HEAVY SPENDING

Otago Daily Times, Issue 27275, 29 December 1949, Page 4

HEAVY SPENDING

Record Takings Reported By Shops ALL SERVICES KEPT BUSY All Christmas records were broken this year. Retail stores throughout the country report record turnovers; totalisator returns at most race meetings showed substantial increases on the figures for last year; and a new record has been created for the number of bank notes in circulation. Railway, road and air services have handled record traffic and an unprecedented volume of mail, telegraph and toll business has passed through all post offices.

The record note issue in circulation indicates that there is more money than ever and the public evidently has entered more freely into the spirit of Christmas spending. The readier buying by the public may also be attributed to the fact that there is now a wider variety of goods on display in shops. Goods which have not been available for years have returned to the markets and the demand for these has perhaps been greater proportionately than that for the more familiar lines. Last but not least of the reasons for the spending boom is that the public has been more selective in buying the best quality, goods obtainable. As a result, spending, though liberal, has been far from reckless.

Last Friday was the heaviest buying day and many firms had the biggest takings ever recorded in one day. Shops were packed until closing time and practically everyone was buying. Some businesses were so busy that many people were unable to be served. Trade usually tapers off on Christmas Eve but last Friday was certainly an exception. Much of the late spending may be accounted by the fact that the previous day was payday for many workers..

From the beginning of December the note issue of the Reserve Bank was increased each week and by the middle of the month it exceeded the record figure reached in Christmas week last year by nearly £5,000,000. Reports from all over the Dominion have indicated that more people than ever have travelled this Christmas. Other reports tell of record mails, and telegraph and toll traffic. Other records may also have been broken but these alone will suffice to prove that this Christmas has been an unprecedented one in many respects.