TRADE IMPROVEMENT

Dominion, Volume 30, Issue 189, 7 May 1937, Page 12

TRADE IMPROVEMENT

Minister Reviews Figures For Quarter - “ABUNDANCE OF MONEY AVAILABLE” The latest figures available indicated that an excellent beginning had been made to the year’s trading, said the Minister of Industries and Commerce, Hon. D. G. Sullivan, when speaking at the annual dinner of the Wellington Chamber of Commerce on Wednesday night. He described conditions as booming. The abundance of money available was shown by the high figures for deposits, and particularly those on current account and advances too were higher now than they were in former years, said the Minister. Bank debits, clearings and notes in circulation were all at high levels. Post Office Savings Bank deposits in the quarter ended March. 31 last were £7,000,000 higher than those in the same quarter for 1936, and the excess of deposits over advances was twice as great. The value of exports during the quarter was £3,482,571 iiigher than in that of 1936, and the figures for the full 12 months had passed tile £60,000,000 mark for the first time in the history of New Zealand, being £10,558,519 higher than in 1935-36. Besides the United Kingdom, two foreign countries had played a large part, in the increase, namely the United States of America and Japan, which, during the quarter, more than doubled the amount of their purchases. The increases in the values of imports were approximately equal to the advances in exports. The volume of dairy produce exported to date this season was greater than it was to the corresponding date last year. Although prices had not advanced to the extent which might have been desired they were on the average higher than they were a year ago. The season’s wool sales were phenomenally good and it was many years since such high prices were received. The average value per bale exported during the quarter was approximately £22/14/-, whereas in the 1936 quarter it was £l4/2/- and in 1935 it was less than £lO. The Minister said that the statistics relating to manufacturing industries for the year 1935-36 showed increases in all branches compared with 193-1-35, with increases of 10 per cent, in the number of employees, 12 per cent, in wages and salaries paid, S per cent, in materials used, 9 per cent, in products, and 10 per cent iu added value. “All reports I have received from time to time from district officers indicate that manufacturing concerns in nearly every case are working to full capacity and have difficulty in filling orders placed for their products,” he said. “Greatly improved conditions have been experienced by manufacturers, wholesalers and retailers during the quarter as compared with that of last year. Prospects generally appear to indicate that these improved conditions will be maintained for at least some time to come. "Unemployment, has been reduced to the extent of 20.000 as compared with the end of March last year. The figures for building permits are being well maintained both iu number and in value. Bankruptcies during the quarter were slightly over half of those in the same period of 1936. The export prices index in February and March stood at a higher level than at any time since March, 1929.”