ECONOMIC TREND

Waikato Times, Volume 125, Issue 20996, 26 December 1939, Page 6

ECONOMIC TREND

BANKING AND COMMERCE ELEVEN MONTHS’ FIGURES FLUCTUATION OF EXPORTS Statistics indicative of internal economic conditions show, in general, a continuation of the trends that have been in evidence for some time, states the Monthly Abstract of Statistics. Deposits with the trading banks have continued to increase, the average amount on current account for November being £1,085,844 above the October average, and £6,562,443 (21.7 per cent) above the figure for November of last year. Fixed deposits have also recorded a further increase and are now £1,842,574 above the June level, which was the lowest recorded since June, 1930. Bank advances registered a further fall, and, compared with the position twelve months ago, a decline of 9.5 per cent is recorded. The value of bank debits rose slightly while the active bank-note circulation recorded a small decrease from the record high level established in the previous month. Contrary to the usual experience, exports during November were considerably less than ist October. Normally the new seaMrft produce commences to move in earnest in November, but no doubt the regularity of shipment has been considerably affected by the war, and fluctuations in this regard may be expected. Despite the decrease in exports, a continuation of the decline in imports resulted in an export excess for the month amounting to £347,820, compared with an excess of imports of £397,366 in November, 1938. Effects of Climate The severe winter and the drought conditions which prevailed in the late summer and autumn months appear to be reflected in the current season’s lambing in the South Island. The average rate of lambing is estimated to be 86.29 per cent, compared with 90.10 per cent in 1938. The North Island estimate, however, has risen from 80.11 per cent in 1938 to 84.40 per cent, giving a Dominion average rate of 85.26 per cent, compared with 84.64 per cent in the previous season. With 19,960,299 breeding ewes in the Dominion as shown in the sheep returns, the number of lambs this season is estimated at 17,017,595.* The previous season’s estimate was 16,645,165, and the actual number tailed 16,948,979.

The value of merchandise exports during the month of November was £3,229,171, a decrease of £677,909 below the total for October, and of £1,156,874 below the November, 1938, figure. The item responsible for the decrease in both instances was butter, unusually heavy shipments of that commodity having taken place during the two months last mentioned. In November, 1938, 366,537 cwt., valued at £2,298,692, and in October, 1939, 286,710 cwt., valued at £1,989,180, were exported, while the quantity in November, 1939, was 154,321 cwt. only, the declared value being £1.050,043. Items showing substantial increases in value compared with October were frozen mutton (£293,570), cheese (£141,397), and frozen pork (£77,677). Decreased Imports Commodity imports during November were valued at £2,881,351, compared with £3,330,269 in October, 1939, and £4,783,411 in November, 1938. The result of the month’s external trading in commodities was an excess of exports amounting to £347,820, compared with an export excess of £576,811 in October, and an excess of imports amounted to £397,366 in November, 1938. For the expired eleven months of the calendar year exports were valued at £54,571,498, compared with £54,648,012 in that period of 1938. Imports during the eleven months of 1939 totalled £46,335,216, the comparative figure for the corresponding period of 1938 being £50,657,095. The excess of exports for the eleven months of 1939 amounted to £8,236,282, against £3,990.917 and £10,744,038 for similar period of 1938 and 137 respectively.