RESERVE BANK RETURN

Press, Volume XCII, Issue 27796, 22 October 1955, Page 13

RESERVE BANK RETURN

trading bank deposits INCREASE

about^ssjwSa) R^v rl i ng exchange held by the Reserve £46 440 000 P comn a - furthe r £3,351,000 to vanEes advances (not State) ad£5.75 e 0 S OO0 lO It 9 .<S rP ° SeS Wele UP figures-— llowlng are comparative weekly

POTATOES FOR AUSTRALIA

TWO FURTHER ORDERS ARRANGED (By Our Commercial Editor.) Two further orders for the export of New Zealand potatoes to Australia have been arranged this week. They are for the shipment of 50 and 100 tons, and bring the total of orders now organised to 200 tons. Early in the montK the Australian Government authorised the importation of up to 1300 tons of New Zealand potatoes. After the initial early rush North Island new potatoes are not coming forward as quickly as was expected, and this is now having the effect of temporarily, at least, stimulating the demand for old South Island potatoes. Some blight is reported to have shown up in early ukekohe crops. At this time of the year, however, there is sometimes some difficulty in supplying f.a.q. potatoes from the South Island, as farmers are busy with their spring cultivation and sowing programmes, and labour that would be used for grading is absorbed elsewhere. At its meeting this week the New Zealand Potato Board clarified its policy on the method of payment on surplus potatoes, particularly in relation to the term “graded and bagged on the farm.’’ The board decided that it would pay on the f.a.q. proportion of growers’ surplus potatoes irrespective of whether they were in bags or pits. Contract growers are to be called on to make a final declaration of stocks held at October 31. Declaration forms will shortly be sent to growers, and they have to be returned to the board before November 7. Small Seeds The small seeds market is still in a depressed state and values are hard to fathom. Indeed, rock bottom may not yet have been reached, and there are signs that some merchants may be cutting back hard on prices to clear stocks before the new harvest comes to hand. Although the sheep population is steadily increasing and more pasture will be needed to maintain them, the season has so far been so favourable that there are prospects for a very good small seeds harvest, and there is a feeling in the mind of some in the trade that a bumper harvest could mean that prices which now look low might be even relatively good in a few months’ time, hence the desirability of quitting stocks now.

Overseas trade is still slack. Buyers are taking only limited quantities and only at prices which are very competitive.

EXPLORATION IN AUSTRALIA

West Australian Petroleum Pty., Ltd., would continue its present large-scale oil exploration during 1956 in its Western Australia permit areas, said the chairman. Mr P. E. Le Fevre, after the 1956 budget had been approved by the board at a meeting in Perth. By the end of this year, he said, the company would have spent almost £10,000,000. It plans to spend about £3,000,000 next year.

LIABILITIES General reserve Bank notes Demand LiabilitiesState Banks Other \ ’ * Other currencies * Otner liabilities . 1 Oct. 5. (£000) 1,500 68,874 9,519 55,448 1,488 53 7,425 Oct. 12. (£0OU> 1,500 69,313 10,406 59,391 1,736 42 7,399 Totals 144,306 149,786 Reserve— ASSETS Gold .. . 4 Sterling 6,161 49,791 6,161 46,440 Other exchange 455 476 Subsidiary exchange .. Advances to State— 525 514 Market account 461 461 Other Other Advances— 34,298 38,429 Market orgs. .. 5,233 3,869 Other Investments 13.539 33,263 19,289 33,263 Other assets ». 580 885 Totals 144,306 149,786