BUSINESS REVIEWED

Evening Post, Volume CXXVII, Issue 137, 13 June 1939, Page 17

BUSINESS REVIEWED

TOLD IN STATISTICS

DOMINION'S EXTERNAL TRADE

Reviewing the course of business in New Zealand during April the Government Statistician directs attention to the beginning of the off season hrespect of farm production and the shortened working month occasioned by the Easter holidays. These conditions are,reflected mp^e particularly in the substantia] decrease in the value' of merchandise exports, in the lower volume of bank debits (payments by cheque), and in the decline in the amount of goods traffic handled on the railways. ■ . Compared with March, exports declined by 35.8 per 'cent., bank debits by 11.6 per cent., and railway goods traffic, as indicated by the net tonmiles run, by. 27.9 per cent. Increases over the figures for April, 1938, were shown by the two former items, but in the, case of the latter a decline of 6.7 per cent, was recorded. EXPORTING POSITION. In view of recent economic trends the position in regard to the Domin ion's external trade is of interest. During the elapsed four months of the current year the value of merchandise exports amounted to £24,998,806. as compared with £25.121,873 for the corresponding period of 1938, a decrease Of £123,067 only. Of the principal export items, increases in bo+h quantity and value were shown by wool, lamb, and beef, while mutton exports, although greater quantities were shipped, declined substantially in value. A severe drop has been recorded in butter exports, the quantity having declined by 22.5 per cent, and the value by 16-8 per cent. Exports of cheese have also declined, but to a considerably lesser extent. Imports during the four months were valued at £17,651.296, as compared with £19,342.406 for the same period of 1938. a decrease of £1,691,110. The excess of exports over imports for the 1.939 period amounted tp £7,347,510, as cpmpared with £5,779.467 in the 1938 period. OVERSEAS FUNDS. The Government Statistician also remarks that "a feature of the financial statistics for April is the decline in net overseas funds of banks, when an increase might normally have been expected. Between' December 26, 1938, when the low point of £6,806,733 was reached, and March 27, 1939. the net overseas funds increased by £2,465,366, but between the latter date and April: 24 a drop of £271.726 is revealed. Between March 28 and April 26. 1938. a rise of £2.054.554 was recorded.

"With the close of the wool-selling season in April certain advance information in regard to the year's activities is now available. The New Zealand Wool Brokers' Association reports that during the 1938-39 season 706.776 bales of wool were sold by auction in the Dominion, the gross receipts amounting to £9,220,741, as compared with 614.609 bales for a gross realisation of £8,793.873 in the 1937-38 season. The per-bale average for the 1938-39 season was £13 0s lid, as compared ■with £14 6s 2d for the previous season, a .decrease of 8.8 per cent. Despite this decline in prices, a feature pf the season's sales was the manner in which growers met the market. The percentage of passingr was unusually low and at some sales an almost complete clearance was effected. Consequently the carry-over to the next season is relatively small.

"Dry conditions and bare pastures still existed in some districts during April, while in others beneficial rains were experienced, thus restoring good growth of pasture. There is a shortage of supplementary feed in manyareas, and the outlook fpr the winter in these districts is not promising. Although a few minor cases of facial eczema have been repprted, the health of stock in general is reported tp pc good."