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War Economy



Export Receipts, 1939 to 1946: £661 million: For the same period, exports, f.o.b., were valued at £613 million. There is seldom a very close correspondence between the recorded value of goods leaving New Zealand and the sum received in payment for exports. A time lag is to be expected between export and payment; prices for exports have to be estimated at the time of shipment. However, the difference of £48 million over eight years is large.

Reverse Lend-Lease supplies were not recorded as exports but, on the other hand, they would not give rise to an inflow of export receipts. Reverse Lend-Lease supplies were valued at £81 million, of which perhaps £40 to £50 million9 were sent out of New Zealand to the United States Forces serving in the Pacific.

Lump Sum Payments: £30 million: In addition to the 1944, 1945, and 1946 payments shown in the table, a further £5 million was page 388 received in 1947. These payments were an acknowledgment of the fact that the New Zealand Government's stabilisation scheme had held down costs to New Zealand farmers and enabled them to supply the United Kingdom with food at prices which were out of line with the faster upward movement in other prices overseas, including the prices New Zealand had to pay for her imports.

Lump sum payments were set aside by the New Zealand Government to meet debt repayments and did not become part of farm incomes.1

Other Receipts: £150 million: Included here is a total of £29 million received on account of American authorities and personnel. This records the transfer of funds to provide for the pay and maintenance of American personnel in New Zealand. It does not include supplies and services provided by New Zealand under Reverse Lend-Lease and valued at £81 million. Apart from expenditure by servicemen, the American authorities made certain purchases in New Zealand which were not covered by the reciprocal agreement.

Total Receipts of Overseas Exchange: £841 million: This figure excludes the value of Reverse Lend-Lease supplies totalling £81 million, but includes between £60 and £100 million of special wartime receipts which would cease in the post-war period.

9 This is a rough estimate only. It is known that 65 per cent by weight of the food supplied was sent out of New Zealand. The food supplied under Reverse Lend-Lease was valued at £41 million. Prefabricated huts and other buildings and a variety of stores also went to forces in the Pacific.

1 See also pp. 326 and pp. 382.