RESERVE BANK RETURN

Press, Volume LXXXIII, Issue 25329, 31 October 1947, Page 8

RESERVE BANK RETURN

(P.A.) WELLINGTON, October 30. The Reserve Bank return for the week ended October 22 shows that the progressive drop in sorting funds over the last few months has been arrested, the gain over the week being £887,771. Details are as follows, the figures for the previous week being given in parenthesis:— , , Liabilities.—General reserve fund. £1,500,000 (same); bank notes. £47,691,125 (£47,607,133); demand liabilities: State. £7,917.793 (£7,884.774); banks. £55,895.575 (£51,629.141); other, £627,579 (£313,821); liabilities in currencies other than New Zealand currency, £94,154 other liabilities, £3,319,756 (£3.294.900). Total.: £( N.Z.) 117,045,981 (£112,266,420). Assets: Gold. £2,801,878 (same); sterling exchange in New Zealand currency £74,315,200 (£73,427.429); subsidiary coin £36,290 (£41,401); advances to State marketing organisation, £2,827,923 (nil); for other purposes, £32.298.320 (£31.225.616). investments, £3,868,693 (same); other assets £898.277 (£895,112). Total, £ (N.Z.) 117,045,981 (£112,260,410). Proportion of reserve to notes and other demand liabilities, 68.889 per cent. (70.925 per cent.). GROCERY NOTES DESSERT FRUITS PRICED The famine in dollar currency is adding to importers’ difficulties. Advices have been received that Turkey has now prohibited all exports for sterling, and orders placed recently for nuts and other lines have been cancelled. There is no news of figs, but it is thought these would have been shipped before export restrictions were enforced. Latest reports from Norway are that this season's catch ef sild is so far a very poor one and some shippers are not inclined to quote. They do/ however, indicate that prices will be much higher on previous quotations. Wrapping Paper.—Christchurch merchants have received advice of an advance of approximately £l4 a ton on brown wrapping paper and cap papers of New Zealand manufacture. Supplies are still short and the limited shipments of Canadian Kraft paper coming forward are not nearly sufficient to cover the deficiency. Indian Peanut Kernels.—Advice has recently been received that there is every possibility of an allocatiori of 250 tons of peanut kernels being made to New Zealand. The quality being offered is prime machine-shelled export quality and certified weights No import licences are available but as this commodity has been tn very short supply and urgently needed by merchants and manufacturers, representation has been made for the issue of licences. Owing to extra heavy demand for this type of nuts for vegetable oil, prices show an increase on previous landings. Pepper.—Cabled quotations from Singapore indicate still higher prices for both white and black pepper. It is Considered that the Government export control in India will shortly be removed and higher prices for Indian black pepper are anticipated.

Cream of Tartar.—A very considerable reduction in the price of English cream of tartar has been indicated by a well-known English manufacturer, but while higher priced stocks are held, buyers are not inclined to advantage of the offer at a lower figure. Price Approvals.—The recent arrivals in the Dominion of dessert fruits should soon be available for distribution, although the Christchurch quota has yet to come to hand. Retail selling prices approved for town and country areas are:— Australian Peaches.—3ooz tins: First grade, town, 2s 5Jd; country, 2s 7d; 16oz tins, Is 7d and Is 8d; seconds. 30oz, 2s 5d and 2s 6Jd. Apricots.—3ooz tins: Firsts, 2s 6jd and 2s 8d; 16oz tins. Is 7Jd and Is Bjd; seconds. 30oz. 2s 5Jd and 2s 7d. Pears.—3ooz tins: firsts, 2s 7Jd and 2s 9d; 16oz tins. Is 8d and Is 9d; seconds. 30oz tins, 2s 7d and 2s Bjd. Two Fruits.—3ooz tins, 2s 7d and 2s 81d; 16oz tins. Is 7d and Is Bd. South African . Dessert.—Plums: 30oz tins, 3s 2d and 3s 3Jd; 340 z jars, 4s lid and _ss Ojd. Apricots; 30oz tins, 3s 3Jd and 3s sd; ?4oz jars. 6s 2Jd and 6s 4d. Approve/ prices for other lines are also announce/..—Processed cheese, Boz packets Is OJd afid Is Id; 12oz tins. Is lid and Is 11-Jd. Australian salted peanuts. 3oz packets, Vd a packet. Norwegian, Brisling, 4s, la lOd and Is 10id. COMPANY NEWS D.I.C. Accounts.—Summarising the financial position of the D.I.C. at the annua] meeting of the company, the chairman of directors, Mr J. M. Paterson, said that its indebtedness, excluding capital, was £330,900. Against this there were liquid assets of £769.639, which showed an improvement of £44.738 on last year Disbursements, excluding tax provision and directors’ fees, amounted to £324,297 an increase of £54.027. Of the gross profit earned, expenses absorbed 60.37 per cent., taxation provision 30 per cent., and the net profit 9.4 per cent.—(P.S.S.) M ® rrl » Hedstrom, Ltd.—An interim dividend of 5 per cent, is payable on ordinary shares on December 31 (ex December 18). _ r > i ' B. J. Ball, Ltd.’s Accounts.—First accounts issued by B. J. Ball, Ltd., Australia, paper merchants, since becoming a public company during the -year, disclose net profit of £ 10,670 for the year ended June 30 last. The result, struck after providing £9775 for taxation, compares with £9843 (tax provision £3386) for the previous year. Ordinary dividend of 12J per cent. (15 per cent, for 1945-46) is again p A id .J rorn taxation reserve and absorb* £6047 on larger capital. New preference dividend of 5 per cent, requires £775 from the profit. Sales increased over the previous year’s record figures, the directors report. MINING Rimii Gold Dredging Company, Ltd. The return for the clean-up period from October 14 to October 28, 1947. was 35310 z from 98,162 yards in 228 hours. 4