N.Z. TRADE.

Star (Christchurch), Volume LXVI, Issue 20454, 6 November 1934, Page 9

N.Z. TRADE.

Abstract of Statistics Review. SEPTEMBER FIGURES. W ith two noteworthy exceptions unemployment and building permits issued—statistics illustrating the state of business indicate a slackening in business activity since August, but an improved position as compared with September of last year, states the Abstract of Statistics in reviewing the September figures. The volume of bank debits to individual customers’ accounts usually a reliable indicator of financial activity—shows a drop of 7.3 per cent since August, and an increase ° 7 P er cent over the September, 19ou, figure. The value of external trade shows a sharp fall, both exports and imports being considerably lower than in August—when unusually high off-season totals were recorded. A slight excess of imports over ex- , ports of merchandise is recorded for the third month in succession, the cumulative excess of imports during the past three months being £251,000 measured in New Zealand currency.

Features of interest in the banking statistics for the month are an increase in the ratio of advances to deposits, and an increase in the value of deposits on current account—the latter a most unusual occurrence at this period of the year. Although banking, trade, financial, and railway transport statistics show, generally speaking, reduced totals as compared with August, the value of building permits shows a rise of as much as 70 per cent. In particular, permits for dwellinghouses have risen irom 149 valued at £107,673 in August to 247, valued at £182,910, in September. This increase may be attributed to the stimulus to building activity resulting from the building subsidy scheme of the Unemployment Board. Statistics of unemployment compare very favourably with the corresponding figures for 1933. the number a charge on the Unemployment Fund on September 20, 1934, totalling 61,489, as compared with 75,134 a year ago—a decrease of 18.2 per cent. On September 1, 1934, 63,012 men were a charge on the fund, so that a decrease of 1523 in number or 2.4 per cent is shown as between the beginning and the end of that month.

The index number of market prices of ordinary shares (on the base: average of the year 1926 equal 1000) rose from 952 at the end of August to 985 at the end of September. This index number which reached its lowest point in April, 1932, when the figure was 666 —representing a decrease of 33.4 per cent from the 1926 leVel of share prices, has since risen steadily, The improved profit earnings of many industrial undertakings in the last year has reflected itself in this index: but. undoubtedly, a major cause contributing to the increase in the market prices of ordinary shares has been the drop in interest rates on fixed securities. The yield on Government stock and bonds, for example, has fallen steadily since the conversion in April, 1933, the 4 per cent converted stocks yielding on the average. £3 13s 4d per cent at the market quotations ruling at the end of last month. External Trade. September is normally one of the lowest months of the year in respect of the value of exports, and, consequently, it is not surprising to find a sharp fall in the total for last month from the abnormally high (for August) figure recorded a month previously. The September total (£2,447,032) is still, however, considerably higher than that for September of 1931 and 1932, and is slightly ahead of the 1933 figure. The value of imports shows a substantial drop from the relatively high total recorded in August, but is slightly higher than the 1933 total. An excess of imports over exports is recorded for the third month in succession, amounting for September to £96,000 in New Zealand currency or £69,000 in sterling. During the twelve months ending with September, 1934, the value of exports exceeded that of imports by £20.400,000 in New Zealand currency or £16,300,000 in sterling. Exports of butter increased from 124,097 cwt in August to 205,544 cwt in September, while cheese exported totalled 131,942 cwt in the former month and 81,763 cwt in the latter.

STARR-BOWKETT. Society’s Annual Meeting Held. At the annual meeting: of the Pacific Starr-Bowkett Society in Dunedin, Mr J. B. Shack lock was In the chair. The annual report stated, inter alia: Whilst a general Improvement has been shown in regard to the manner in which members have met their obligations. some have required relief, and where the board considered it necessary have not hesitated to afford the relief desired. During the year 636 new shares have been allotted, and after allowing for the lapses the number active is 10,500. The total value of loans current is £99,151, and after deducting repayments standing to members’ credit, £24.334. the amount at date of balance is £7 4.51 7. During the year the appropriations have amounted to £19,000, but some, of the members entitled to loans have been slow in applying. Tn this connection there are indications that the decrease in value of real estate has been checked, and a better tone now exists in the property market, which should encourage members to avail themselves of the loans to which they are entitled. Premiums, although showing wider variation in price than formerly, have averaged about the same as in 1933—namely. £3S per cent for the repayment period of 15 years five months. The work of the district agencies has been satisfactory, and an increasing proportion of the society’s income is received through them. The directors wish to record their thanks to the agents and the staff for the work performed. Chairman’s Remarks. Moving the adoption of the annual report and balance-sheet, the chairman said that the annual meeting was the ] twenty-third for No. 2 group, the fifteenth for No. 3 group, the thirteenth for No. 4 group, the tenth for No. 5 group, the seventh for No. 6 group, the sixth for No. 7 group, and the fourth for No. S group. A total of £19,090 was disposed of by appropriation in the various groups. A pleasing feature of the year's work was the fact that 636 new shares had been allotted. Of this number 43 were in No. 7 group and 596 in the No. 8 group. With regard to premium loans, a smaller amount than usual had been advanced during the year, but a number of applications were now before the board and the premiums would be taken into ihe accounts during the present financial year. Tn the meantime attention might be drawn to the fact tliat there was a balance to the credit of the profit and loss accounts totalling £12,000. During the year the total amount of subscriptions received by the society was £1 1.207, and the repayments of loans £5697.

The total value of the current loans, { said the speaker, was just short of 1 £IOO,OOO, and the repayments standing ]

to the credit of members amount to £24 334. whilst the members who iv» r » mortgaged to the society numbered 160. There were now some 10,500 share* current in the various groups of the society, and the year just concluded showed a distinct improvement on the preceding year in all branches of the work. They still had some member* who were embarrassed as a result of lack of employment, and these were being generously dealt with and encouraged to do’the beet that present circumstances would permit. The society’s securities were in good order, and in accepting new securities, whilst avoiding anything like severity with the applicant, the directors and the I valuer had given full consideration to the readjustment of value* which had ' had to be made.

The motion was carried unanimously. Messrs J. B. Shaoklock and William Wright were re-elected director*. A ballot for the twenty-seventh appropriation in group 7 wa* drawn bv cluster No. 14. held by a Mosgiei shareholder.

Appropriations of £IOOO each sr*r# disposed of in groups 6 and 8 at satisfactory prices.