RESERVE BANK

Dominion, Volume 29, Issue 150, 20 March 1936, Page 14

RESERVE BANK

Increase in Sterling Exchange NOTE ISSUE HIGHER The weekly statement of assets and liabilities of the Reserve Bank of New Zealand as at the close of business on Monday. March 16, is as follows:—

Proportion of reserve (No. 8 less No. 6) to notes and other demand liabilities, 98.673 per cent., compared with 98.597 per cent, on March 9. The bank continues to build up its holding of sterling exchange, an addition of £202,727 bringing the total' up to £24,866,526, making a total increase during the last four weeks of £2,387,000. The gold holding still remains unchanged at £2,801,733. Subsidiary coin at £195,765 shows a decrease on the week of £1426. Investments now total £1,791,981, an increase of £7638. Other assets are lower by £12,365, the item now standing at £28,450. The bank’s note issue shows an increase this week of £47,894, bringing the total up to £9,907,771. Government deposits now stand' at £8,756.627, an increase of £247,977. Trading banks’ deposits total £9,31Q,660. a decrease of £94,151. Other demand liabilities stand at £65,074, a decrease of £17,752. Other liabilities have increased by £12,605, and now total £144,323. The statement balances at £29,684,4u6, an increase of £196,574. LONDON WOOL SALES N.Z. Crossbreds Sell Well Dy Telegraph—Press Assn. —Copyright. London, March 18. Offerings at the _wool_ sales were 9343 bales, including 6751 New Zealand, and 8493 bales were soldThe offering was a fairly good selection, consisting mainly of New Zealand crossbreds, which readily cleared at firm rates. Competition was keen, the Home trade again being chief buyers. New Zealand scoured merino, “Punawai,” made 27d. per lb. "Aviemore” sold 26jd. highest, 25Jd. average; greasy halfbred, “Bingley,” made 18d. highest, 16Jd. average. Wright, Stephenson and Co., Ltd., and Abraham and Williams, Ltd., received cable advice from their London house regarding the London wool sales as follows: —Sales continue before an average attendance of buyers. The market is a little firmer. Competition is animated, and Continental and Bradford buyers are the chief operators. We quote the following average realisations: — Greasy merino, 60/64, yielding 48 per cent., 13Jd. Greasy fine halfbred, 56/58, yielding 62 per cent., 15d. Greasy halfbred, 50/56, yielding 68 per cent., 11-Jd. Greasy three-quarterbred, 48/uO, yielding 74 per cent., 9d. Greasy fine crossbred, 46/48, yielding 75 per cent.,' BJd. Greasy medium crossbred, 44/46, yielding 75 per cent., Sijd. Greasy crossbred, 40/44, yielding 76 per cent., 8-}<l. Greasy coarse crossbred, 36/40, yielding 76 per cent., B}d._ Crossbred lambs, 46/50, yielding 74 per cent., 114 d. Base Metals Market By Telegraph.—Press Assn.—Copyright(Received March 19, 10.10 p.m.) Loiidon, March 18. The official London (middle) quotations for Wednesday, as reported by the Australian Mines and Metals Association, compared with those previously cabled as

The Money Market By Telegraph.—Press Assn.-Copyright London, March IS. Discount and short loan interest rates are:—Day to day loans, 3-8 per cent.; fine trade" bills, three months, 2 to 2} per cent.; bank bills, three months, 9-16 per cent.; bank bills, six months, 5-8 per cent.; Treasury bills, two months, i per cent.: Treasury bills, three months, ■J per cent.

LIABILITIES. L (1. 1. Paid-up capital ... 500,000 0 0 2. General reserve fund 1,000.000 0 0 3. Bank notes 9,907,771 10 0 4. Demand liabilities— (a) State 8,756,62619 6 (b) Banks 9,310,65916 8 (c) Other 65,074 6 8 5. Time deposits - 6. Liabilities in currencies other than 7. Other liabilities - . - 144,323 7 3 £29,684,456 0 1 ASSETS. 8. Reserve — £ s. d. (a) Gold 2,801,733 0 0 (b) Sterling exchange 24,866,52612 9 (c) Gold exchange .. 9. Subsidiary coin . .. 195,765 6 9 10. Discounts— (a) Commercial and agricutural bills .. —-— ■ (b) Treasury and local body bills ■ • —---— 11. Advances — (a) To the State or State undertakings ————• (b) To other public authorities - - 12. Investments 1,791,981 2 11 13. Bank buildings .... —————» 14. Other assets ._ 28,449 17 8 £29,684,456 0 1

follow:-— Mar. 17. Per ton. Mar. 18. Per ton Copper— £ S. d. £ s. d. Standard, spot. ... 35 19 4J jo O 7i Ditto, forward ... 38 8 10 J 38 8 1J Electrolytic ■10 2 8 10 2 8 to 10 10 0 40 10 0 Wire bars 40 10 0 •10 10 0 Lead— Spot 18 IS 9 18 18 9 Forward 17 1 3 17 1 3 Spelter— Spot 15 18 II 15 18 9 Forward lb — b TinSpot 215 15 0 2 to 15 0 Forward 205 7 8 205 17 e Silver— Standard, per oz. 19 5-8 19 5-8 Fine 21 3-18 213-16