B—l6

EXCHANGE CONTROL TRANSACTIONS Receipts from exports during the past financial year totalled £143-9 millions, an increase of approximately £9-6 millions over receipts from this source during the previous year. Payments in respect of imports for the year ended the 31st March, 1949, totalled £lO9-0 millions, compared with £124-8 millions for the previous year. The following table sets out in detail the Dominion's external receipts and payments for the past two years :

Exchange control Transactions* (£000)

* In this table foreign currencies have been converted into New Zealand currency at the rate of exchange ruling at the time of each transaction —viz., on the basis of £(N.Z.)125 = £(stg.)loo up to and including 19th August, 1948, and thereafter on the basis of parity with sterling. f For the year ended March, 1948, on the receipts side, only a total figure (£17,894,000) for interest and dividends, legacies, private debts and other capital receipts is available and is included in " Total receipts." On the payments side, only a total figure (£4,590,000) of private debts and other capital payments is available and is included in " Total payments." t Excluding remittances for imports under departmental certificates, but including remittances for general purposes, a portion of which is used in payment for Government imports.

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Year Ended 31st March, 1948. 1949. Current items — Receipts Exports 134,274 143,896 Other trade transactions 8,507 8,187 Commissions, royalties, and insurance 813 828 Donations and allowances 816 1,080 Travellers' expenses 844 787 Interest and dividends t 1,015 Legacies t 1,345 Private debts due in New Zealand t 782 Receipts by High Commissioner in London 8,529 577 f 158,497 Capital items — Realization of overseas balances 1,082 441 Other capital receipts t 10,944 Total .. 172,760f 169,882 Current items — Payments Imports 124,775 109,025 Other trade transactions 4,497 5,593 Commissions, royalties, and insurance 984 1.441 Donations and allowances 1,531 1,225 Travellers' expenses 2,390 2,645 Interest and dividends 7,607 6,377 Legacies 1,507 1,588 Private debts due overseas t 3,534 Government payments % (excluding imports and debt services) 24,000 22,077 Film hire and entertainments 566 627 t ~ 154,132"" Capital items — Debt Repayment — Government 14,509 3,242 Local body 84 1,485 Other capital payments f 12,914 Total .. 187,039f 171,773