UPWARD TREND

Hawera Star, Volume LII, 5 September 1932, Page 7

UPWARD TREND

OVERSEAS TRADE POSITION. FAVOURABLE SIGNS. Several favourable signs of- the financial and trading outlook of the Dominion are indicated by tlie Government Statistician in his monthly review of business statistics for July. Little movement was evident in bank debits during July, he writes, but such as there was, although in a downward direction, Avas so slight as to suggest a reflection of the alteration in price leA-els father than any appreciable diminution in the volume of business transacted. The movement of bank funds fails as yet to confirm the. anticipatory spirit, noticeable in business circles, of an impending reA’ersal of trend.

VASTLY IMPROVED POSITION.

Trade conditions are in a vastly improved position this month than was the case a year ago. Although exports haA r e almost reached the customary lowest ebb for the year, SO' great has been the diminution of imports' of late that the balance of trade for the month remains in favour of the Dominion to the extent of £454,000 (expressed in terms of NeAV Zealand currency). This represents an increase of 80 per cent Jnly, 1031. For the cumulative period of seven months the favourable visible balance of trade stands at £10,600,000. a figure 31.4 per cent in excess of that for the corresponding period of 1931. Frozen lamb and mutton has heen going abroad in exceptional quantities this year, probably as a reflection of the depressed state of the wool trade, with the result that the Home market Avas particularly well stocked during July. Consequently the price level for NeAV Zealand meat has been unfavourably affected, lamb especially suffering towards the end of the month. This is the quiet period of the year for wool locally, but it is satisfactory to note an undoubted improvement in tone at the London wool sales. The recent Wellington winter sale of crutchings and fleece wools displayed an improving tendency. Butter improved! on the London market during the month under review, but cheese remained quiet until Avell on in August, when a; firming tendency was cabled.

RECORD DAIRY OUTPUT. The dairy production season ending in July was a record one as far as output was concerned. A comparison of average prices realised on the market abroad, however, reveals the dairying industry to have been in a slightly worse position during the season just closed than in tihei 19-30-31 season, particularly as regards butter. Figm;es for the year 1931 show that New Zealand, with a total of 220,814,0001 b of butter exported, is second in the world as a butter exporting country, and also second as a cheese exporting country, with a total of 181,703,0001 b.

Land transfer statistics incidate a brightening aspect for the month, although the mortgage business appears to continue dull. Bankruptcies during the first six months of the year compare favourably with a similar period of 1931, in spite of the sustained period of declining turnovers in general business operations.

The transport statistics for the month reveal a comparatively satisfactory position. The railways record' the maintenance of passenger traffic on the improvel level established in recent months. Shipping was particularly brisk during the month, the coastal fleet especially being apparently more active than for some time past.