FINANCE & COMMERCE

Dominion, Volume 35, Issue 173, 18 April 1942, Page 5

FINANCE & COMMERCE

RESERVE BANK Decrease In Sterling Funds The sterling exchange funds of the Reserve Bank of New Zealand last Monday totalled' £1!),154,0i1, a decrease for the week of £548,672, The note issue at — -4,107.657 shows a decrease of £81,641. The statement as at the. close of business ou Monday, April 13, is as follows: —

£(.N.Z.)55,274,966 16 1 Proportion of reserve to notes and other demand liabilities 36.612 per cent., compared with 42.261 per cent, on April 6. The reserve last Monday amounted to £21,636,216, compared witn £22,485,862 on April 6, a decrease of £546,64<»._ A year ago the reserve totalled £22,317,591. Sterling exchange last Monday amounted to £16,154,011, compared with £19,t02,883 on April 6, a decrease of £548,872. Liabilities in currencies other than New Zealand currency were £16,672 ian increase of £ <74), thus making the bank’s net overseas assets £16,134,339, a decrease for the week of £549,646. A year ago these assets totalled £19,515,718. The bunk’s gold holding remains unchanged at £2,801,877. Subsidiary com is shown at £63,331, an increase of £6B. Advances to the State Marketing Department total £9,006,485, a sharp increase of £1,318,849. A year ago these advances were £3,010,894. Advances to thd b.tate for other purposes are unchanged at £22,000,000. A year ago they totalled £lu,i>oo,000. investments at £4,146,228 are unchanged. Other assets amount to £1,103,034, an increase of £207,694. . „ , ~o < The note issue last Monday totalled £24,107,657, a decrease for the week of £Bl,611. A year ago it stood at £21,901,755. Demand liabilities to the State amount to £13,012,110,- an increase of £1,607,100. The trading banks’ reserve balances total £17,970,732, an increase ot £594,809. Other demand liabilities at £278,197 have increased by £84,017. , Other liabilities total £.1.377,0'J0. a decrease of £1,231,317. The statement balances at £58,-’i4,lHi7, an increase of ££977,742. Stock Exchange Sales Dealings in stocks and shares recorded on New Zealand stock exchanges yesterday were as follows, the number of shares in each lot being sliowu iu the case of Wellington:—

AUCKLAND. Auckland Gas, per.p. deb. (2), £B2: Bank of N.Z., £l/18/-: N.Z. Insurance 2), £3 1/6; South British Insurance (2), £- 15/-: Kalapoi Woollen, BS/U; WestportStockton, pref., 6/7; Auckland Gas, con., 2/M, 2/6; Aust. Consol. Industries. £1 19/4J; Reid Rubber, con.. 14/-; woolworths (N.Z.), 12/6. DUNEDIN. National Insurance, 17/9: WestportStockton, pref., 7/9. CHKISTCHUKCH. laser. Stock, 31 per cent., 1906-59, £ 101 10/.; ivar I,one, 1/10/53, S)/10/-; Christchurch Gas, £l/3/74; Kalapoi Woollen, 17/naM. 38/5; National Electric, £l/-/-, Woo-lworths (N.Z.) (2), 12/9. Sydney Stock Exchange Weak (By Telegraph.—Press Assu. —Copyright.) ' SYDNEY, April 16. Business on the Sydney Stock Exchange is dull and 'the market is weak, with a limited turnover. Sales: Bank of New South Wales, £25/5/-; Union Bank, £a; National Bank (£5 paid), £4/19/9; Howard Smith, 17/9; British Tobacco, 32/9; Carlton Brewery, 48/3; Tooths Brewery, 40/3; Australian Gas (A), 78/6; Woolworths (N.Z.), 12/6; Bradford Cotton, 27/-: Victoria Nyanza Sugar. 7/11; Broken Hill Pty., 28/3; Broken Hill South, 20/-. Bank Of New Zealand Mr A T. Donnelly, chairman of the Board of Directors of the Bank of New Zealand, was yesterday re-elected ‘by the board as chairman for the ensuing yearThe directors announce that, subject to audit, it will l>c proposed at the annual meeting of shareholders to bo held on June 19 next that a final dividend at the rate of 96. a share be paid on ordinary shares for the last half-year, making a total distribution for the year ot 1/b a bl 'The half-yearly dividend on D longterm mortgage shares will also be Payable on tbe same date at the rate or ner cent, per annum, reduced as to eaca dividend b.v Id. lor yvory lOd. or part thereof on account uf Social Security charge and National Security lax in terms of statutory provisions. ja* dividends are payable in Now Zealand currency. Bank Of Adelaide Dividend The directors of the Bank of Adelaide, Ltd., have declared a dividend of 5A per cent, per annum on paid-up capital for the half-year ended March 30, payable on May 20. National Mortgage Dividend (By Telegraph.—Press Assn —Copyright.) LONDON. April lb. The National Mortgage and Agency Co. of New Zealand. Lid., reports Hint alter contributing £4416 Io Hie staff limd a profit of £32.110 remains, £L>,b7b ot which was brought in. The dividend is o per cent, anil tile sum of £ I-’.03'1 is earried forward. Gold Mining ’flic Grey River dredge, for tin; week ended April 15, returned 390 i ounces for ISO hours from 133,230 yards. .

LIABILITIES. General reserve fund 1,509,000 0 0 Bank notes 24,107.057 0 0 Demand liabilities — 13,012.110 17.11-70,731 la) State lb) Banks 11 I (e) Other 278,190 13 1 Liabilities other than in N'.Z. currency 10,072 — 4 Other liabilities 1,377,5V«J 4 ii (N.Z.)5S,274,1100 10 1 assets. Heserve— 2,801,877 (a) Gold 10 0 (b) Sterling exchange .. 10,154,001 4 8 Subsidiary coin 63.3o0 16 Advances — (.a) To the State 0,000,484 9 (1) 'Marketing Dept. . (2) For other purposes 14 22,000,000 0 0 Investments 4,146,228 5 4 Other assets 1,103,034- - 0

WELLINGTON. ’No. oC P ri^‘ e - Loan, 1/10/53 8*J 15 6 £1300 Inscr. Stock, 31 per cent. 10 0 1950-59 101 370 Christchurch Gas ...... 1 3 6 400 Oamaru Woollen 1 0 250 N.Z. Breweries 1 12 505 Macdtlffs Ltd., ord *0 7 (» 500 Woolwortlis (Syd.) 0 13 3 ‘Late sale Thursday.