B—l6

Over-counter Issues 1. On 14th December, 1946, the over-counter issue of 3 per cent stock maturing 15th July, 1961-63, which had been open since 3rd January, 1946, was closed. Receipts totalled £(N.Z.)18,319,590. 2. On the 23rd January, 1947, the Bank issued a prospectus inviting applications for 3 per cent, stock at par maturing 15th July, 1962-64, on which interest was to be payable from the date of the taking up of the stock. Results to the 31st March, 1947, were as follows : Applications .. .. .. .. 670 Amount issued .. .. .. .. £(N.Z.)2,436,725

EXCHANGE CONTROL The following table gives a classification of overseas exchange transactions for the years ended 31st March, 1944 to 1947, iuclusive :

Summary of Transactions (£(N.Z.)000)

6

Year ended 31st March, 1944. 1945. 1946. 1947. Receipts In respect of — Exports 74,118 85,287 108,521 , 112,911 Interest, dividends, legacies, immigrants' funds, re4,901 5,861 8,129 14,459 patriated capital, and private debts due in New Zealand Trade debts due in New Zealand, including overseas 3,216 4,205 5,388 5,478 earnings of New Zealand firms Commissions, royalties, and insurance 250 295 441 546 Donations and allowances 350 424 669 481 Travellers'expenses 194 272 713 623 Receipts on account of American authorities and personnel 16,440 5,818 1,724 3,593 Receipts by High Commissioner in London 4,081 28,559 16,212 10,278 Unclassified 294 156 103,844 130,877 141,797 148,369 Year ended 31st March, 1944. 1945. 1946. 1947. Payments In respect of— Imports, excluding payments in respect of Government 28,152 30,873 36,139 69,668 imports Interest, dividends, legacies, emigrants' funds, repatriated 3,778 4,741 5,745 7,952 capital, and private debts due overseas Trade debts due overseas, including earnings in New 2,372 1,437 1,881 2,538 Zealand of overseas firms Government debt and other services, including payments 51,470 48,063 87,344 44,389 in respect of imports Local-body debt services 1,414 1,539 1,140 1,381 Commissions, royalties, and insurance 846 719 627 659 Donations and allowances 787 675 1,141 1,350 Film hire and entertainments 619 508 544 579 Travellers' expenses 113 191 496 1,735 American authorities and personnel 6,318 4,402 1,014 30 Unclassified 403 169 96,272 93,317 136,071 130,281