FINANCE & COMMERCE

Dominion, Volume 36, Issue 305, 20 September 1943, Page 6

FINANCE & COMMERCE

RESERVE BANK

Notd> Issue Lower The sterling exchange funds of the Reserve Bank on .September to totalled £25,101,619, a decrease ot £131,140. The note issue at £33,62t.552 shows a decrease for tlie week of £142,289. The statement, us at Munday, September 13, is as follows:— LIABILITIES.

£ (N.Z.)79,325,386 18 3 Proportion of reserve to notes and demand liabilities, 37.099 per cent., compared with 37.31+ per cent, on September 6. The reserve on September 13 was £28.280.069. a decrease of £1211,612. A year ago tlie reserve was £27,970,085. Sterling exchange on September 13 totalled £25.491,619. a decrease of £131,140. Liabilities in .currencies other than New Zealand currency were £,13,427 (a decrease of £14'18), thus making the batik's net overseas assets £25,478,192, a decrease of £129,642. A year ago these assets amounted to £25,168,208. Advances to the State Marketing Department totalled £4,57'1,722, an increase of £28'5,363. A year ago they were £6,014,132. Advances to the State for other purposes are unchanged. at £33,735,000, compared with £22,300,000 a year ago.

The note issue on September 13 was £33,624,852, a decrease of £1+2,289. A year ago it. was £26.7+1.601. Demand liabilities to the State amount to £13,528,761, a decrease of £2,264,746. Tlie trading banks’ reserve balances total £27,831,661. an increase of £2,270,541. Other liabilities at £1,213,614 hate increased by £219,516. Tim statement balances at £79,32-5,387, an increase of £101,139, Bank Of England Return (By Telegraph.—Press Assn.—Copyright.) LONDON’, September 16. The Bank of England return for the week ended September 15 is as follows:—

Government Stock Prices (Bv Telegraph.—Press Association.) LONDON, tSepteinhpr 16. Government stocks are mostly steady, with slightly more business passing. Tlie following table gives the mean Stock Exchange quotations for consols and colonial inscribed stocks, compared with

The Snowy River return last week was ISloz. for 237 hours from 48,000 yards. The Maori Gold dredge returned kioz. for 119 hours from 13,000 yards. The Blackball Creek dredge returned 70oz. for 230 hours. The following returns are for the Disc half of September:—Barrytown, 2Sooz. for 250 hours from 119.000 yards; Kanlen, 13500 z., 200 hours, 111.000 yards; Arahura. 5270 z„ 262 hours. 126,000 yards. _ Air. iMorgan, Ltd., reports an estimated working deficit for Hie four weeks ended August 22 of £4866. In arriving at the deficit no provision has been made Jor depreciation, overhead expeuseg of £l7OO. and preference dividend £1231. Capital expenditure for the period amounted Io £8774. Mining operations were continuous. Tlie grade of ore treated in both No. 1 and No. 2 mills showed improvement compared with the previous period. Grade of ore to No. 1 mill is still low but is in accordance with mine plans. Dow Jones Averages (By Telegriii'b —Press Assn —i 'onyrlght) NEW YORK, September IS. Dow Jones averages (1926 equals 100):— 20 Rail- 32 Shares roads. Industrials, sold.

4‘ < fl. General reserve fund .... 1,500,000 0 0 Hank notes 33,024,8o2 10 0 Demand liabilities— (a) State 13.528,701 0 0 (cf Other ~ 1,243,614 0 Liabilities other than in N.Z. currency 13,426 19 Other liabilities 1,-353,071 6 10 £ (X.Z.)79.325,38G IS 3 ASSETS. Reserve— £ c d. Oil Gold . ‘’.$01.£77 10 0 (b) Sterling exchange . 2.5,491,018 11 Subsidiary coin * 40,639 V. 11 Advances to the State— (17 Marketing Dept. ... 4.571,722 c (2| For other purposes 33.735.000 0 (1 Investments 10,323,010 4 Oilier assets 2,301,518 10 11

Note issue: Govt, debt ir 660.000 In circu- Other Govt. lation 9S1.1W.000 securities 988,200,000 In bank- Other secs. 890,000 ing dept. 19,t00,000 — - • *£1, 000.000.000 £1.000,209,000 Gold coin 200,000 £1,000,200,000 •Amount of fiduciary issue. Capital 14,500,W0 Govt. sec. 195,560,000 Best 5.100,000 Discts., ad Deposits: vances 2,400 000 Public 9.000,000 Other secs. 17,500,000 Bankers 154,2<K>,OOO Notes and Other ace. 55,900,000 coin 20.500,000 £236,260.000 £ 236.200.000 Proportion of reserve to liabilities. O.-H net cent., compared with 10.09 per cent. last week. The principal items of the above return compare as follows with those of last week:— Sept. 8, Sept. 15 , Deposits— £ Public tl-t.300.000 9,000 000 ■Bankers 140,400.01)0 154,206.090 Other accounts . 53,200,000 55,000.000 £207,900.000 £ 218,200,000 Securities — 'Government 1S5.000.000 195 500.000 Discts., advances *2.400.000 2.400.000 Other securities 17,600.000 17 500,OOP 20.500.000 Note circulation 9SO.SOO.OOO 931,100,009

those of September 0:— Price. £ s. <1. Variation. £ s. d. Consols, 24 p.c. • ■ . 78 10 0 0 10 0* Fund. Loan. 1940-90 . 114 15 0 same War Loan. 31. .1952 . 103 15 O 0 2 fit Conv. Loan. 34, 1961 . 103 17 6 0 2 Ov Victory Bonds. 4 n c 112 15 O 0 1 3* C’wealth, 4, 1945-75 .102 0 0 0 3 9t C’wealth, 4. 1943-59 . 100 5 Ox 1 6 3* C’wenltii, 3J-, 1948-53 . 100 15 0 0 1 3* C’wealth, 31, 1956-61 . 90 5 0 0 3 9* C’wealth. 3, .1950-58 . 03 15 Ox 0 15 0* N.S.W.. 34, 1939-50 . 99 12 0 0 5 0* Victoria, 3, 1929-49 . 97 12 ft 0 2 fit Victoria. 5. 1945-75 . 101 12 G same O’lanil. 3. 1942-47 . . 9S 0 0 0 2 fit s lust. 3. 1910 font.) S3 <» <’ 0 15 0’ S. Aust.. 5. 194'5-57 . 101 15 <1 0 1 3t W. Aust., 4. 1942-62 . 160 8 9 0 3 9t Tasm.. 4. 1942-62 .. . 161 0 0 same N Z. -11. 1948-55 .. . 103 10 0 same N.Z., 3, 1945 . 99 8 9 0 5 0* ♦Lower. tHigher. Gold Mining

1942 (high) .... OC| OQ 119.71 —- 1942 (low) 23*31 92.92 — Sept. 9 33.85 137.75 1,092,000 Sept. 13 34.03 137.S2 500.000 Sept. 11 34.01 137.53 439.000 Sept. 15 34.35 1.*4 .62 590,00(1 Sept. 17 35.07 139.60 S94.000 Sept. 18 35.40 140.91 680,000