TRADE FIGURES

Southland Times, Issue 22915, 13 June 1936, Page 11

TRADE FIGURES

Sound Position Disclosed EXPORTS AND IMPORTS HIGHER (Special to The Times.) a Wellington, June 12. ’Speaking at the annual 'meeting of the Bank of New Zealand to-day the chairman of directors, Sir George Elliot, referred to the trading and banking figures. He said that the trade figures disclosed a sound position. The values of both exports and imports were higher by approximately £4,000,000 (sterling), the excess of exports, £9,828,000 (sterling), being sufficient to meet all oversea interest commitments. The exports and imports (in sterling) for the last five years were as follows: — Year to Excess of March 31. Exports. Imports. Exports. 1932 30,857,000 22,510,000 8,347,000 1933 32,677,000 22,049,000 10,628,000 1934 36,834,000 20,908,000 15,926,000 1935 35,985,000 26,082,000 9,903,000 1936 39,900,000 30,072,000 9,828,000 The average total trading bank deposits for the March quarter amounted to £65,599,000, an increase of approximately £4,500,000 as compared with the March quarter of the previous year. Free deposits accounted for £3,229,000 of this increase. Advances showed an increase of £2,028,000 for the same period. The figures for the past five years were:—

The total Trading Banks’ balances with the Reserve Bank at March 30 amounted to £8,937,618, or, say, £5,600,000 in excess of the statutory balance required to be deposited. In addition, they held in London assets in connection with their New Zealand business aggregating the sum of £14,143,369 (N.Z.). The trading banks were therefore in a position to extend their lending operations in New Zealand. The London funds of the Reserve Bank of New Zealand and the funds of the trading banks held in London relative to their New Zealand business, together amount to over £38,000,000 in New Zealand currency—a position of considerable strength. Dairy Produce. The prices received for the season’s production of butter and cheese, although slightly in advance of those of the previous year, had been again disappointing to dairy farmers. The average prices received this year were approximately 92/- a cwt for butter ana 51/- a cwt for cheese, against 80/- and 48/- respectively last year. The peak price, viz., 128/- a cwt for New Zealand butter in London, was reached in October last. This increase in price was due to decreased production in New Zealand owing to dry conditions in early spring, lower production in Australia about the same period, short supplies of Australian and New Zealand butter in London during October, and anticipation of the effect of a proposed agreement between Germany and Denmark which would probably be the means of diverting a portion of the Danish output from England to Germany. It was estimated that by the end ot the production year the quantity ot butter manufactured would show an increase of, approximately, 7 per cent., while the production of cheese would have decreased by, approximately, 8 per cent. , , , The exports of butter and cheese for the past two years were as follows:—

The Wool Position. During the second half of last year an upward movement in wool prices took place, due principally to the prosperity in the Home trade, which experienced a notable improvement in exports. Available supplies were readily absorbed at firm values. The outlook for the Dominion wool sales which commenced in November was greatly improved. The opening sales showed that values had appreciated materially. As the sales progressed, a further improvement in prices was recorded, and the market remained fairly stable throughout the season. The total number of bales sold at the Dominion sales for the 1935-36 season was 737,454, which included a considerable amount of wool carried over from the previous season. The sum realized was £9,840,427 —an increase of £5,439,417 over the return of last year when 471,512 bales were sold. The z.verage value per bale and per pound of the wool sold at the Dominion sales the last two seasons was as

These figures showed a satisfactory increase, and not the least pleasing feature of the position was the fact that the substantial carry-over of wool at the end of the last season had been reduced to very small proportions. Frozen Meat The frozen meat season opened up much better than last year, but, owing to the exceptionally wet weather experienced later in most districts, the conditions for the production ot iac lambs became unfavourable. With the rank growth of feed, the lambs did not finish well and gave a lighter average carcass than at the opening of the season. It would be noted that in both mutton and lamb the total killings showed a substantial decrease when compared with last year. The killings of beef showed some increase. Owing to the dry conditions experienced last season, it was probable that the decrease in the number of lambs killed would be offset to some extent by a greater average weight over the whole of this season. Prices for lamb on the London market remained fairly constant until early in March, when values receded. Prices for mutton had, with minor fluctuations, remained fairly steady throughout the season. Purchasing prices in New Zealand had been relatively high owing, mainly, to increased prices for wool and pelts. The killings for export of beef, mutton, and lamb for the year ending March 31, 1936, with the figures for the previous year, were as follows:—

March Free Fixed Quarter. Deposits Deposits. Advances £ £ £ 1932 16,998,822 34,466,289 50,232,337 1933 17,461,282 35,208,988 48,500,274 1934 21,657,550 39,455,883 41,575,526 1935 23,965,035 37,135,308 43,077,115 1936 27,194,213 38,405,479 45,105,912

Butter. Year ended March 31. 1935 1936 Quantity Cwt. 2,701,320 2,666,502 Value. £(N.Z.) 10,928,353 13,736,807 Cheese. Year ended March 31. 1935 1936 Quantity Cwt. 1,937,228 1,636,017 Value. £(N.Z.) 4,645,863 4,311,824

follows:— Season. Per bale. Per pound £ s d d. 1934-35 9 6 8 6.498 1935-36 13 6 10 9.±i4

1935-36. 1934-35. Quarters of Beef (chilled) 106,403 35,701 (frozen) 294,865 355,531 Carcasses of Mutton 1,629,397 2,318,930 Carcasses of Lamb 8,439,247 9,398,659