RESERVE BANK

Gisborne Herald, Volume LXVIII, Issue 20635, 15 August 1941, Page 8

RESERVE BANK

NET PROFIT OF £351,906 DOMINION FINANCES INCOME AND PAYMENTS (Parliamentary Reporter.) WELLINGTON, this day. The complete control of New Zealand's overseas financial transactions by the Reserve Bank enables it to give full details of how the Dominion’s income is made up from these sources, and what is spent overseas. Figures in the bank's annual report relate to the year ended March 31, 1941. The gross receipts from overseas, it is shown, totalled £82,712,000. This was made up of the following items: Exporjts, £73,302,000; interest, dividends, legacies, immigrants’ funds, repatriated capital, private debts due in New Zealand, £4,220,000; trade debts due in New Zealand, including overseas earnings of New Zealand firms. £3,443,000; commissions, royalties and insurance. £120,000; donations and allowances. £382,000; travellers’ expenses, £280,000; unclassified, 11905,000. Overseas payments authorised during the year amounted to £73,704,000, showing that, on the balance, nearly £9,000,000 was gained by the Dominion. Details: of overseas payments are: Imports, excluding payments for Government imports or goods imported prior to the introduction of the licensing system, £42,015,000; interest, dividends, legacies, immigrants’ funds, repatriated capital and private debts due overseas, £3,935,000; trade debts due overseas, including earnings in New Zealand of overseas firms, payments for goods imported prior to the introduction of the licensing system, £2,759,000; Government debt and other services, including payment in respect of imports. £ 19,028,000; local body debt services, £3,635.000; commissions, royalties, insurance, £535,000; donations and allowances, £622,000; film hire and entertainments, £343,000; travellers’ expenses, £274,000; unclassified, £15,000. The Reserve Bank’s net profit for the year of £351,906 has been paid into the consolidated fund.