RESERVE BANK

Dominion, Volume 30, Issue 42, 13 November 1936, Page 12

RESERVE BANK

Sterling Exchange Higher NOTE ISSUE RISING

Proportion of reserve (No. 7 less No. 5) to notes and other demand liabilities, 78.714 per cent., compared with 78.120 per cent, on November 2. There has been a further increase of £100,515 in the note issue, bringing the total amount up to £11,665,131. Demand .liabilities to the State total £3,802,973, a decrease of £432,607. The trading banks’ reserve balances are now up to £8,554.293, a further increase of £173,489. Other demand liabilities at £321,842 •show an increase of £157,342. Other liabilities total £109,199, a small decrease of £261. Sterling exchange has increased by £143,781, doubtless due to dairy produce realisations, the total now standing at £16,360,745. Advances to the State dairy industry account are lower by £157,456, the total now being £3,592,294. Divestments at £2,287.348, show an increase of £38,406. Gold remains unchanged at £2.801,785. Subsidiary coin totals £146,003, a decrease of £10,129. Other assets total £65,261, a decrease of £16.083. The statement balances at £25,953,440, a decrease of £l5ll. FOREIGN EXCHANGE Position of Sterling By Telegraph.—Press Assn.—Copyright. jLondon, November 11. The following mean closing rates on foreign exchanges wore current to-day compared with those ruling on November 10:—

tl]ar, 8.23 31-32 since dollar devaluation on February 1. 1934. Gold nnd Silver. London, November 11. Gold. — £7/2/5J per ounce, fine. Silver.—Spot. 22 7-'l6d. an ounce; forward, 22 7-16 d. On New Zealand Currency Basis The Bank of New South IV,’lies, Wellington, quoted the following rates for their purchases and sales of foreign exchange yesterday:— New Zealand Buying Selling.

N.Z. Pound Abroad Based on the figures quoted by the Bank of New South Wales the New Zealand pound, compared with its original par value, is equivalent to approximately:— 10/1 in London. £l/0/1 in Australia. 1(1/01 in U.S.A. 16/01 in Canada. 13/fij in France. 1(5/01 in Maly. 9/5J in Germany. 11/91 in Java. £l/8/0) in Japan.

Dividends Payable

Australian Glass—pref., 41 p.c.; ord. int., 6 p.c Nov. lb Burns. Philp—int., 5 p.c Nov. 16 Abraham and Williams—ord., 3 p.c.; final pref., 5 p.c., p.a Nov. 16 Mosgiel Woollen—final, 6 p.c., Nov. 1< Bruce Woollen—ord. 3 p.c.; pref., 7 Nov. 18 Anthony Horden —ord.. 4 p.c. .. Nov. IS Mark Foy—int.. ord. and pref., 6 NO T’ 19 National Insurance—final, nd. a share N° v ’ . Dunedin Brewery, int., 2* p.c. Nov. 20 Macky. Logan. Caldwell—int.. 5 pc., p.a Nov. “ u Broken Hill Ppty.—interim 1/3 a share. Nov. 25 Westport Coal—final, 6d. a share and distribution, 5/- a share .. Nov. 2a National Bank Australasia—int.. 5} p.c.. p.a N°v. 25 Tattersfield—B p.c.. p.a Nov. Gillespie’s Beach—ld. a share ... Nov. .6 Dalgety and Cofinal. 34 p.c. .. Nov. -(> E.S. and A. Bank, final, 24 p.c. Nov. -6 Perpetual Trustees—int., 1/- a share N° v ’ ~ N. Wairarapa Bldg. Society—int., 5 p.c.. p.a Nov. 26 Wilson's Cement —int., 9(1 a share Nov. -< Henry Jones Co.-op., final, 1/6 a . share • North Broken Hill—quarterly. 4/- a share Deo- £ N.Z. Breweries —int., 4 p.c. ••••■• Dec. y Placer Development —int.. oO cents (Canadian) Dec - 10 Bulolo Gold—int., 1 dol 40 cents (Can.) k' Broken Hill South-2/6 a share Dec. 11 Bank of N.Z.—int., ord. 1/- per share- D mortgage shares, oj Kauri Timber—s per cent. ...... Dec. 12 Mount Lyell-final, 1/6 per share Dec. -1 Morris, Hedstrom—int., 24 p.c. .. Dec. 31

Australian Gold Production

Intimates of gold production ill Australia for the nine months ended September 30 indicate that total yield was 898,0000 z., or nearly 200,0000 z. more than that produced in the corresponding nerind in 1935. The value of the output for the nine months is about £7,000,000 (Australian currency). , Western Australia easily held its place at the head of the list. of gold-producing States its contribution rising from 44414'10z. to GOS.OOOoz. It has to be remembered, however, that early in 1935 a strike of miners held up production tor six weeks in that State. Queensland remained in second position, with an increase of nearly IOOOoz. to 85,4000 z. A ictoria showed a larger increase than Queensland, the gain being 11.5000 z. to 75,fi000z. . At the present rate of production Australia’s gold yield for the year 193 G will easily exceed 1 .000.0000 z. and may possibly' reach 1,200,0000 z.. which would mean a contribution of more than £10.000.000 by the gold-mining industry to the national income. The total gold yield for 1935 was 917,0000 z.. valued at nearly £8,000.000. Australia’s record gold yield was in 1903. when 3,830,0000 z. were" produced, having a value ol £10.300.000, but at that time gold was worth only £4/5/- an ounce, compared with about £S/15/- to-day.

Profits of Aspro, Limited

Accounts of Aspro Ltd., the English company, from May, 1935, to _ June 30, 1936, show a profit of £276,256. After the allocation of £65,374 to the taxation reserve, £50,000 to the general reserve, £9040 to writing off preliminary expenses and £23,503 to reduce goodwill and. trade marks, the amount remaining was £128,339. Ordinary dividend was 25 per cent. (£95,937), and the 54 per cent, preference dividend absorbed £21,819, a total of £117,756.

— The weekly statement of assets and liabilities o£ the Deserve Bank o xew Zealand as at the close of business on Monday, November 0, i« ae follows: — LIABILITIES. £ S d. 1 (tenoral reserve fund 1,500,000 0 0 2 Bank rioter 10 0 3. Demand liabilities — 3,802,973 S,554,292 6 19 (a) State 11 Ic) Other 321,842 10 11 4. Time deposits . • ■ • 5. Liabilities in currencies other than X.Z. currency ... — 11 6. Other liabilities' ... 109,199 6 £2 5,953,439 IS 9 ASSET’S. 7. Reserve — 2.801,788 (a) Gold 10 0 (b) Sterling exchange 1(5,300, 7 0 (c) Gold exchange — S. Subsidiary coin . .. 9. Discounts — MT ,003 4 6 (a) Commercial and agricultural bills (h) Treasury and local body bills .... — 10. Advances— (a) To the State or State undertakings (1) Dairy ind us try account ..... 3.592,293 13 7 (2) For other purposes 700,000 0 0 (b) To other publie authori11. Investments .... 2,287,34S 9 5 12. Bank buildings .. — 13. Other iassets 05,260 14 <-» £25,953,439 IS 9

<ov. 11. Nov. 10. Par. N. York, dol. to 4.881-10 1.87 13-16 il.SOG Montreal, dol. to .£ 4.83 3-8 4.86 7-8 4.866 Paris, fr. to £ 105 11-16 105 5-32 124.21 Brussels, bel. to £ 28.845 28.835 48.611 Geneva, fr. to £ 21.23 21.21} Anist’dam. fl. to V 9.06} 9.065 12.107 Berlin, inks, to I • 12.135 12.12 20.43 St’holin. knr. Io £ 19.395 19.395 18.159 C’hagcn. knr. to 22.40 22.40 18.159 Oslo, knr. to £ 19.90 19.90 18.159 Vienna, schgs. to 26.50 26.50 * 34.585 Prague, knr. to 137.875 137.75 164.25 Hel’fors, inks. Io i ■ 226.75 226.75 193.23 Madrid, pes. to £ —. — °°5 Lisbon, esc. to -C* 110 3-16 110 3-16 it o’ Milan, lire to £ 92 23-32 92.625 92 Athens, drach. to £ ♦545 *550 375 Bucharest, lei to *667 *670 818.00 Belgrade, din. to £ 214 214 270.31 Rio de J., p. to mil. tU t4f 5.899 15. -Aires, p. to peso — — 47.62 M. A’ideo, p. to peso *39 7-8 *39 7-8 51 Calcutta, p. to rup. IS 1-8 18 1-8 IS Shanghai, p. io dol. 14 37-64 11 37-64 — H.-Kong, p. to dol. 15 15 3-64 Y'haina, p. to yen 14 1-32 14 1-32 34.582 Batavia, fl. to £ 9.035 9.045 12.107 official. ♦Sellers.

on T.T. 124 124/10/£N.Z. to £ stg. 100 O.D. 123/10/ - 124/3/9 Australia T.T. — — £A to £N.Z. 100 O.D. 101 100/10/Fiji T.T. — — £ F to £ N.Z. 100 O.D. 90/7/0 89 New York T.T. 3.94} 3.91 Dol. to £N.Z. .. O.D. 3.96} 3.914 Montreal T.T. 3.94} 3.914} Dol. to £N.Z. . O.D. 3.MJ 3.111} Austria T.T. — 20.4S Seligs, to £N.Z. O.D. — 20.50 Belgium T.T. — 23.037 Bel. to £N.Z. . O.D. — 23.048 Czechoslovakia T.T. - 109.S6 C'rs. to ,£N.Z. . O.D. — 109.91 Denmark T.T. IS. 203 17.893 Nr. to £N.Z. . O.D. 18.203 1 7.903 FrancA T/r. — .84.25 Frs. to £N.Z. . O.D. — S4.29 Germany T/r. — 9.077 Mks. to £N.Z. . O.D. — 9.682 Holland T.T. — 7 *’.”>7 FIs. to £ N.Z. . O.D. — 7.241 Italy T.T. — 74.26 Lire to £N.Z. . O.D. — 14 :»i Java T.T. — 7.198 FIs. to £N.Z. . O.D. — 7.202 Norway T.T. 16.181 15.891 Kr. to £N.Z. . O.D. 10.241 15.901 Sweden T.T. 15.785 15.490 Kr. to £N.Z. . O.D. 15.845 15.500 Switzerland .... T.T. — 16.964 Frs. to £ N.Z. . O.D. — 1(5.909 Noumea T.T. — 82.88 Frs. to £N.Z. . O.D. — 82.94 Papeete T.T. — 83.03 Frs. to £N.Z. . O.D. — 83.09 Hong-Kong .... T.T. 18 1312 IS 29-32 N.Z. <1. to 1 Dol. O.D. 18} 18 57-04 India and Ceylon T.T. 22} 22 21-32 N.Z. (1. to 1 Kup. O.D. 22 11-32 22 41-04 Japan T.T. — 17 1.7-32 N.Z. d. to 1 "Von O.D. — 17 33-64 Shanghai T.T. 17 13-10 18 5-10 N.Z. <1. to .1 Dol. O.D. 17 2512 18 19-64 Singapore T.T. 34 2312 35 13-61 N.Z. <1. to 1 Dol. O.D. 34’ 35 3-16 Chefoo T.T. 17 53-04 18 29-64 N.Z. d. to 1 Dol. O.D. 17 2512 IS 7-16 The Associated Banks (othei than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis. They ire subject to alteration without notice. U.S.A. Dol. Canadian Dol. Selling (Pei £.1 N.Z.) (Per £1 N.Z.) r r.T. 3.911 3.901 O.D. 3.91} 3.91 Buying O.D. 3.96 3.95}