BALANCE OF PAYMENTS

Press, Volume XCVIII, Issue 29008, 24 September 1959, Page 12

BALANCE OF PAYMENTS

£B7m Change In August Year

(New Zealand Press Association) WELLINGTON, September 23. A surplus of £ 46.9 m in New Zealand’s overseas exchange transactions is shown for the year ended August 31, 1959, compared with a deficit of £ 39.8 m in 1957-58. This represents an improvement of £ 86.7 m over the two years, or, if official borrowing is excluded, an improvement of £ 88.6 m. This is shown in figures released today by the Reserve Bank.

The latest year’s surplus in-, eludes £ 17.2 m of net official borrowing, and last year’s deficit was reached after allowing for £ 19.1 m under the same heading. Total receipts, compared with those for the year ended August, 1958, increased by £ 42.0 m to £361.7m. This improvement was mainly due to an increase of £ 35.8 m in receipts for exports which is reflected in all commodity headings. Payments for private imports fell £ 50.7 m—a decline of 19.6 per cent, on the 1957-58 figure. August Surplus £4m

An over-all surplus of £4m was recorded for the month of August compared with a deficit of £3.lm in August, 1958. Export receipts increased*£4.lm, due to increases under all commodity headings except meat. Receipts other than for exports increased by £2.3m due to a number of factors, including a private capital inflow of £l.im. On the payments side, reduced payments for imports were partly offset by increases in other payments.