COMMERCIAL NEWS

Ashburton Guardian, Volume 59, Issue 15, 28 October 1938, Page 7

COMMERCIAL NEWS

THE RESERVE BANK. THE WEEKLY STATEMENT. (Per Press Association.) WELLINGTON, October 27. A Gazette issued' to-night contains the following statement of the assets and liabilities of the Reserve Bank of New Zealand as at the close of business on October 24: LIABILITIES-- £ s. d. General reserve ... 1,500,000 0 0 ( Bank notes 14,.349,89.1 10 0 Demand Liabilities: State 2,878,486 7 .3 Banks 5,-361,290 5 5 Other .316,2.38 10 9 Time deposits Liabilities in currencies other than New Zealand currency 17,039 10 4 Other liabilities .... 207,618 8 9 Total .: 24,690,666 12 6 ,ASSETS—- £ s. d Reserves: ' Gold 2,901,791 0 0 Sterling exchange 8,313,575 5 7 Gold exchange ... Subsidiary coin .... 222,309 10 / Discounts— Commercial and agricultural bills —. Treasury and local body bills .... Advances— To State or State undertakings: Primary Products Marketing Dept. 3,859,205 i 10 .For other purposes " To other public authorities Other Investments 2,732,064 1 6 6 Bank buildings ... . Other assets 311,720 12 0 Total 24,690,666 12 6 Proportion of reserve to notes and other demand liabilities 48.451 per cent. grain and produce. THE CHRISTCHURCH MARKET. (Per Press Association.) CHRISTCHURCH, This Day. The most satisfactory feature'’of the past week has been the substantial round increaso in trading in grain and produce. There has been a more active demand! from the North Island for Algerian and Garten oats, while there has also been some inquiry for good quality Dun oats. Sales of white clover, ryegrass and cocksfoot have represented an improvement on totals for the preceding weeks. Following are quotations to farmers on trucks at country stations, Backs extra unless otherwise stated:— Milling Wheat—'October delivery: Tuscan 5s Hunters 6s Id; Pearl 6s 3d (all f.0.b.). Fowl Wheat—F.o.b., 5s lOd. Oats—Gartens, to 2s’ 9d (A grade), 2s 6d to 3s 3d (lower grade); Algerians, 2s 6d to 3s 3d; Duns, 3s to 3s 6d (according to quality). Ryegrass—Perennial, 3s 9d to 4s 6a.; Italian, 2s 9d to 3s 3d. Cocksfoot—7d to 9u. Cowgrass—7d to 9d. / White Clover—lOd to Is. Chaff—£3 10s to £4 (according to quality). Partridge Peas—No. 1 quality, 6s; f.a.q., 5s to 5s 6d; under-grade, 3s 6cL Flour—£l3 15s Gd, in 2001 b sacks. , Bran—£4 15s to £6 5s (local price). Pollard—£6 5s to £6 10s (local price). Potatoes —£2 to £2 ss.

THE SYDNEY MARKET. , SYDNEY, October 27. Business is restricted in the wheat market, with an easier tone, but there is no selling pressure. New season’s grain is coming forward and a heavy yield in all parts of the State is assured. Silo grain is quoted at 2s 9&d and bagged at 3s 2d. Other quotations are:—Flour, £8 ; bran and pollard, £5 10s ; potatoes, Tasmanian £l7, others £ls 1 Os; onions, brown £l4, white £lO ; maize, yellow 4s 9d, white 4s 7d. SYDNEY WOOL SALES. GREASY MERINO MAKES 19Jd. SYDNEY, October 27. Under strong competition from the Continent and Yorkshire, the wool sales ' closed at the best point of the week for good to super wools, which showed a distinct hardening tendency. The demand for inferior sorts wa' irregular. Greasy merino made 19$d, the highest price for the season. The offerings totalled 11,723 bales of which 11,050 wore sold at auctior and 1210 privately. SOUTH BRITISH INSURANCE. AUCKLAND. October 27. “As you will gather from tlie fur ther rise of more than £160,000 in pro mium income, business has been fairlj active during the year; and althougl we had to sustain some hard knock; in dfferont parts of the world, w< emerged with a reasonably good sur

plus in tho underwriting account, said Mr R. W. Wilson (chairman ol directors), at the annual meeting of shareholders in the South British Insurance Company. Expenses, said Mr Wilson, were £316,339, higher by nearly £23,000 than in the previous l year. The sum of £BO,OOO, half of the increased income from premiums, had been added to reserve for risks not. yet expired, leaving £102,163 surplus in tho underwriting accffimt. The directors recommended payment of a final dividend of Bid a share, making a total of Is 5d for tho year, slightly better than last year, and also recommended a 5 per cent, staff bonus on the year’s salaries.

The retiring directors, Messrs P. H. Upton and S. Austin Carr, were reelected.

THE SHARE MARKET. The following sales were made on the Christchurch Stock Exchange yesterday LISTED STOCKS. Sales on ’Change. £ s. d. 100 Com. Bank of Aust. 0 16* 8 25 E., S., and A. Band 5 8 0 150 National Bank of N.Z. (3) 210 6 150 Australian Glass (cum div.) (3) 419 6 200 British Tobacco (2) 2 8 3 250 Broken Hill Propt.v. 2 17 10 2 17 9 2 17 10 50 G*. J. Coles ... 4 0 0 100 Wilson’s Cement ... 016 6 100 Woohvorths (South Africa) ... 014 10 Sales Reported. £4OO N.Z. Govt. 4 p.e. ins., 1949 (2) 99 15 0 25 B'ank of Australasia 10 6_ 0 50 E., S., and A. Bank 5 7 0 100 Bank of Now Zealand 2 1 3 200 National Insurance . 016 0 100 Goldsbrough, Mort . 18 7 125 N.Z. Drug Co. ... 3 7 0 150 Woohvorths (Sydney, ord.) _... 1 011 100 Mount Lyell ... 110 2