DOMINION TRADE

Waihi Daily Telegraph, Volume XXXVII, Issue 9211, 23 April 1938, Page 3

DOMINION TRADE

STATISTICS FOR FEBRUARY MONTH BANK DEBITS RISE. RAILWAY TRAFFIC INCREASE. "■ ' (Special to Telegraph) WELLINGTON, this clay. The following review of business conditions in New Zealand is given by the Government Statistician in the latest issue of the 'Abstract of Statistics": — Statistical indicators of the state of business in February require careful consideration before definite conclusions can be drawn from the figures. Financial statistics are disturbed by the transfer of funds attendant on the annual payment of income-tax, while statistics indicative of the physical volume of business are affected by the shortness of the working month. After taking consideration of these factors it would appear that no material change in the economic position of the Dominion is indicated by the statistics for February. Bank debits rose sharply, as would be expected for the reason given above, while, as is normal at this time of the year, goods traffic carried by the railways increased substantially from the figures for the previous four-weekly period. The value of exports fell materially as a consequence of a sharp decrease in exports of dairy produce, exports of butter and cheese both falling by 49 per cent in quantity. This fall cannot be regarded as reflecting a greatly decreased milk-yield, but is due, mainly at least, to an abnormally heavy export of dairy produce in January- Imports also fell in value, a not unusual occurrence in February. A considerable improvement in pasture and crop conditions during February is indicated from reports received from the District Officers of the Department of Agriculture. Climatic conditions throughout the North Island are reported to have been most favourable for crops and pastures. Pastures responded well to the mild, moist conditions with a splendid growth, while supplementary feed crops were doing well. Indications in February were that a plentiful supply of winter feed was in prospect while all classes of stock were in good condition. Favourable weather prevailed in the northern portion of , the South Island, pastures being plentiful and cereal crops in good condit- ( ion. In Northern Otago, however, ( dry, hot conditions still held sway in ] February, damaging crops and drying up pastures. ] The return of unemployment issued ; by the Department of Labour shows , that on 12th February there were j 7,241 registered unemployed males, , exclusive of men on sustenance but t totally unfit for work. The corres- . ponding number on 15th January was 8,056. ,

BANKING FIGURES. The average weekly value of bank debits to individual customers' accounts with the trading banks in February was £20,942,197, an increase of £4,234,229 above the average in January. February is normally one of the peak months of the year in respect of bank debits, the figures being swelled by the transfer of funds consequent on the payment of income tax, which falls due in this month. The value of bank debits in February, though the second highest on record for a February month, was appreciably below the exceptionally high figure recorded in February, 1937, when the average value for the month was £22,015,860—£1,073,663 abovethe latest figure. The flow of banking funds in February, 1937, was swelled by the exceptionally high wool prices ruling in that month of last year resulting not only in higher returns per bale, but also in a greater clearance of sale catalogues than has been the case this year.

EXTERNAL TRADE. The value of exports (excluding specie) in February was £5,716,229, a decrease of £1,776,646 below the total in January and a decrease of £2,014,526 below the value in February of last year. Quantities of butter and cheese exported in February were very substantially lower than in January, the decrease in exports of butter being particularly heavy—from 407,529 cwt., valued at £2,502,955, in January, to 208,868 cwt. valued at £1,199,148, in February. Imports of commodities during February were valued at £4,395,699, as compared with £5,584,357 in January a decrease of £1,188,658. The February total is, however, substantially in excess of the value of imports in February of last year (£3,712,425).

RAILWAY TRANSPORT. Railway returns for the four weeks ended sth February indicate a material increase in both passenger and goods traffic as compared with the previous four-weekly period, the number of passenger journeys increasing by 34.5 per cent, and the net ton-miles run being 40. S per cent, higher than the ligure for the previous period. The financial returns for the latest period reveal an excess of working revenue over operating expenditure amounting to £76,066.

LAND TRANSFERS. Mortgage registrations during February were 1,674 in number, the amount involved being £1,159,503. Land transfer transactions also increased very considerably in February, the number of such transactions being 1,907 as compared with 1.201 in January. The amount involved was however, lower than in January, the consideration in respect of transfers being £1,316,929, as compared with £1,494,?20 in January.

BUILDING ACTIVITY. The value represented by building permits issued during the month of February was £616,811, as compare! with £659,990 in January, a decrease

of £13,179. The latest figure is £217,574, or 50.7 per cent, higher titan that for the same month of last year. There wore 43 5 permits issued for the erection of now dwellings, as compared with 437 in January and 23S in February, 1937. The above figures include particulars of new buildings and major alterations or additions commenced (in the larger towns only) by Government departments and Education Boards, although permits may not actually be issued. Figures for February, 1938, were: New dwellings, 213 (including 212 commenced by the Government Housing Construction Department); other new buildings 6; alterations, etc., 1; total value, £275,232. In addition, the Government Housing Construction Department commenced the construction of 14 new dwellings in February in districts other than those covered by the building permit statistics.