RESERVE BANK

Press, Volume LXX, Issue 21323, 16 November 1934, Page 13

RESERVE BANK

WEEKLY STATEMENT ASSETS AND LIABILITIES tTBKSS ASSOCIATION TBLIQBAM.) WELLINGTON, November 15. A Gazette issued to-night contains a statement of the assets and liabilities of the Reserve Bank of New Zealand, as at the close of business on Monday, November" 12:— LIABILITIES £ s. d. (1) Paid-up capital .. 500,000 0 0 (2) General Reserve Fund .. .. 1,000,000 0 0 (3) Bank notes .. 9,052,974 0 0 1.4) Demand liabilities—(a) State .. 5.934,356 0 10 (b) Banks .. 11,769,701 17 6 (c) Other .. 3,488 16 6 (5) Time deposits .. (6) Liabilities in currencies other than New Zealand currency .. (7) Other liabilities 41,053 17 5 Total .. .. 28,301,574 12 3 ASSETS £ s. d. (8) Resei've—(a) Gold .. 3,001,727 0 0 (b) Sterling exchange .. 23,624,177 17 2 fc) Gold exchange (9) Subsidiary coin .. 100,244 2 3 (10) Discounts—(a) Commercial & agricultural bills .. (b) Treasury and local body bills .. _ (11) Advances—(a) To State or State undertakings .. (b) To other public authorities (c) Other (12) Investments .. 1,542,654 1 9 (13) Bank buildings (14) Other assets .. 32,771 11 1 Total .. .. 28,301,574 12 3 Proportion of reserve (No. C less No. 6) to notes and other demand liabilities 99.49 per cent. BRITISH POST OFFICE RESULTS FROM NEWSPAPER ADVERTISING In a recent public address, Sir Kingsley Wood, the British PostmasterGeneral, said:— "Much of our recent record increase of business at the Post Office has been due to extensive and consistent advertising. It has certainly well paid the Post Office.

■ "In connexion with the new telephone drive we are about to make in this country—made possible by the recent substantial rental reductions—we shall again fully utilise the valuable medium of newspaper advertising. In my judgment it is one of the most effective and economical means of informing thousands of potential telephone subscribers of the new and valuable facilities which the Post Office is now able to offer." Sir Kingsley Wood said that it was some two and a half years ago when the Post Oflice first utilised the newspapers, and' the lirst thing they found was that,the public did read the advertisements and assimilate their contents. . . Post Office advertising was launched then under depressing economic conditions, which taught them the lesson that advertising was as necessary and as valuable in bad times as in good. When other countries had suffered very heavy losses in telephone stations, Great Britain not only maintained its number of telephone subscribers, but increased them. For the 12 months ended March, 1934, the net increase in telephone stations was 87,906, and the figures for the month of April last recorded 795 new stations, an increase of 2275 over the same month of 1933. Last year Post Office advertising was extended to include the air mail services, and it had been a great contributing factor to a record increase of some 49 oer cent, in air mail traffic during the first four months of 1934 as compared with the corresponding period last year. Speaking on advertising generally, the Postmaster-General said that the recent economic depression from which he believed the country was now emerging had proved the power, value, and stability of advertising. Firms who sold their goods by advertising were bigger to-day than in pre-war days. It was essential to good advertising that goods should be made to suit the public demand, that] they should be the products of skilful, organisation and, sound finance. It was on repeat orders that advertising returned its profits, and there were noj repeat orders on bad goods. Advertising could certainly help to spread throughout the world a strong consciousness of British industrial supremacy, of British inventiveness, craftsmanship, thoroughness, and finish.

AUSTRALIAN PRODUCE SYDNEY MARKET (Received November 15, 10.40 p.m.) SYDNEY, November 15. The wheat market is weak. Quotations on country sidings for both bagged and bulk are 2s lid, equal to 2s (id to 2s 7d, ex trucks in Sydney. Flour —£7 15s. Bran—£s. Pollard—£s ss. Potatoes—Tasmanian to £l4, local new to £l4; Victorian £9. Onions—Brown Spanish, £lO. Maize—Yellow and white, 3s 3d. ADELAIDE MARKETS (Received November 15, 11.20 p.m.) ADELAIDE, November 15. Wheat—Growers' lots, 2s 7d. Flour—Bakers' lots, £7 17s 6d. Bran—£s. Pollard—£s 2s 6d. Oats—Algerian, 2s. Barley—2s 9d.

CLEARfNG SALE

Messrs C. K. Jones, Ltd., report having lield a Bala of furniture and effects on account or Mr Vance,, on the promises, 176 liletsoo avenue, S'preydon, yesterday. Ihere was a "00.l attendance of tlio public. Tlie following prices were realised:—CWh and two chairs £l7, two lilt bedsteads i 7 oak tallbov £i) 1"'«. wardrobe £., ss, tlinms " lo y «...l f«ur chairs IS Os fi.l carpet £B 15s couch iTi 15s. typewriter .i'-i IDs, buffet f-.'Vs fid halUand .!'L\ runner .'Jii iris, cliinn .•i.liin.d t'2 10s. wire cnuch i'l 10s. occasional labl« .VI 2.-. lid, ton HiicfKon ISs, rut" ~J !*■■< (id, lawn mower 12, hose £l. —8