RESERVE BANK

Dominion, Volume 33, Issue 146, 15 March 1940, Page 12

RESERVE BANK

Big Rise In Sterling Exchange STATE ADVANCES LOWER Increase In Note Issue An increase of more than £1,823,099 in*l he sterling exchange fuiidw of the Reserve Bank of New Zealand has brought the total up to £11,844,357, the highest level touched since Septeimber, 1938. Dairy advances at £3,359,505 are lower by £BGS,3OO, and advances to the State for other punposes at £20.21)0,000, show a further decrease of XSSOJJUO. 'Hie note issue has increased to £17.990.-’7-1. Due to income tax payments. Staje deposits this week have risen to £10.2.j0,95— . .1 he trading banks’ balances are down to £ll,044.547. , ■ i The statement of liabilities and assets of the Deserve Bank as al the close of business on Monday. March 11. is as follows :— LIABILLTIK’S.

in N.Z. currency. Proportion of reserve (No. 7 loss No. 5) to notes and other demand .linbilit.ies, 37.111 per cent., compared with 32.377 per cent, on March 4. The reserve on Monday totalled £14,933,444, compared wth £12,809,950, an increase of £1,823,494. A. year ago the bank’s reserve was £7,370,349, and on March .14, .1938, it amounted to £19,-123,928. Sterling exchange on Monday totalled £11,844,357,. compared with £10,020,871 on March 4, an increase of £1,823,480. Liabilities in currencies other than New Zealand currency on Monday were £12,752 (a decrease of £8), thus making the bank's net overseas assets £11,831,00-1, compared with £10,008,110 on March 4, an increase of £1,823,494. .A year ago the bank's net oversells assets were £4,574,558 and on March 14, 1938, they totalled £10,622,137. Gold remains unchanged at £2,801,839. Subsidiary coin amounts Io £191,859, a decrease of £1595, Advances to the State Marketing Department on Monday totalled £3,359,505, compared with £4,224,872 ou March 4, a decrease of £898,367. Advances to the Slate for other purposes show a further decrease of £850.000, the total on Monday being £20,260,000, as against £21,110,000 on March 4. Investments at £3,166.01S show a decrease of £198.982. Other assets total £105,883, a decrease of £32,223. The note issue on Monday totalled £17,996.274, an increase of £41,782.' The latest; figure is £3,197,008 in excess of the £14.799,299 shown a year ago.

Demand liabilities to the State total £10.250.952, a major increase of £3,685,765 retlei-ling payments •of income tax. The trading banks’ reserve balances at £11.041.547, show a further large decrease of £3,823.780. Other demand liabilities at £142.658 show a decrease of £36,861. Other liabilities amount to £842,278, an increase of £5422. The statement balances at £41,786,402, a decrease of £127,980. Fruit And Vegetables Market Gardeners. Ltd., of Wellington, report prices of fruit and vegetables at their on Thursday as follows,: — Fruit: Tomatoes, 2/- to 3/-j grapes, lOd. to 1/2 per lb.; passion fruit, S/- to 9/3.: peaches. 5/- to 9/9: nectarines, 11/to i.l/0 per half-case; quinces. 5/9 to 7/9 per b.ushel. Veg.etables : Turnips, 3/- to 6/-; celery. 9/- to 12/-; beetroot, 3/-; carrots, 3/- to 4/-. all per dozen bunches; water melons, 6/- to 12/- per doz.; cabbage, 2/- to'4/9; parsnips. 5/- to (>,/-; carrots, 3/- to 5/-; leeks. 6/3: swedes, 3/- to 4/3; beetroot, 1/- to 4/-; cucumbers', 2/to 3/-; lettuce, 3/_- to 11/9; celery, 3/to 5/-; marrows. 2/- to 3/-; spinach, 6/to 13/-; beans, It)/- to 21/6, all per ease; pumpkins, -1/- to 7/-; cabbage, 5/to 6/9; peas,. 12/- to 24/3; swedes, 4/-; potatoes, 4/6 to 9/6, all per saek. Wellington Poultry Market Prices of live poultry in thp Wellington market are quoted by Townsend and Paul. Ltd., as follows:— Fowls —White Leghorns: Hens. 2/- to 2/9 each: cockerels. !)d. to 1/- a 11). : pullets. best. 4/- to (>/- each : others. 3/- to 4/-. Black Orpingtons: Hens, heavy, 3/- to 5/- each ; medium, 2/- to 3/-; cock-, erels. heavy. 9d. to 1/- a lb.; medium, 9<l. to 1/-. Rhode Island Reds: Cockerels. heavy. 9d. to 1/- a lb. Ducks —Indian Runner: Young. 3/- to 5/6 each ; old, 2/-to 4/-. White: Young, 3/- to G/-: heavy. 3/- to 6/-. Geese: 3/- to 6/6 each. Turkeys: 1/- to 1/2 a lb. Australian Produce Markets (By Telegraph.—Press Assn.—Copyright.) (Received March 1-1, 9.40 p.m.) SYDNEY. March IL The wheal nrarket is quiet, but inquiries have been ' received from the Mediterranean for export Hour. Silo grain is quoted at 3/114 a bushel, and bagged at 4/1 J. Flour, £l2/10/- a ton; bran and pollard. £5/10/-; potatoes, Tasmanian, £ll ; onions, Victorian, £7; maize, yellow. 5/- a biis'hel. white 4/9.

£ s. d. J. General Kes. Fund 1.500,000 0 0 2. Bank notes ■■■■ 7,1)06.274 10 0 3. Demand liabilities —• (a) State 10,250,1)52 0 O 1 Obi Banks . ... 11,041,540 111 8 (e) Other 142,657 46 u 4. Time deposits .... — 5. Liabilities in cirrrencicts other than N.Z. currency 12,751 18 2 6. Other liabilities .. S42.27S 11 8 £(X.Z.)4d ,786,461 16 3 ASSETS 7. Reserve— 2, SOI, 839 (a) Gold 0 0 *(b) Sterling exchange 11.844,357 — 0 (ci Gold exchange • 8. Subsidiary coin ... 161,858 15 10 I). Discounts — (a) Commercial and agricultural bills . . (b) Treasury and local 'body bills • ■ 10. Advances— (a) To the State oi State undertakings: (1) Marketing Dep irt- _ 9 (2) For other pur 20,260,000 poses 0 0 (b) To other public authorities (e) Other 11. Investments .... 3,166,018 6 u 12. Bank buildings . ._ 13. Other assets 11)5,883 < £(.X.Z. 4.1,786,461 16 o