HIGH EXPORT VALUES

Press, Volume LXXVII, Issue 23415, 23 August 1941, Page 3

HIGH EXPORT VALUES

FIGURES FOR YEAR

TO JUNE

REDUCED SHIPMENTS OF WOOL

The farm production export season normally fits very closely to a June year, and export statistics for the 12 months ended in June possess a special significance in that they are usually indicative of production, states the Abstract of Statistics for July. Owing to factors connected: with the war, however, stocks of some of the principal primary products awaiting shipment are at present much greater than is usual at this period, and the figures for 1940-41 are thus not fully comparable with those of previous years. Despite this factor, the aggregate value of merchandise exported during the ended June 30, 1941 (£65,766,530), is only £92,106 below the record total of the previous year and is £7,874,619 above the 1938-39 figure. However, the value for the second half of the year—i.e.. the six months ended June 30, 1941-—is very much below that for the corresponding period of li' 39-40, the difference amounting to £7,974,603 (17.9 per cent.). Although the average weekly value of bank debits to individual customers' accounts in June (£18,837,655) showed a decrease of £454,315 as compared with the corresponding month of 1940, it was nevertheless the second highest June average to be recorded since these statistics first became available in 1928. Compared with May, 1941, the latest figure shows a decrease of £1,136,971, but a seasonal fall between May and June is a normal occurrence. The average amount of total deposits for June (£81,093.830) showed a decrease of £1,024,653 as compared with May. Deposits on current account recorded a decline of £1,172,675, while fixed deposits increased to the extent of £224,258. Bank advances have again receded slightly, the average for June being £51,054,461 as compared with £51,858,525 in May, and £52,647,537 in April. Compared y-ith the corresponding month of 1940, the June average shows an increase of £2,791,437 (5.8 per cent.). The amount of unexercised overdraft authorities at June 30 was £32,057.178, the comparative figure at May 26 being £30,913,710. After a slight fall in May the active bank note circulation again showed an increase, the average for June being £17,422,336. The May figure was £17,230,364, and that for June, 1940, £ 14 525 2 J4. The net amount of overseas funds (on account of New Zealand business) of banks operating in New Zealand declined from £ (N.Z.)33,087,602 on May 26, to £ (N.Z.)31,065,245 on June 30. Of the total at the end of June,. £ (N.Z.) 11,111,064 represented net overseas funds of the trading banks and £ (N.Z.) 19,954,181 the Reserve Bank’s holdings of sterling exchange. No later information in respect of the trading banks is available, but by July 28 the Reserve Bank’s holdings had fallen to £15,552,480. _ Deposits with the Post Office and trustee savings banks during June amounted to £3,040.196, and withdrawals to £2,574,582, leaving an excess of deposits of £465,614. Comparative figures for the preceding month (May) were: Deposits, £3,525,391; withdrawals. £2,934,556: excess of deposits. £590,835. In addition to the foregoing, deposits in national savings accounts during June amounted to £259,054, as compared with £144,400 in May. The total amount deposited in these accounts from their inception in October, 1940, to June 30, 1941, was £1,259,051. Receipts from the sale of national savings bonds during June were £178,875 and the total to June 30 £879,668. , , . The declared value of merchandise exports for June was £5,313,029, as compared with £6,644.411 in May, and £9,494,190 in June. 1940. The lastmentioned figure, however, was an abnormally high one, in fact, the highest monthly total yet recorded; and the June 1941, total compares favourably with those for the same month of previous years. Commodity imports during June (£3.682,417) declined substantially from the comparatively high, figure of the previous month (£5,536,369). The June total was also considerably below that of the corresponding month of last year, the differencS amounting to £1,216,151. The aggregate value of exports for the first six months of 1941 was £36,657,236, a decrease of £7,974,603 as compared with a similar period of 1940. The item mainly responsible for this decrease was wool, the difference in the value for this commodity as between the two periods being no less than £5,266,034. This was brought about to a certain extent by the fact that the export of the 1939-40 clip was considerably delayed. In the last three months of 1939 (October-Decem-ber) only 5360 bales were exported, as compared with 112,719 bales in the same period of 1940. Frozen meat exports have also declined heavily, the aggregate value of all classes for the six months ended June, 1941, showing a fall of £4,157,736 (33.5 per cent.) from figures for the corresponding period of 1940. Imports for the six months ended June were valued at £22,056,878, as compared with £24,869,580 in a similar period of a decrease of 11.3 per cent. The excess of exports over imports for the first six months of the two years was: 1941. £14,600,358; 1940, £19,762,259. Railway Transport

Railway traffic returns for the four weeks ended June 21 reveal a substantial increase in passenger traffic, but a decline in goods traffic both as compared with the immediately preceding period and also as compared with the period ended June 22, 1940. The number of passenger journeys rose from 1,872,840 in the period ended May 24 to 2,731,922 in the period ended June 21, the number for the period ended June 22, 1940, being 1,729,599. The net ton-miles run in the latest period was 52,175,000, comparable figures for the period ended May 24, 1941, and June 22, 1940, being 57,462,000 and 52,440,000 respectively. Railway operating revenue for the first 12 weeks of the current railway year amounted to £2,248,843, a decrease of £9903 below the total for the corresponding period of 1940-41, while operating expenditure at £1,944,594 showed a decrease of £I6BB. The total revenue of the department (including road motor and other subsidiary services) for the 12 weeks ended June 21, 1941, amounted to £2,592,708, an increase of £12,647 as compared with a similar period of 1940-41, while expenditure totalled ,£2,190,862, an increase of £.14,918. Mortgage registrations during June numbered 1680 for a total value of £1,216,048, as compared with 1775 in number and £1,271,783 in value during May. Compared with June, 1940, a decrease of 218 in number and £395,790 in value has been recorded. In the expired six months of the current calendar year mortgage registrations have been on a substantially lower scale than in the corresponding period of 1940, the decrease amounting to 639 (6.5 per cent.) in number and £847,668 (11.2 per cent.) in value. Land transfers registered during June numbered 2165 for a total monetary consideration of £1,972,444. This represents a decrease of 308 in number and £45,153 in value below the May figures, while compared with June, 1940, a decrease of 140 in number and £460,413 in value has been recorded. A comparison of land transfer figure’s for ■ the first six months of 1941 with the corresponding period of 1940 reveals a slight increase in both number" and value, the difference amounting to 50 and £122,794 respectively.

Building Activity

The total value represented by building permits issued in the larger centres during June was £872,343,, an increase of £178,475 over the previous month’s figure. The value of alterations and additions to existing buildings (£139,832) showed a decrease of £4226, new dwellings (£384,496) showed a decrease of £149,733, while other new buildings (£348,015) recorded an increase of £332,434. The values represented by permits issued for the three classes in June, 1940, were: Alterations to existing buildings, £120,737; new dwellings, £559,345; other new buildings, £93,954. The number of new dwelling peras com--