8.—16.

This year the Reserve Bank is enabled, by the courtesy and with the assistance of the trading banks, to make available the following quarterly analysis of their aggregate advances : —

Review of Trade, Prices, and Business. (a) External Trade. —The movement in the balance of merchandise trade with all countries, after allowing for freight and other charges, is indicated by the following table, which is based on figures published by the Government Statistician. The totals of exports and imports are shown for the twelve months to the end of each month during the year, with the corresponding surplus of exports : —

6

Figures at end of Month. 1937. March, 1938. March. June. September. December. (000 omitted.) 1. Farmers — £ £ £ £ £ (a) Mainly dairy .. .. 4,703 5,101 5,317 5,192 4,980 (b) Mainly wool .. .. 5,418 5,368 5,984 6,459 6,058 (c) Mainly meat.. .. .. 1,948 1,925 2,104 2,238 2,188 (d) Mainly agricultural .. .. 316 322 327 385 378 (e) Mixed .. .. .. 4,141 4,058 4,418 4,672 4,499 2. Industries allied to primary production— (a) Dairy companies, factories, &c. 1,251 1,279 1,068 1,135 1,732 (b) Freezing-works, meat companies, 922 852 315 757 1,735 &c. (c) Woollen-mills .. .. 622 386 534 483 825 (d) Other .. .. .. 1,347 1,652 1,497 1,385 1,924 3. Other manufacturing and productive 3,886 3,856 4,065 4,090 4,642 industries 4. Merchants and wholesalers — (a) Mainly importers .. .. 3,311 3,084 3,895 4,026 4,190 (b) Other .. .. .. 1,353 1,303 1,274 1,271 1,059 5. Retailers .. .. .. .. 3,301 3,505 3,855 4,083 4,080 6. Transport .. .. .. 561 582 614 638 709 7. Local bodies, municipal authorities, 498 845 845 1,303 719 public utility concerns, &c. 8. Stock and station agents .. .. 642 688 1,118 1,929 1,350 9. Hotels, restaurants, &c. .. .. 931 860 1,071 1,217 1,189 10. Financial companies, societies, &c. .. 1,585 1,685 1,847 2,179 2,150 11. Professional .. .. .. 1,364 1,450 1,407 1,387 1,497 12. Private individuals .. .. 4,862 5,156 5,236 5,391 5,551 13. Miscellaneous .. .. .. 3,191 3,218 3,154 3,202 3,609 Totals .. .. .. 46,153 47,175 49,947 53,422 55,064

Year ended Exports. Imports. Surplus of Exports. (Expressed in New Zealand currency.) (000 omitted.) 1937. £ £ £ March .. .. .. .. .. 60,234 47,621 12,613 April .. .. .. .. .. 62,500 48,404 14,095 May .. .. .. .. .. 63,349 49,599 13,750 June .. .. .. .. .. 64,621 50,076 14,545 July .. .. .. .. .. 64,765 51,390 13,376 August.. .. .. .. .. 66,073 53,401 12,673 September .. .. .. .. 65,994 54,356 11,638 October .. .. .. .. 66,330 54,983 11,347 November .. .. .. .. 66,618 55,847 10,771 December .. .. .. .. 66,713 56,161 10,553 1938. January .. .. .. .. 67,166 57,080 10,087 February .. .. .. .. 65,152 57,763 7,389 March .. .. .. .. .. 65,008 58,065 6,943