PLENTY OF MONEY

Grey River Argus, 5 April 1943, Page 2

PLENTY OF MONEY

SPENDING ON GENEROUS SCALE. There is plenty of money about, and spending it continues on a generous scale. So much is to be gathered from the review of business made bv the Government Statistician. He savs that the “statistics indicative of’economie activity in January suggest a high level of spending. The value of cheque transactions was higher than in any previous January; totalisator turnover in January per racing day was twice as high as in the previous January; and passenger journeys on the railways were more than fur any other January period on record. • A substantial increase in bank deposits, a reduction in bank advances, and an increase in unexercised overdraft authorities in January suggest chai, wholesale and retail merchandise stocks have been reduced following the preChristmas shopping period. External trading activity during January was characterised by r.n 'exceptionally high level of imports, and a very substantial excess of imports over exports for the month. In fact, the figures in both instances are the highest recorded in any month since 1920.” Net bank-note circulation in January was £24,694,403, showing the usual seasonal; recession from the peak level recorded fox- December. The average for January, however, showed an increase of 4.6 per cent, over the average for November, 1942, and an increase of 30.4 per cent, over the average for January, 1942. Total sales tax (including war tax) receipts for January indicated the generous scale of spending, and amounted to £1,047,162, thus being the fourth month ‘for which total sales tax receipts have exceeded £1,000,000. . ' Racing davs, however, were reduced in January, 1943, to 23 against 25 in January, 1942, and 42 in January, 1941; but,'as the Government Statistician remarks, “Despite the reduction in the inumber of race meetings, totalisator investments in January, 1943, amounted to £1,531,352, an average of £66,511 a meeting.” The investment totals for January, 1942, and January, 1941, were £830,651, and £1,242,823 respectively, or, at per meeting, £33,226 . for January, 1942 and £29,591 for January. 1941-