Overseas Exchange Transactions

Many unusual overseas exchange transactions took place during the war, and it is most unfortunate that information on these transactions is inadequate. Several published statements are available, but the grouping of items is much too broad, while some items are not treated consistently throughout the war and there is no proper distinction between current and capital items.

Surviving records are not good enough to permit any full analysis to be made of the items year by year. The best that can be done is to take one of the unsatisfactory published statements as a framework and to discuss the content of the items in it.

The table on p. 386 is adapted from a table published in the first of New Zealand's regular Economic Surveys.⁸

The items in the table are now discussed briefly.