8.—16

EXCHANGE CONTROL The following table gives a classification of foreign exchange transactions for the years ended 31st March, 1942, 1943, and 1944 :—

Summary of Transactions

* Previously included in " Unclassified." The most notable feature in this table is the increase in receipts on account of American Authorities and personnel. This has arisen as a result of the presence in New Zealand of American servicemen. The procedure for licensing of overseas trade has not been amended during the year, though bulkbuying o,f goods by the Government has increased. The administration of the Finance Emergency Regulations 1940 (No. 2) has continued to operate smoothly. TRADING BANKS The position of the trading banks, as shown by the main items in their monthly returns, has been as follows :—

Assets

4

(£(N.Z.)000) _ Year «"ded 3lBt March, Year ended 31st March, fl*ceipts ' "" Payments. 1942. 1943. 1944. 1942. 1943. 1944. In respeot of— In respect of— Exports .. .. .. 72,774 80,885 74,118 Imports, excluding payments 39,023 33,103 30,837 Interest, dividends, legacies, 4,231 4,330 4,901 in respect of Government immigrants' funds, repatri- imports and in respect of ated capital, and private goods imported prior to debts due in New Zealand introduction of licensing Trade debts due in New Zea- 2,897 3,(587 3,216 system land, including overseas earn- Interest, dividends, legacies, 3,782 3,643 3,778 ings of New Zealand firms emigrants' funds, repatriCommissions, royalties, and 160 252 250 ated capital, and private insurance debts due overseas Donations and allowances .. 431 290 350 Trade debts due overseas, 2,294 3,445 2,372 Travellers' expenses .. 268 493 194 including earnings in New Receipts on account of Ameri- .. 5,057 16,440 Zealand of overseas firms can Authorities and personnel and payments in respeot of Becoipts by High Commissioner .. 599* 4,081* goods imported prior to in London introduction of licensing Unclassified .. . . 504 395 294 system 1 Government debt and other 34,501 46,981 48,787 services, including payments in respect of imports Local-body-debt services .. 1,800 2,013 1,414 Commissions, royalties, and 549 922 840 Insurance Donations and allowances .. 606 565 787 Film hire and entertainments 226 794 619 I Travellers' expenses .. 198 72 113 American Authorities and per- .. 1,832 6,318 sonnel Unclassified . . .. .. .. 403 81,271 05,997 103,844 83,579~ ~93,370 96,272~

(£(N.Z.)000) _ _ Deposits at ; Reserve Total Cash , T , n „ , Advances Last Monday in Month. Reserve ! Bank in New Net Ove*- Government ■ Bank. Notes. Zealand. seafl Assets. Secunt.es. DJ8COunta 1943 March .. .. .. 19,682 4,172 24,446 14,852 36,166 44,931 April .. .. .. 26,168 3,901 30,536 13,644 36,159 42,625 May 32,762 4,398 37,700 11,937 36,158 11,692 June .. .. .. 30,111 4,837 35,458 10,502 36,158 42,022 •My .. .. .. 25,303 4,973 30,942 8,805 36,236 42,119 August .'. .. .. 27,871 4,556 33,166 8,651 36,142 42,157 September .. .. .. 30,522 4,562 35,834 9,254 36,142 42,141 October .. .. .. 29,214 4,397 34,287 9,525 36,143 44,042 November .. .. .. 28,313 5,685 34,738 9,612 36,143 45,415 December .. .. .. 33,337 4,361 38,250 9,236 36,142 44,741 1944 January .. .. .. 37,925 5,338 44,027 9,713 36,142 44,496 February 39,053 5,691 45,503 10,930 36,142 43,256 March 29,890 5,060 35,683 11,584 36,142 46,896