DEFICIT OF £52.2m
Exchange Year To May 31
(New Zeaiana Press Association) WELLINGTON, June 20.
A deficit of £ 56.2 m was recorded in New Zealand’s overseas exchange transactions for the year ended May 31, 1958, compared with a surplus of £srp for the previous May year, according to a Reserve Bank statement today. The main causes of this adverse movement were a fall in export income of £ 24.4 m and an increase in import payments of £31.7m.
Total receipts of overseas exchange, compared with the comparable period last year, fell by £ 19.6 m to £3lom. Dairy receipts fell by £9.5m because of continued low prices. The fall of £ 13.1 m in receipts for wool reflects the lower prices obtained. “Other receipts” rose by £4.7m to £ 51.5 m mainly because of an increase in official capital receipts of £2.2m. Total payments of foreign exchange increased by £ 41.6 m to £366.2m. All items moved upwards, but the most significant movement was an increase of £29m in payments for private imports. A surplus of £s.lm was recorded during the first five months of this year, compared with a surplus of £29.2m during the first five months of 1957.
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Bibliographic details
Press, Volume XCVII, Issue 28618, 21 June 1958, Page 16
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195DEFICIT OF £52.2m Press, Volume XCVII, Issue 28618, 21 June 1958, Page 16
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