex number of ex-prices-for the month of Novemin last column* 1 I

ber was 968 (on the base: average prices ruling during 1909-1913 equal 1000) i a decrease of 7.1 per cent, since October. The fall in the general index is accounted for almost wholly by a severe drop in the index number for wool, this index falling froffl 1041 in October to 734 in November. » decline of 29.5 per cent. . "The general index number o* wholesale prices for November 1340 (on the base: average wholesale prices ruling during 1909-1913 equal 1000), an increase of two points overtpe figure for the preceding month. Tfie index number of prices of locally produced commodities fell by one P since October, while that for irnpo'" ted commodities rose by six points. "The all-groups index number of tail prices rose by four points since October, the November index per cent, above that for 1914. three-monthly collection of statistic* of clothing, drapery, and fQotw«|* prices and of prices of miscellaneous items of household exDenditure taken in November. The Doming index number for the former grWf • has risen by 0.4 per cent, sinffe AugO=» wb'io the latter remains imehang^K "The index number of shfre on the last trading day in Noverw' was 1009 (on tb° base: av^i'as;e sha* prices during 1926 equal 1000). an "J" i crease of five points on that for 06 " TOober."