H.— 44.

The deposits for the past quarter, totalling £61,272,541, consisted of free or non-interest bearing deposits amounting to £24,430,988 and fixed or interest-bearing deposits to the extent of £36,841,553. These figures compare with £22,874,327 and £40,861,569 for free and fixed deposits respectively for the quarter ended 30th June, 1934. For the past quarter the former class of deposits consequently showed an increase of £1,556,661 and the latter a decrease of £4,020,016. The relative movements of the two classes of deposits for the June quarter in each of the past ten years are shown in the table which follows : —

Deposits shown in the foregoing tables do not include Government deposits, which for the quarter ended 30th June, 1935, amounted to £552,614. Advances for the past quarter, which, as previously mentioned, totalled £43,859,245, comprised ordinary advances aggregating £43,368,165 and notes and bills discounted amounting to £491,080. In comparison with these figures, ordinary advances for the corresponding quarter in 1934 totalled £39,429,093 and notes and bills discounted £1,915,036. The ordinary advances therefore showed a substantial increase of £3,939,072, and notes and bills discounted a decrease of £1,423,956. GENERAL TRADE REVIEW. In accordance with previous practice, a brief review is made of the statistics of the overseas trade of New Zealand for the past calendar year. For the year ended 31st December, 1934, the value of exports from the Dominion was £49,626,747, as compared with £41,301,951 for the previous year, an increase of £8,324,796. Imports for 1934 aggregated £26,961,266, an increase of £5,509,884 as compared with the figures for 1933, in which year the imports were assessed at £21,451,382. The foregoing figures are inclusive of specie, exports of which during 1934 amounted to £2,283,900, as compared with £296,032 for 1933. Specie imports during these two years were £1,242,000 and £424,704 respectively. Since New Zealand currency fell to a discount on sterling at the beginning of 1930, exports of merchandise have been expressed in terms of New Zealand currency, imports of merchandise from Australia in terms of Australian currency, and from other countries in terms of sterling. Specie exports and imports are, of course, recorded at their face value. In a comparison of one year's trade with another, it is preferable to omit exports and imports of specie, as the inclusion of those figures would tend to obscure the true trade position and movement. Specie is accordingly omitted from the following table covering the past ten years, though it is as well to point out that exports of uncoined gold, which in the case of New Zealand ranks as an ordinary export commodity, are included. The figures of total trade and of balance of trade for the past five years are shown in terms of New Zealand currency.

External Trade ( excluding Specie).

2

Quarter ended 30th June, Free Deposits. Fixed Deposits. Total. . - - j £ £ £ 1926 27,594,496 20,674,853 48,269,349 1927 .. .. 24,741,262 21,749,104 46,490,366 1928 25,357,145 27,589,988 52,947,133 1929 .. .. •• 26,810,881 30,241,013 57,051,894 1930 23,225,864 30,522,174 53,748,038 1931 .. .. .. 18,124,162 33,045,225 51,169,387 1932 .. .. •• 16,815,882 35,400,900 52,216,782 1933 .. .. .. 18,866,445 36,867,558 55,734,003 1934 .. .. 22,874,327 40,861,569 63,735,896 1935 24,430,988 36,841,553 61,272,541

I . Excess of Year ended Fxnorts Imnorts Total External . 31st December, Exports. Imports. Trade _ Exports. ! Imports. j £ £ £ £ £ 1925 .. 55,243,047 52,425,757 107,668,804 2,817,290 1926 .. 45,268,924 49,811,763 95,080,687 .. 4,542,839 1927 .. 48,496,354 44,782,666 93,279,020 3,713,688 1928 .. .. 55,570,381 44,844,102 100,414,483 10,726,279 1929 .. 54,930,063 48,734,472 103,664,535 6,195,591 1930 .. 44,940,517 42,662,827 89,281,000* 601,000* 1931 .. 34,950,698 24,756,803 61,449,000* 8,453,000* 1932 .. 35,609,919 22,989,796 60,256,000* 10,964,000* 1933 .. 41,005,919 21,026,678 66,587,000* 15,425,000* 1934 .. .. 47,342,847 25,719,266 78,624,000* 16,062,000* * In terms of New Zealand currency.