SOME FACTS AND FIGURES

Stratford Evening Post, Volume XXVII, Issue 42, 19 June 1915, Page 7

SOME FACTS AND FIGURES

j TRADE, INDUSTRY, AND INTERNAL I'ii'lhNuE. I ' in addition to the remarks publisnod yesterday, I lie Chairman oi tue 'Bank of New aim land s address contained the following:— j TJie New Zealand quarterly average Banning ~l.» moments indicate an easy 'financial position in the Dominion. Comparing the figures of 31st •March last with those of 3ist March 4914, we find the following differences in the aggregate averages of all the Hanks:— DEPOSITS. 'lnterest hearing—increase £31(5.029 Non-interest hearing —increase ... ... £2,482,901 £2,798.990 advances; Discounts —decrease ... £382,090 Other advances —increase £384,324 Net Increase £1034 Improvement during the the 12 mouths in the position of the public with the Banks ... £2,797,350 The Post Office Savings Bank figures show similar large accretion of funds. The excesses ot deposits over withdrawals, for the half-year ending 31st March last, reached the large total of £1,188,071. I These improvements have been contributed so largely by (1) The increased value of our exports, and (2) The reduced value of our imports,—the margin between which will probably . bp found, when the returns for the year ended 31st March are complete, to be the highest that has \ been touched for many years past.

I For the year ended 31st December '—the latest date to which complete, returns are availabe—the figures are;— Expbrts (excluding specie) £26,253,900 Imports do. £21,144,200 ! ——— Surplus Exports ... j ... £5,109,.00 j ' j The surplus for the previous year ended 31st December, 1913, was £1,156,731. j The increase in the exports is due in a largo measure to the enhanced prices commanded by our primary products, j The decrease in imports is attributable to several causes,:— j (1) The caution exercised by merchants and importers when ordering supplies in the early days of the ■ war. 12') A lessened demand consequent upon the more economical style of living that has been in vogue since the war began. | (The impossibility of obtaining many lines of merchandise from Germany (and Austria, and the inability of j British manufacturers and exporters to fill orders. .4) The lack of tonnage and the difficulty of shipping owing to congestion at the London Docks. Export figures for the quarter ended March 31st are available and amount to £11,205,000, as against £9,903,100 for the quarter ended March 31st, 1914. The import figures for the same quarter are, however, not complete, but ‘ the Customs, revenue for , the quarter is said to amoxmt to only £737,000, as against £935,000 for the quarter ended 31st March, 1914, showing "that there lias been a substantial falling off in importations. This is, of course, all in the direction of. widening the margin between imports and exports, thus increasing the credit balance on the Dominion’s trade as a whole, and, consequently, the funds available here.

Financial ease is apparent, but it is ease which', like the calm before the storm, may presage strain and stress later on. The accumulations in the hands of the Banks are undoubtedly due to apprehension with regard to the future, and a desire on the part of the depositors to be prepared for possible eventualities. This is clear from the fact that the increases in deposits are principally in the non-interest bearing class—i.e., the Current Accounts.

Tin’s is hot an encouraging feature because, it indicates, to some extent, commercial and industrial inactivity. Building, except in the way of Government undertakings, is largely at a standstill; and investors are disinclined to enter into commitments. Business on the Stock Exchanges of the Dominion is also very restricted.

At the same time, prices of shares in regular dividend paying financial and industrial Companies stand at a. satisfactory level ; and shares are well held, there being few sellers. At the commencement of the war a sharp decline in market values occurred, but as confidence returned recovery became rapid, and to-day there are few stocks in favourite Companies which can be purchased to yield more than 5 to (5 per cent. The export of Meat from the Dorn-

in ion, otherwise Ilian lor the British Government, is now prohibited. Early in the year the New Zealand Government, reting on behalf of the Imperial Authorities, commandeered the whole of the Meat in store and all future surplus for export. The meat is purchased on the basis ,of a fixed tarifl which gives reasonaoly remunerative prices while, at the same time, it prevents exploitation of the Imperial Government and of the British consumers by speculative buyers. It seems to me that a similar scheme, controlled by the New Zealand Government and worked probably in eo-oporation with the British Government. would be effective to put a stop to operations by the American Meat Trust in this Dominion, should any dangerously aggressive action here be attempted by the Trust after the close of the War.

Owing to the serious shortage in the wheat supply of the Dominion, importations of wheat and flour have been made from America and Austra-

lia, a large p-art representing purchases made by the Government in the public interest. The Government’s judicious action in this respect undoubtedly has had the effect of steadying the market, and preventing an advance in the price of “the staff of life” to a figure which would almost certainly have necessitated reduced consumption. The pressure upon steamer freight space from New York and San Francisco owing to this and other causes, has been so great that quite a number of sailing vessels/ have been recently chartered for the trade. LONDON MARKETS. It is interesting to note the values which have ruled in the London market for some of our principal products this season, as compared with the previous year. Take, for instance, wool, meat, butter and cheese:— WOOL. The figures for March, 1914, being mentioned first, and those for March, 1915, appearing in parenthesis. Sliped Wellington wools 13d to 15(1 (21d to 24d). Greasy Merinos 00’s 12Jd to 13Jd (lid to 12d). Greasy Crossbreds fine 50’s 12Jd to 13Jd (17d to 17*d). Greasy Crossbreds medium 44-46’s 12d to 12$d 0 7LI to I8d). Greasy Crossbreds coarse 36-40’s lid to Hid (17id to 17■}(!). These prices are for “average” quality, per lb. It will be seen, therefore, that the present condition of the market is brought about by the strong demand for wools suitable for khaki and blanket purposes. FROZEN MEAT. j Canterbury lamb, per lb. Gid to GJd (7|d to BdL - ... -- j North Island mutton, per lb, 4(1 to * 4fd' (s|d to 6|d). New ‘Zealand}Jjee£jfoi;e«, per lb. 3fd j to 4d‘(sJd to GJcl)! ‘ j New Zealand beef, hinds, per lb. 4id to Lid /Gid to G^d). BUTTER AND CHEESE. Butter 1 IBs to 120 s per cwt. (136 s to 142 s per cwt). Cheese 65s to 66s 6d per cwt. (91s to 93s per cwt). The market for all dairy produce has since improved.