RESERVE BANK RETURN

Press, Volume XCVII, Issue 28491, 22 January 1958, Page 15

RESERVE BANK RETURN

Further Sale Of Investments The sale of a further £3.9m of overseas investments in the week ended January 15 by the Reserve Bank is indicated in the bank's latest return. At that date the bank's holdings of overseas investments totalled £ 18.9 m. In December the bank sold £4Sm worth of bonds in Leaden. ’ exchange held by the bank last week showed a drop of £o.2m, in spite of the sale of the investmehts. The gold reserve is steady at £6£m. This figure represents the value of the gold at cost; recent estimates place the current market of this reserve at about double its book value. The return of holiday notes continued, the note issue falling £2.Bm to £77£m last weelc Trading banks’ deposits rose £l.4m. Main items from the latest week's return, with the previous week's figures, are as follows:*— Liabilities Jan. 15. Jan. 8.

£000 £000 Bank notes 77,159 82,000 Demand Liabilities— State 9,541 10,752 Marketing Trading banks &6 58,297 735 56,911 Other 1,330 732 Assets Reserves— Gold 6,162 6,162 Sterling exchange 10,567 10,742 Other exchange .. 564 572 Investments— Overseas .. 18,917 22,781 In New Zealand .. 27,388 27,388 Advances— State 58,630 57,512 Marketing orgns. 34,120 34,939 Other —— Other assets 811 862