FINANCE AND TRADE

Dominion, Volume 33, Issue 77, 23 December 1939, Page 14

FINANCE AND TRADE

Exports And Imports POSITION IN NOVEMBER Statistics indicative of internal economic conditions show, in general, a continuation of the trends that have been in evidence for some time, reports the latest Monthly Abstract of Statistics. Deposits with the trading' banks have continued to increase, the average amount on current account for November being £1,050,544 above the October average, and £6,562,443 (21.7 per cent.) above the figure for November of last year. Fixed deposits have also recorded a further increase and are now £1,842,574 above the June level, which was the lowest recorded since June, 1030. Bank advances registered a further fall, and, compared with the position twelve months ago, a decline o£ 9.5 per cent, is recorded. The value of bank debits rose. slightly, while the active bank-note circulation recorded a small decrease from the record high level established in the previous month. Contrary to the usual experience, exports during November were considerably less than in October. Normally the new season’s produce commences to move in earnest in November, but no doubt the regularity of shipment has been considerably affected by the war, and fluctuations in this regard may be expected. Despite the decrease in exports, a continuation of the decline in imports resulted in an export excess for the month amounting to £347,820, as compared with an excess of imports of £397,366 in November, 1938. Overseas Trade. The value of merchandise exports during the month of November was £3,229,171, a decrease of £677,909 below the total for October, and of £1,156.874 below the November, 1938, figure. The item responsible for the decrease in "both instances was butter, unusually heavy shipments of that commodity having taken place during the two months last mentioned. In November, 1938, 366,537 cwt., valued at £2,208,692, and in October, 1939, 256.710 cwt., valued at £1,989,180, were exported, while the quantity in November, 1939, was 154,321 cwt. only, the declared value being £1,050,043. Items showing substantial increases in value compared with October were frozen mutton (£293,570), cheese (£141,397) and frozen pork (£77,677). Commodity imports during November were valued at £2,881,351, as compared with £3,330,269 in October, 1939, and £4,783,411 in November, 1938. The result of tire month’s external trading in commodities was an excess of exports amounting to £347,820, as compared with an export excess of £576,811 in October, and an excess of imports amounting to £397,366 in November, 1935, For the expired eleven months of the present calendar year exports were valued at £54,571,498, as compared with £54,648,012 in that period of 1938. Imports during the eleven months of 1939 totalled £46,335,216, the comparative figure for the corresponding period of 1938 being £50,657,095. The excess of exports for the eleven months of 1939 amounted to £8.236,282, as against £3,990,917 and £10,744,038 for similar periods of 1938 and 1937 respectively.