BUSINESS IN MAY
SEASONAL SLACKENING APPROACH OF WINTER HIGH VALUE OF EXPORTS The falling-off in farm production which comes with the approach of winter is reflected in business statistics for May. Exports fell considerably from the record level reached in April, the quantities of exports of all major farm commodities decreasing materially, states the latest Abstract of Statistics. Nevertheless, for a May month, exports were of unusually high value. Internal business activity showed signs of some seasonal slackening, although all the evidence does not point in tiie one direction. For example, while the volume of cheque transactions shows an expected decrease, the net note circulation has increased further from an already exceptionally high level. As would be expected with the slackening in seasonal industries, such as meat-freezing and butter and cheese manufacturing, and the completion of harvesting, the statistics of unemployed males showed an increase at the beginning of June. Farm production was affected to some extent by abnormally wet conditions during the growing and harvesting seasons. Crop production has suffered somewhat, but dairy production has been well maintained. The normal seasonal falling-off in the volume of bank debits to individual customers’ accounts with the trading banks is revealed by the banking statistics. This index of the general level of business activity has been consistently maintained at a relatively high level in the current year, each monthly average being considerably higher than the average for the corresponding month in recent years. Although the average for May of £18,074,2:17 showed a seasonal fall of 1:7.2 per cent, it was still 14.4 per cent higher than that of May, 1 DBG. Bank deposits are still at abnormally high levels, for while fixed deposits have declined from the peak levels of 1934, deposits on current account have increased to an extent that has more than compensated for this decreease.
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Bibliographic details
Poverty Bay Herald, Volume LXIV, Issue 19379, 17 July 1937, Page 7
Word Count
306BUSINESS IN MAY Poverty Bay Herald, Volume LXIV, Issue 19379, 17 July 1937, Page 7
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