N.Z.’s Balance Of Payments Improves

Press, Volume C, Issue 29682, 28 November 1961, Page 15

N.Z.’s Balance Of Payments Improves

(New Zealand Press Association)

WELLINGTON, Nov. 27. New Zealand's balance of payments improved in October this year. The deficit of £o.2m in overseas exchange transactions last month compares with a deficit of £ 12.2 m in the same month last year. The main changes were:— Export income increased by £6.4 million. Import payments decreased by £2.9 million. Government capital payments this year decreased by £6.6 million, offset by a decrease in capital receipts of £3.8 million. Butter, Meat Up The main increases compared with October, 1960, were in receipts for butter (£1.3 million) and meat, (£3.2 million). The changes in capital receipts and payments between October, 1960, and October, 1961, arise mainly from the sale, last year, of Government securities to assist in the repayment of a £6.3 million London loan. For the year ended Octo-

ber, 1961, there was a current account deficit of £63.3 million, offset by a surplus of £27.3 million from capital items, giving an overall deficit of £36.0 million. Details of receipts and payments in October, 1961, and October, 1960, are as follows: Receipts

1961. 1960. Exports— £m. £m. Butter 4.10 2.85 Cheese 1.92 1.79 Meat 7.11 3.90 Wool 4.01 2.81 Other 4.47 3.84 Other receipts 5.81 9.21 - — ■■■ . —- Total receipts 27.42 24.40 Payments 1961. 1960. Government— £m. £m. Debt .int. .. - 0.22 Imports 2.14 2.52 Other Private— 0.62 6.86 Imports 20.04 22.53 Other 4.87 4.49 — 1 1 Total 27.66 36.62 ■ I . ■ ■ ■ M Balance -0.24 - -12.22