DEFICIT OF £45.8m
Overseas Trade This Year (New Zealand Press Association) WELLINGTON, August 21. A deficit of £45.8 rpillion was recorded in New Zealand’s overseas exchange transactions for the year ended July’ 31. compared with a surplus of £4.5 million for the 1957 July year, according to a Reserve Bank statement today. The main cause of this adverse movement was a fall in export income of approximately 11 per cent, and increased payments of apnroximately 10 per cent, j Compared with 1956-57, total receipts decreased by £16.4 million. Export receipts decreased by £31.1 million but this was partly offset by an increase in other receipts. Butter and cheese receipts fell by £2.7 million to £54.4 million.
Receipts for meat shipments to the United States, which were £17.2 million (£14.6 million greater than in 1956-57) have partly offset reduced receipts from other countries.
Wool receipts were £85.4 million. compared with £109.3 million during the July year. 1957.
Total payments increased from £331 million to £364.9 million. There were increases in all headings. both Government and private, and particularly in payment for imports, which increased by 8 8 per cent, to £296.8 million.
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Press, Volume XCVII, Issue 28671, 22 August 1958, Page 12
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191DEFICIT OF £45.8m Press, Volume XCVII, Issue 28671, 22 August 1958, Page 12
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