RESERVE BANK RETURN

Press, Volume XCIII, Issue 27990, 9 June 1956, Page 14

RESERVE BANK RETURN

FURTHER GAIN IN STERLING Sterling and other exchange held by the Reserve Bank rose £l.7m to £49m in the week ended May 20. This is the highest figure for overseas exchange recorded since the first week in October last year. Overseas investments and cash held by the bank now total £76 Bm. which is £s.Bm above the figure for the end of May last year, and only £4.lm below the highest figure reached last year—on August 3. Trading bank deposits rose £l.lm during the week, but their borrowings £l.4m. Other movements included reductions in non-marketing deposits by and advances to the State, and in advances to market organisations. • Comparative weekly returns are as follows:—>

•Includes £27,786.000 invested in sterling securities Wellington Alluvials.—ln the week ended June 1, the dredge operated 139 hours, handling 70.000 cubic yards, and recovered bullion estimated to contain 2270 z of fine gold. Working costs for the week are estimated at 14.69 d a cubic yard.— (P.A.) Bradford Wool Tops.—Latest quotations are:—Merino: 70’s, average 128 d per lb; 64’s. average, 120 d; 60's, super. 11 Id. "Crossbreds: 56’s, av. carded, 87d; 50’s, av. carded, 82s; 46’s, av. carded/ 80d.—N.Z. P.A., London. .Tune 7.

Liabilities General reserve May 23 ,£000 ’ 1.500 May 30 £000 1.500 Bank notes 69,432 68,755 Demand Liabilities— State 11,989 10,409 Banks 62,366 63,510 Other 1,918 1,811 Other currencies 57 174 Other liabilities 9,451 9,467 Total .. 156,714 155,626 Assets — — Reserve— Gold. 6,162 6,162 Sterling exchange 46,744 48,526 Other exchange 549 424 Subsidiary coin 597 597 Advances to State— Market account 431 431 Other purposes 29,734 27,685 Advan r es to market ganisations or23,222 21,100 Other advances 10,309 11,724 Investments 38,174 *38,174 Other assets 793 804 Other assets .. 696 793 J, ■ Total .. 156,714 155,626