MONEY MARKET

New Zealand Times, Volume XXXII, Issue 7038, 28 January 1910, Page 7

MONEY MARKET

AS AFFECTED BY LAST QUARTER'S TRADING. AJ\ T EXCESS OF EXPORTS. A position for -winch financial and other experts Interested in the Dominion's well-being have been eagerly looking. is disclosed by a return published in last night's "Gazette," -where it is shown that, contrary to the experience of some years past, there mas an excess of exports over imports during the December quarter. The excess equalled w£148,746, -whilo for the same quarter of 190 S there was an excess in the other direction of .£893,-157, so that the Actual improvement for the better in the position amounts to .£1,012,203. This calculation omits the figures for specie, as is necssary to arrive at a true appreciation of the position. The figures for the two December quarters, apart from specie, compare as under: *1909 1908 Exports 4.080,992 3,143,730 Inc. 337,282 Imports 3.932,246 4,037,107 Dee. 104,921 The figures showing the movement of specie may be given separately as follow : ' 190 D 1908 £ £ Exports 1,046 228,703 Imports 150,062 4,988 These, added to the figures already given, make tho total values for tho quarters compare, as under: 1909 1908 Exports 4,082,038 3,372,413 Imports 4,052,308 4,042,155 The position for the twelve months is also satisfactory, showing on imprbvech jspraftonllr equal to about ..The figures indioate that for IJO9 there was an excess of exports to the extent of .£4,822,292, while during 1908 the excess was in the other direction to the extent of .£1,171,910 The .totals, apart from specie, compare as under:— r 1909 19C8 Exports 19,635,936 16,075,252 Imports 14,813,644 17,24,7,162 •"£?S? le S tin - ff .V 1 * 5 ? the Portion, the j£ "M? Vi ?F of yesterday's issue, ?o™'7T • e ex « e ss of exports for 1809, the major portion, will be required to meet interest obligations, and it is to be r ememb e re(l that the surplus beyond these liabilities will go only a small way towards recouping' the heavy advances made by the bants to help the y °J er the kilties of P 1907-8? the supply 0 f m oney in the open marfc-r is so good that the building cSnZ >ie' have reduced their deposit rates by f,e, cent., that is to say, from 4* to 4" per cent..for deposits for a twelvemonth."