RESERVE BANK

Dominion, Volume 34, Issue 120, 14 February 1941, Page 3

RESERVE BANK

Sterling Funds Higher The sterling exchange Hinds of the Reserve Bank of New Zcaiaml last Mon day stood at £15,689,941 “ crease for the week of £1,010,88-L lhe bank's overseas assets, at £lo,Oa-,JaO showed an increase VATJ-T, i.’rnote issue totalled £21,41-,100, a tut ther decrease of £2oo,Hob. Advances to the State Marketing Delhirhiii it at £3,007,570 have increased bj o, while advances to the State for othc purposes remain unchanged i_, i'he statement of assets and liabilities •is at the close of business on Monday. February 10, is as follows:—

Proportion of reserve ( Xo -, 5) to notes and other demand liabilities, 3S 711 per cent., compared with ob.dtw per cent, on February 3. The reserves last Monday amounted to £18,454,823, compared with £1<,1(1, on February 3, an increase of: £1,283,031. A year ago the reserve was £12,021,6-0. Sterling exchange last nda l £15,089,941, compared with £14,3<J,00< on February 3, an increase of £1,310,881. Liabilities in currencies other than New Zealand currency totalled £36,JJI increase of £27,850), thus making the bank’s net overseas assets £1a,602,J0U, compared with £14,369,916 on February 3, an increase of £1,283,034. A year ago the bank’s net overseas assets totalled f9 The’gold holding at. £2,801,873 has decreased by £3. Subsidiary coin at £6t),Bbo shows an increase of £8906. Advance's to the State Marketing Department total £3.007.570, an increase of £lO4 485. A year ago these advances 6t Advices’ 9 to 7 ’?b'e’State for purposes other than marketing remain unchanged at £23.690.000. A year ago they totalled £21.010;000. ft 777Investments arc unchanged at 40 -'‘V 185. Other assets amount to ±l,_2U,Wb, fl clccrcnso of £l64 t 69i>. .. , The note issue last Monday totalled £‘’l 472103, a further decrease tor tne week of £200,958. A.year ago the note issue amounted to £lB,lJl,lot ■ Demand liabilities to the State amount to £10,956,616. an increase of £-.<HB,)->o. The trading banks’ reserve balnniw’s totaj £l4 779 547. a decrease of £62i.0.->B. Otmr demand liabilities, at £465.218, have deC 1 Other liabilities total £1.042.484, an increase of £13.(161. r-n o-o O",<1 The statement balances nt 100.-o-.Joo, an increase of £1.259.577.

Fruit And Vegetables

Market Gardeners Ltd, Wellington, report prices of fruit and vegetables sold yesterday as follows: — “ Fruit: Damsons 6/-, peaches 6/6 to S/3. quinces 6/6 to 10/-. plums 6/- to S/- passionfruit 26/-, grapes I/",, 1° 1/4 per lb. tomatoes Bayview 2/- to tomatoes Hutt 3/-Lo 5/9 Vegetables: Rhubarb <>/- to 8/-. oa r rots 3/- to 10/6. turnips 2/-, radish _/-, parsnips 6/- to 8/-, celery 6/- to _.L . beetroot 4/-, all ner dozen bunches, pumpkins per doz. I'2/- to 24/-, watermejon 94/. to 45/- ner doz, swedes 2/- to o/-. cucumbers 1/6 to 2/6. parsnips o/- to 13/-. egbbage 4./- to ->/6, pumpkins 3/to 3/9, beans 3/6 to 13/-. carrots 8/- to 15/6, marrows 2/- to 3/-. silverbeet 3/to 4/-. beetroot 3/- to 4/-. lettuce 2/- to 9/9. spinach 7/- to 9/9. cauliflower -/- to 8/9. red cabbage 2/.6; all per case. Cabbage 5/- to 6/-, peas 12/- to 28/-, cauliflower 6/- to 9/-, potatoes o/- to J/-, all per sack. Onions 11/- per cental. Standard Insurance Dividend (By Telegraph—Press Association.) DUNEDIN. February 13. At a meeting of the directors of the Standard Insurance Company it was decided to declare a dividend of 1/3 a share for lhe half year ended December 01. 1940. The dividend is payable on and after March 3. Mutual Life Assurance The Mutual Life and Citizens’ Assurance Company. Limited, reports that new business completed by it during the year

Gold Mining Returns The Grey River Dredging Co.. Ltd, reports for the week ended February 12. a return of 323 J ounces from 78.364 cubic yards in 119 hours.

Stock And Share Indices

(By Telegraph I rose Assn ('opvigh’ 1 LONDON February 11.

“Financial Times” stock and share indices with previous quotations are (October 15. 1926, equals 100) : —

Dow Jones Averages

<Bv Teieirrnnil I'ress xs-n ■ <>i>rr|u’h> - NEW YORK February 11. Dow Jones averages (1926 equals 1001 and turnover on the New \ork stock Exchange compare as follows

liabilities. £ s. d. 1. General reserve f“ luI 1,500,000 2. Bank notes 21,4i2,10o 0 0 0 0 3. Demand liabilities (a) State 10.9ab,Glb (b) Banks (c) Other 4b<j, 3 1 16 11 0 6 4. Time deposits .. • • 5. Liabilities in curreticles other than N.Z. currency . . 6. Other liabilities ■ ■ ■ l,04_,4b4 6 0 0 11 £( N.Z.) 50,252,939 8 4 ASSETS. " (T) S gLiF 2,801,873 10 0 * (b^ rll “ S .. eX '15,689,040 19 4 (c) Gold exchange . 777T 8 Subsidiary coin ... tw,oo~ 13 9. Discounts — (a) Commercial and agricultural bills . (b) Treasury a n d local body bills .. 10. Advances— (a) To the State - or State undertakiHgS • , . TA (1) Marketing De- o partment o.OOgoiO (^ r °‘ h ". P "'2 3 ,090,000 0 5 0 0 (b) To other public authorities • • • ■ (c) Other _„ 1<u 11. Investments .... 13 1 12. Bank buildings ... 13. Other assets l,_-0,ou< 12 2 £ (N.Z.) 50,252,959 8 4 ♦ Expressed in N.Z. currency

1940 was as follows:— Ordinary branch ... £6,643,702 Industrial Branch ... £3,S72,897 Total .. £10,516,599

Govt. Home Indus- Gold see’ts. Rails, trials, mines Feb. 5 100.2 ' 9.7.8 190.4 Mar. 1 100.9 74.1 101.0 19.5.9 Apr. 1 10S.6 )□.:> 9S.2 190.1 May 2 110.0 54.8 90.2 198.8 June 3 109 0 18.1 77.0 10.7.1 107.1 13 8 09.4 137.0 Am. 2 109.2 toj; 75 2 150.8 Sept. 2 110.3 17.9 78.3 102.7 Oct. 2 110.3 110.0 10.0 19.7 79.9 R2 7 10.8.0 105.5 Doe. 2 112.0 41.8 8G.8 175.3 Jan 30 112.3 12.0 89.0 174.9 Fob. 4 Feb. 10 Fell. 11 112.3 112.2 43.9 43.7 88.1 87.5 175.4 1715 112.4 43.0 87.1 173.0

20 Rail roads, i 30 odustrialfi Shares sold. 8 .... 31.40 148.40 870.000 6 .... 31.01 147.97 860.000 2 .... 30.66 147.76 650.000 J u n f* 24 .... 25.71 123.76 170.000 31 .... 26.02 126.14 560.900 A TH’ 3 .... 26.06 126.36 129.000 3 .... 28.00 129.74 510.900 Oct .... 29.37 131.97 770.099 .... 29.22 131.85 179.000 brc ' .... 2S.00 130.78 150.009 J rm. 6 .... 28.40 132.83 729.000 Fob. 1 .... 28.00 122.63 350,000 Fob <>£ I »8 124.14 190,00(1 Feb 10 121.19 290.000 Ir’el< 11 .... 27.92 122.61 420,009