TRADE AND FINANCE

Hokitika Guardian, 12 October 1929, Page 7

TRADE AND FINANCE

SKIN’S OF THE TIMES. AN OFFICIAL SURVEY. In liis monthly review of trade and finamu tins Government Statistician remarks that, measured by the volume cl bank debits to individual accounts '(exclusive <of Government accounts') tins national volume of business for August showed a recession from July. 1929. and a gain over August, 1928. The present dairying season does not appear to be so “early” as last season; the frozen meat export trade continiues on a levei below last year; the wool exports reflect the decline in wool prices, a decrease being recorded for value notwithstanding an in(lease in quantity. Unusually large stocks of wool were held in the Dominion at the end of June.

The import trade receded s mewhat in August, but the general trend in this trade appears to be upwards. Relatively keen, activity was recorded for the freight business on the railways and by coastal shipping. Ilie general wholesale price level rose slightly, while the banking statistics reveal an upward trend in advances. There lias, been a notable recession in bankruptcies and private assignments. FROZEN MEAT AND WOOL . Returns for the two months ended August 31 show the present season to be below last season in both quantities and value. While lamb shows gains of 'B.O and 5.2 per cent for quantity and/ value respectively, .mutton has declined by 6.2 per cent in quantity and 1,5 per cent in value. The quantity of wool oxported during August was 59.6 per cent above the figure for August, 1928, and 36.0 s pea- cent below that for July, 1929. The statistics relating to the eight months ended August show a higher level for quantity and a lower level for value. The quantity has increased by ,5.8 per cent, while the recorded value has diminished bp approximately £7-58,000, or 5.2 per cent'. The stocks of wool held in the Dominion at June 30 last were approximately 50 per cent above those held at the same time last year. The annual statistics relating to stocks of wool showed stocks which were estimated to represent 18,800,0001 b of wool in the grease ! at June 30, 1928. a.nd 27,5C0,0C01b at June 30, • 1929. The extra stocks appear to be held mainly by wool-brokers, freezing 'jvorks, wocl-scouring works, and ship-

ping companies. !• . OVERSEAS TRADE. Movements in the. import trade generally foreshadow corrresponding movements in the internal trade, of the Dominion. For this reason the trend of imports is important in considerations affecting the course of internal trade.- The recorded value of imports in August showed recessions of 4.1 and 0,9 per cent from July, 1929, and August, 1928, respectively. The eight-monthly cumulative and the twelve-monthly moving totals establish an upward trend ip this trade for the past few months; the former shews a’ gain of 8.2 per cent and the latter a gain' of 6.0 per cent. This relatively greater activity in the import as compared with the export trade has reduced the visible Ibnlpnce, of trade in favour of the Dominion. For the twelve months ended August last this balance was £0,919,715, against £11,218,72-7 for the corresponding period of 1927-23. FIN ANCE AND BANKING.

In both branches of the mortgage business the August figures show A level of business well. above that for August last year, registrations and discharges showing gains in volume of 16,2 and 7.0 per cent respectively. Moving twelve-monthly totals show the yajtue |ef mortgage regis* trations for the twelve months ended August, 1929, to be 12.8 per cent above the corresponding period ended August, 1928, while eight-month-' Iv cumulative figures reveal a- level of business for 1929 approximately 21-0 per cent above 1928. There appears to be a definite upward tendency in mortgage registrations. The volume of mortgages discharged shows an Upward trend, but of a much less marked nature than the registrations. Twelve-monthly moving and eight-monthly cumulative totals show gains' in this case of 6,2 per cent’and 10-7 POV cent respectively.

The relatively high level of business during recent months in land transfers was not maintained in August, the figures showing recessions from August of last year and July of this year of 6.2 and 15.8 per cent respectively. Cumulative figures for the eight months show the level of activity for the present to be 5.3 per cent above’ that for last year, while the moving twelve-monthly totals for 1929 show a gain of 3.3 per cent. Averages of the banking statistics for the four' weeks ended August 26 last show that considerable changes have taken place in the banking situation since August of last year. In the first place, the average weekly aggregate advances have increased by* approximately -£4,000.600, or 8.8 per cent, against an increase of £3.000,600, or 5.5 per cent, in the average aggregate deposits; while, in the second place, metal reserves have diminished by 2.5 per cent, hut legal tender notes in the hands of the public show a gain of 1.7 per cent. Tinder the lu-rding “Advances” the business of discounting notes.and hills shows a recession of 16.3 per cent; the main item, under this heading, “Debts Due,” however, shows a substantial gain of just over £4,000,OCO, or 9.4 per cent.