B—l6
EXCHANGE CONTROL The following table gives a classification of foreign exchange transactions for the years ended 31st March 1942, 1943, 1944.. and 1945 Summary on 1 Transactions (£(N.Z.)000)
The total figures for the year ended 31st March, 1945, disclose a favourable balance of receipts over payments of £(N.Z.)37-559 millions. Notwithstanding that receipts on account of American Authorities and personnel decreased substantially as compared with the previous year, the total receipts from all sources was £(N.Z.)27-033 millions greater than in the previous year, and this was due in a large measure to the receipt of the following amounts from the United Kingdom Government: — (a) £4 millions sterling, representing dairy produce price adjustment for the production period Ist April, 1943, to 31st July, 1944 (included in receipts from " Exports "). (b) £12 millions sterling and £4 millions sterling, representing adjustments of the disparity between import and export prices (included in receipts by the High Commissioner in London). The administration of Exchange Control Regulations covering overseas trade, funds, and securities has operated smoothly throughout the year.
TRADING BANKS The position of the trading banks, as shown by the main items in their monthly returns, has been as follows:— Assets (£(N.Z.)000)
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_ ended 31st March, Year ended 81st March, Keccipts. Payment*. j 1942. 1943. 1944. 1945. 1942. 1943. 1944. 1945. In respect of— £ £ £ £ In respect of— £ £ £ £ Exports.. .. .. 72,774 80,885 74,118 85,287 Imports, excluding payments 39,623 33,103 28,152f 30,87 Interest, dividends, legacies, 4,231 4,33!) 4,901 5,801 in respect of Government immigrants' funds, repat- imports and in respect of riated capital, and private goods imported prior to debts due in New Zealand introduction of licensing Trade dobts duo in New 2,897 3,687 3,210 4,205 system Zealand, including over- Interest, dividends, legacies, 3,782 3,643 3,778 4,74 seas earnings of New emigrants' funds, repatriZealand firms ated capital, and private Commissions, royalties, and 166 252 250 295 debts due overseas insurance Trade debts due overseas, 2,294 3,445 2,372 1,43' Donations and allowances .. 431 290 350 424 including earnings in New Travellers' expenses .. 208 493 194 272 Zealand of overseas firms Receipts on account of .. 5,057 10,440 5,818 and payments in respect American Authorities and of goods imported prior personnel to introduction of licensBeceipts by High Commis- .. 599 4,081 28,559* ing system sioner in London Government debt and other 34,501 46,981 51,470f 48,06; Unclassified .. .. 504 395 294 156 services, including payments in respect of imports Local-body-debt services .. 1,800 2,013 1,414 1,531 Commissions, royalties, and 549 922 846 71! insurance Donations and allowances.. 606 565 787 67f Film • hire and entertain- 226 794 619 50£ ments Travellers' expenses .. 198 72 113 19.1 American Authorities and .. 1,832 6,318 4,402 personnel Unclassified .. .. .. .. 403 1611 81,271 95,997 103,844 130,877 83,579 93,370 96,272 | 93,317 * Including sums not yet remitted to New Zealand. t Revised.
Deposits at Reserve Total Cash t. t , r, Advances Last Monday in Month. Reserve Bank in New e . ve y~ ° ve ramen Bank. Notes. Zealand. Assets. Securities. Diseounts _ 1944 Marcli .. .. .. 29,890 5,060 35,683 11,584- 36,142 46,896 April.. .. .. .. 31,329 5,134 37,191 12,664 36,142 46,142 May 37,051 5,125 42,894 11,253 36,143 45,368 June .. .. .. 36,735 4,906 42,334 10,705 36,140 45,458 July .. .. .. 36,123 4,805 41,607 11,773 , 36,137 45,513 August .. .. .. 37,853 5,326 43,861 12,237 36,140 45,171 September .. .. .. 33,899 5,094 39,675 12,74-3 36,140 46,974 October .. .. .. 25,336 5,201 31,213 13,334 36,140 50,729 November .. .. .. 26,938 5,368 33,062 12,622 36,140 51,239 December .. .. .. 30,053 4,935 35,560 13,698 36,139 50,427 1945 January .. .. .. 33,321 6,173 40,256 14,428 36,139 49,963 February .. .. .. 36,349 6,007 43,135 15,292 36,139 50,095 Marcli .. .. .. 32,459 5,968 39,172 15,623 29,025 55,148