OVERSEAS ASSETS RECOVER

Press, Volume XCIII, Issue 27912, 8 March 1956, Page 19

OVERSEAS ASSETS RECOVER

SHARPER SEASONAL RISE THIS YEAR Net overseas assets of the New Zealand banking system, though still lower than a year ago, have built up more rapidly since the end of December than they did last year. The total of assets held overseas by the Reserve Bank and the trading banks, less debts owing overseas, stood at £73.9 million on February 15 —£7.8 million lower than the mid-February figure for 1955. Since the end of December net overseas assets have increased £9.1 million, compared with an increase of £4.25 million in the same period last year. Trading banks advances and discounts, which normally rise sharply between mid-February and midMarch, increased £2 million in the week ended February 8. At £173.8 million they stood £1.9 million higher than a year previously. COLOMBO TEA SALES (N.Z. Press Association—Copyright) COLOMBO, March 6. At this week’s Ceylon tea sales. 4,429,906 lb were offered. Demand was strong and active with prices generally better. The United Kingdom was active, but South Africa was quieter. Prices were;— High-grown broken orange pekoe, 355 cents per lb; Good medium broken orange pekoe, 275; medium liquoring broken orange pekoe, 238; medium liquoring orange pekoe, 275; medium liquoring pekoe fanning, 280; low medium broken orange pekoe, 220; low medium fanning, 275; low medium orange pekoe, 270; low medium pekoe, 230; low medium dusts, 240.