BUSINESS REVIEW

Evening Post, Volume CXXVI, Issue 90, 13 October 1938, Page 12

BUSINESS REVIEW

AUGUST ACTIVITY

EMPLOYMENT POSITION

"Evening Post," October 13,

While evidence of the normal seasonal decline in business statistics is apparent from a study of some of the more important series of economic indicators, nevertheless, the Government Statistician notes that returns of banknote circulation, imports, building activity, railway passenger and goods traffic, motor vehicle usage, and radio licences record greater activity.

Bank debits, that is. the value of cheque transactions—are operating at lower levels than in the earlier months of the year; although the average for August is a record figure for that month since statistics on the subject were instituted in 1928.

Net bank-note circulation, averaging £9,880,4C-0, was also a record for August, and, in fact, the third, highest average yet recorded for any month. The highest average (£10,140,421) was recorded in April of this year (the month in which the Easter holidays occurred), and the second highest in December, 1937.

Deposits with the trading banks are at lower levels than for some months past, while advances are higher than in the three previous months.

OVERSEAS FUNDS

Net overseas funds of New Zealand banking institutions amounted to £20,555,046 (New Zealand currency) on August 29, as compared with £32,523,515 on August 30, 1937.

Imports continue at high levels, the total for August (£5.062,678) being the highest monthly total recorded this year, with the exception of January (£5,584,357). Exports during August," although showing a slight increase on July, are on a much reduced level by comparison with the position twelve months ago. The excess of exports emerging as a result of twelve months' trading up to the end of August amounted to £3,879.772. as compared with £12,672,505 during the twelve months ended with August of 1937.