LOWER RETAIL SALES

Press, Volume LXXXIX, Issue 27011, 10 April 1953, Page 13

LOWER RETAIL SALES

BANK’S SURVEY FOR WELLINGTON January sales in the Wellington area were 9 per cent, lower than a year ago, according to reports received from retailers covered by the Reserve Bank of New Zealand’s sample survey of retail trade. With the exception of footwear, sales of which were the same as those in January, 1952, turnover of all the commodities surveyed declined in January. Although provisional figures for the month of February show no change from a year ago, states the Reserve Bank, the daily rate of sales this February was higher, because it contained one less Friday—the late shopping night. Stocks have continued to fall steadily since November, adds the Reserve Bank. This is partly a seasonal movement following heavy Christmas selling and the need to make income tax payments in the first quarter. It seems, however, says the Reserve Bank, that there.has been a fall in the basic trend of the level of stocks in addition to the seasonal movement. Stocks fell by almost one-fifth between November and January, and provisional figures for February show a further slight fall. The value of stocks-is now about tha’t prevailing during mid-1951, before heavy imports had commenced to accumulate on retailers’ shelves.

In view of the price rise which has occurred since mid-1951, the volume of stocks must now be significantly less than was carried then.