FINANCE & COMMERCE

Dominion, Volume 35, Issue 178, 24 April 1942, Page 8

FINANCE & COMMERCE

OVERSEAS TRADE ’Exports Higher In February Substantial increases in both exports and imports are shown in the overseas trade figures for February, released yesterday by the Customs Department. For the eight months of the production year, starting on July 1. there have aiso been increases in both exports and imports. Exports during February totalled £8,073,000, compared with £5,960,000 in February, 1911, an increase of £2,113,000. Imports for the month totalled £2,947,000, against £1,961,0T0 in February, 1941, an increase of £986,000. For the month there was an excess of exports over imports of £5,126,000, compared‘with a similar excess of £3,099,000 in February, 1941, an increase of £1,127,000. For the two months of 1942, exports totalled £13.340,000, an increase of £6O9,(MX) compared with the same period of 1941, while Imports were £6,445,000, an increase of £1,400,000. /The favourable trade balance for the' two months was £6,805,000, against £7,686,000 in 1941. Following is a comparison of the ex'ports and imports for February in the last five years:— Excess of

For the lirst eight months ot the production year, which opens on July 1, exports were valued at £44,163,000, compared with £41,840,000 in the same period of the previous year, an increase of £2,323,000. Imports for the same period totalled £33,555,000, compared with £29,173,000 in the previous season, an increase of £4,382.000. The favourable trade balance for the period amounted to £10,608,000, against £12,667,000 in the preceding season, a decrease of £2,059,000. Export and Import values for the first eight months of the last five production years compare as follow-s:—

All values, which are expressed in New Zealand currency, are for commodities only, specie being excluded. Stock Exchange Sales Dealings in stocks and shares recorded on New Zealand Stock Exchanges yesterday were as follows, the number of ehares In each lot being shown in the case ot Wellington:— WELLINGTON. No. ot . Sale price, shares. £ a. d100 Westport Coal *1 3 o 150 Kelbume Tramway, pref. . ‘lO 3 100 British Tobacco, pref 1 14 6 100 Taranaki Oil Fields ...... 0 4 0 •Late sale Wednesday. AUCKLAND. War Loan, 3 p.c., 1951-54, £99/10/-; Inscr. Stock, 4 p.c., 1954-58, £108; Wanga-nui-Rangitlkei Electric Power Board, 3J p.c., 1956, £lOO/10/-: National Insurance, 18/-; Farmers’ Trading Co., £l/0/6; Kelburne. Tramway, pref., £l/0/3; Devonport Steam £l/2/6; Electro. Zinc, pref.. £2 1/6: Woolworths (N.Z.), ord., 12/8; ditto, pref., £l/14/-. . CHRISTCHURCH. Andersons, Ltd., pref.. 18/-; ■ Wilsons Cement, 17/- (2), 17/1}; Woolworths (N.Z.). 12/9. DUNEDIN. Bruce, Woollen, £l/3/-; G. J. Coles, • £2/4/-. •Late sale Wednesday. Fiduciary Issue Increased (British Official Wireless.) (Received April 23, 7 p.m.) RUGBY, April 22. The Chancellor of the Exchequer, Sir Kingsley Wood, has announced an increase of £50,000,000 in the fiduciary note issue, raising it from £ i80,000,“TO to £830,000,000. This increase, the sixth since the war started, lias been foreshadowed in the steadily increasing not? circulation and decreasing proportion of reserves to liabilities, each week in the Bank ot England returns. In the last return on April 10, notes in circulation were shown at £767,100,000, very close up to the fiduciary limit, with the proportion ot’ reserves tfi liabilities only 7.20. per cent. Shortly after the outbreak of war in September. 1939, the fiduciary issue was raised from £300,000,000 to £580,000,000. Each increase since then has been one of £-50,000,000. Sharland & Co. Dividend The directors of Sharland and Co., Ltd., have decided to pay an - interim dividenn of 2i per cent, on all shares, free of social and national security taxes, payable on May 11. Transfer books will be closed at 5 p.m. on April 27. Abraham & Williams Dividend The directors of Abraham and Williams, Ltd., have decided to pay an intenni dividend of 21 per cent. P n April TO- transfers received up to April 2u will be adjusted for dividend. Australian Bonds Improve On Wall Street (By Telegraph. —Press Assn. —Copyright.) NEW YORK, April 22. Rellecting growing confidence in Australia’s improved position, all this "f- ' Commonwealth issues have been lirui. D.it today most Australian Gorernimut_ bonds, were in very strong demand on cl Nome showing high advances. Queensland G per cent., 1947 bonds wereup points to £6B. New South "McS “ J _ cent., ITO 7, rose five points to £«m, and •> nor cent ITO'S, sold readily at £,-. L° lu per ■ - ’ _ t 1'155, were priced monwealtli o l jcr .v; , ! ~ I-(Hi 1'17.7 at £5B/10/-, and 44 per cent., ITOif at. £5-l/15~-. All in all. this was Australia’s best day on 'change for three months. Gold Mining Tl.n Grev River Drpdgiug Co. advise that the elean-up has been postponed until April -9.

Exports. Imports. Exports. February. £(N.Z.) £(N.Z.) £(N.Z.) 1942 .... 8.073,000 2,947,000 . 5,126,000 1941 .... 5,960,000 1,901,000 3,099,000 1940 .... 8,115,000 3,347,000 4,768,000 1939 .... 6,172,000 4,795,000 1,377,000 1938 *... 5,716,000 4,396,000 1,320,000

Excess of JulyExports. Imports. Exports. February. £(N.Z.) £ (N.Z.) £(N.Z.) 10,608,000 1911-42 . 44,163,000 33,555,000 1940-41 . 41,840,000 29,173,000 28,530,000 12,667,000 1039-40 . 35,062,000 o 7,132,000 1938-39 . 33,452,000 37,831,000 •4,370,000 1937-38 . 37,822,000 40,414,000 •2,592,000 •Excess of imports.