RESERVE BANK

Dominion, Volume 28, Issue 121, 15 February 1935, Page 14

RESERVE BANK

Assets and Liabilities STATE DEPOSITS HIGHER The 28th weekly statement of assets and liabilities of the Reserve Bank of New Zealand as at the close of business on Monday, February 11, is as follows: —

Proportion of reserve (No. 8 less No. 6) to notes and other demand liabilities, 97.36 per cent., compared'with 97,43 per cent, on February 4. Another large increase of £718,556 16/10 brings Government deposits up to £9,281,260/17/1. Trading banks’ deposits show a decrease of £639,555/10/7, and now stand at £6,794,633/11/2. Other demand liabilities have increased by £362 5/5 to £6140/13/7. Other liabilities, at £49,402/0/5, show a decrease of £692 10/6. The note issue has further contracted, and at £9,422,307/10/-,_shows a decrease on the week of £80,065. On the assets side gold is still unchanged at £3,001,731. Sterling exchange at £21.831.211/6/7 show’s. a reduction of £17.270/5/-. Subsidiary coin at £189,178/19/5 .shows a very slight increase. Investments now total £2,006,710/9/11, an increase of £15.009 12/5. Other assets have risen by £716, the present amount being £24,912/16/4. The statement balances at £27,053,744 12/3, a decrease of £1393/18/10. LONDON LAMB PRICES Reasons For Decline By Telegraph.—Press Assn.— Copyright. London, February 13. Although ascribable partly to the overabundance of supply of all meats from English and foreign Sources, the fall in the prices for Australian and New Zealand lamb is attributed in some quarters to the policy of certain American and international companies of selling at low prices. Australian and New Zealand prices for lamb are at present below the prices paid for them to the growers. Fears are expressed that the attractive prices to growers will lead to concentration of the marketing organisation in the hands of a few international concerns, and afterward the producers would lack any independent competitive outlet for their stock. The consequence would be a reduction in the prices returned to growers in accordance with a cheap trade. Those interested in the Australian marketing now advocate a board similar to that of New Zealand, empowered to ensure supplies of independent operators ; also an officer to be stationed in London and empowered to prevent cornering of the market. The international companies at present hold 90 per cent, of the Australian lambs in Great Britain.

The following wholesale average prices were reported by the New Zealand Meat Board as ruling on the Smithfield market

LIABILITIES. s. d. £ 1. Paid-up capital .... 500,000 O 0 2. General Reserve Fund 1,000,000 0 0 3. Bank-notes 0,422,307 10 0 4. Demand liabilities — (a) Stale 0,281,260 17 1 (b) Banks 6,704,633 11 2 (e) Other 6,140 13 7 5. Time deposits .... — 6. Liabilities in currencies other than N.Z. currensy — 7. Other liabilities ... 40,402 0 5 £27,053,74-1 12 3 ASSETS. £ e. d. 8. Reserve — (a) Gold 3,001,731 0 0 (b) Sterling exchange 21,831,211 6 7 (c) Gold exchange —— 9. Subsidiary coin . ISO,178 19 5 10. Discounts — (a) Commercial & agricultural bills —— (b) Treasury and local-body bills —— 11. Advances— (a) To the State or State undertakmgs — (b) To other publie authorities —- (c) Other — 12. Investments 2,006,710 9 11 13. Bank buildings .. —— 16 14. Other assets .... 24,912 4 £27,053,744 12 3

on flie following dates;— Feb. 8 Jan. 4 1035. 1035. (Pence per lb.) New Zealand new season’s, selected North Island brands — 361b. and under 37-421b 7 7-8 81-8 7 3-8 71 Second quality, avge. noth Other North Island brands— First quality, 361b. and 37-421b 81-8 71 Second quality, avge. 6 7-8 321b 61 Australian, Victorian, first quality— 361b. and under .... 7 61 37-49]b 71-8 61 Argentine— 361b. and under .... 61 6i 37-421b Y 61