RESERVE BANK RETURN

Press, Volume XCV, Issue 28178, 17 January 1957, Page 13

RESERVE BANK RETURN

£IM INCREASE IN STERLING

Sterling and other exchange held by the Reserve Bank rose £lm to a total of £31.1m in the week ended January 9. Net overseas assets of the bank, at £ 58.7 m. were more than £l4m above the figure for the end of January, 1956. The seasonal decline in the note issue continued, with a drop of £5.2m in the week, and deposits by the trading banks rose £2.9m. Borrowing from the Reserve Bank by the trading banks was unaltered. Comparative weekly returns are as follows: Liabilities

•Includes £27,786,000 invested in sterling securities. COMPANY NEWS COLONIAL SUGAR’S N.Z. REGISTER (New Zealand Press Association) AUCKLAND. January 16. The Colonial Sugar Refining Company, Ltd., has opened a New Zealand share register at its Auckland branch for the convenience of shareholders in the Dominion. Among other advantages, the opening of the new register should result in a speeding-up of transfers between New Zealand investors and a simplification of the ‘ settling of deceased estates. , Shares will be transferred from i the Sydney and Melbourne registers to the New Zealand ■ register on request by a shareholder.

N.Z. SHAREHOLDERS AND NEW B.H.P. ISSUE

(New Zealand Press Association) WELLINGTON, January 16. The Broken Hill Proprietary Company, Ltd., Melbourne, has advised that the Reserve Bank has refused to allow New Zealand shareholders in the company to remit funds through the banking system to enable them to take up rights in the new issue, which will open on January 25.

The issue, which marks the fourth increase in capital by the company in post-war years, will be made at par in a ratio of one for five, raising paid capital to £35,953.468. The Reserve Bank previously refused remittance of funds for the issue which the company made in September, 1954, while in the 1951 issue the central bank permitted investors taking up 75 shares or less to remit the total amount required. Those who had no Australian funds other than B.H.P. shares were also permitted-to remit funds. Where an investor had Australian funds, he was obliged to use these. Similar concessions applied for the 1949

National Mortgage.—A final dividend of 5 2/3 per cent, on capital as at September 30, 1956, has been declared. The dividend is payable on the September bonus issue of B shares, but excludes the cash issue made in November. The dividend is payable on February 19.—(P.A.)

BEEF DEFICIENCY PAYMENTS

The New Zealand Meat Producers’ Board announces the following schedule prices assessed by meat operators for the highest grade in each class of meat payable m the South Island for the week ending January 19. with deficiency payments: Frozen babv ox beef, up to 6401 b: 80s and 5s 2Jd; frozen baby heifer beef up to 6401 b: 75s and 5 2Jd; ox beef. G.A.Q., up to 6401 b, 70s and 5s 2Jd: ox beef, G.A.Q., 6411 b to 8001 b: 60s and 5s 2Jd; heifer beef. G.A.Q. up to 6401 b: 65s and 5s 2.’.d; heifer beer, G.A.Q., 641 to 8001 b: 55s and 5s 2Jd; cow beef, G.A.Q.: 50s and 2s Id; boner cow beef: 55s with no deficiency payment, boner bull beef: 85s with no deficiency payment.

COLOMBO TEA SALES (N.Z. Press Association—Copyright) COLOMBO, January 15. At this week's Ceylon tea sales, 5.204.0361 b were offered. Good demand prevailed, with the Middle East an active buyer. Prices were later irregular. Quotations were:— Half-grown broken orange pekoe, 320 cents per lb; good medium broken orange pekoe, 275: medium liquoring broken orange pekoe, 250; medium liquoring orange pekoe, 260: medium liquoring broken pekoe, 222; medium liquoring pekoe fanning, 280: low medium broken orange pekoe. 238: low medium pekoe fanning, 265; low medium orange pekoe. 240; low medium pekoe, 255; low medium dusts, 235.

Jan. 2. Jan. 9. £000 £000 General reserve 1.500 1,500 Bank notes 82,690 77,501 Demand Liabilities— State 11,035 11,037 Banks 63,078 65,988 Other 947 1,135 Other currencies 207 212 Other liabilities 9,272 9.299 Total 168,730 166,672 Assets Reserve— Gold 6,162 6,162 Sterling exchange 29,586 30,603 Other exchange .. 414 448 Subsidiary coin 616 615 Advances to State Market Acc. 409 409 Other purposes .. 52,088 50,000 Advances to market organisations 19.900 19,364 Other advances 5,019 5,019 Investments 53,173 *53,173 Other assets 1,363 878 Total 168,730 166,672