FINANCE & COMMERCE

Dominion, Volume 37, Issue 281, 24 August 1944, Page 6

FINANCE & COMMERCE

RESERVE BANK

Note Issue Higher

The sterling exchange, funds of the Reserve Bank on August 14 .totalled £32 075,192, a (leerease of £175,339. The note issue, nt £37. r (K9,(W3 shows an in-, crease of £102,107. The statement, as at Monday, August 14, is as foUows:—

Proportion of reserve to notes aud other demand liabilities, 40.385 per cent., compared witli 40.741 per cent, on August 7. The reserve on August 14 was £34,8(58,133, a decrease of £115,894. A year ago tlie reserve was £27,723,133. Sterling exchange on August 14 amounted to £32,075,1112, a decrease of £175,339. Liabilities in currencies other than New Zealand currency totalled £8936 (a decrease of £39,445"), thus making the bank’u net overseas assets £32,066,256, compared with £32,182,15.0 on August 7, a decrease of £115,894. A year ago these assets were £24,921,256. Advances to the State Marketing Department total £4,473.987, an increase o£ £526,773. A year ago they were £0,280,234. Advances to the State for other purposes remain unchanged at £35,885,000, against £26,853.000 a year ago. The note issue on August 14 totalled £37.689.093, an increase for the week ot £102,107. A yea rago it was £33,086,034, and two years ago £26,410,847. Demand liabilities to the State amount to £10,164,321, a decrease of £779.838. The trading banks’ reserve-balances total £37,166,447, an increase of £779,391. Other liabilities at £1,317,926 have increased by £360,930. The statement balances at £89,738,135, an increase of £417,639. STOCK EXCHANGE Sales In New Zealand ■ Dealings in stocks and shares recorded on New Zealand Stock Exchanges yesterday were as follows, the numbers of shares in each lot being shown in the case of Wellington: WELLINGTON.

*Late sale Tuesday. AUCKLAND. laser. Stock, 3 per cent., 15/9/52-55. £99; ditto, 3i per cent., 15/9/07-60. £lOl/17/6; ditto, 4 per cent., 31/5/54-SS, £107; Comm. Bank of Aust., pref., £lO/15/-; N.Z. Insurance, £4/10/-; South British Insurance, £4; Westport-Stockton Coal. 10/4; Felt & Textiles, £2/17/3; Broken Hill Pty., £2 4/-; Claude Neon (N.Z.). £l/8/-; H. M. Arcade Theatre, 14/6; N.Z. Drug Co., con., £3/1/3; Wilson's Cement, 19/6. CHRISTCHURCH. Inscr Stock, 2} per cent., 1/10/53. £95; ditto, 3 per cent., 15/12/53-56, £93/7/6; N.Z. Farmers’'Co-op., 4} per cent., 1950, £lOO 7/6; Ballons Breweries. 15/- paid, IS/-; N.Z. Breweries. £2/2/7; Colonial Sugar (3), £5B/10/-; Woolworths (Syd.), £l/0/9; Assoc. Gold Dredges, 5/6. DUNEDIN. N.Z. Insurance, £4/10/-; N.Z. Breweries, £2/2/7: Broken Hill Pty., £2/4/-; Milburn Lime, £l/16/6; N.Z. Drug Co., con., £3/1/3. Downward Movement In London A London cable states that most sections of industrials An the Stock Exchange have turned downward on a preponderance of sellers because, with peace appearing to be much closer, problems loom larger than prospects. Prevailing high prices of equities have been mainly based on estimated post-war prospects., Investors are beginning to fear that in many directions peacetime prosperity will be preceded by an awkward and possibly unprofitable period of transition and adaptation. London Stock Exchange, (By Telegraph.—Press (s«n. <’,»,vr|p>it.> y , LONDON, August 22. On tlie Stock Exchange quotations ol bank shares and other corporation debenturee and stocks compared with previous

Financial Services, Ltd.

"It is obvious that with the conclusion of hostilities many economic and financial problems which are already anxiously studied by the united and associated Goveruments will have to be faced, said Mr J. 8. Barton, at the anuual meeting or Financial Services. Ltd., yesterday. "I'®; in common with others, will have to adapc our noliev to whatever conditions may then prevail. ’With this qualification. I think that the satisfactory results achieved oj tlfis company since 1939. uotw’ithstandim, manv adverse circumstances, should alio’A the shareholders to look with confidence to the future of this company. ’ The payment of a final dividend ot 46. on ordinary shares was approved and tlio retiring director. Mr. G. D. Stewart, was re-elected.

Gold Mining

Tim Austral-New Zealand return for the fortnight ended August 19 was 4020 z. tor 240 hours. The Maori Gold return last week was 3 ounces for 77 hours from 8300 yards. The Ngabero dredge, for the fortnight ended August IS, returned 2SI ounces for 249 hours from 95,840 yards. Emperor Mines. Fiji, report for the 1weeks, to August 2: Milled 43,030 tons oxidized ore for a yield ot 56500 z.; fair progress continues with the erection of tlie roaster plant.

LIABILITIES. s. d. General reserve fund 1,500,000 0 0 Hank notes 37,689,003 10 0 Demand liabilities — ' (a) State 10,164,321 06 3 6 (e) Other 1,317,025 16 2 Liabilities other than in N.Z. currency 8,935 12 4 Other liabilities 1,890,811 8 8 £ (N.Z.) 89,738,134 17 2 ASSETS. Reserve— ~ s. a. (a) Gold 2,801,877 10 0 (b) Sterling exchange . 32,075,192 ■< 11 12 8 Advances to the State— . (1) Marketing Dept. .. 4.473,987 5 0 (2) For other purposes 35,88a,000 0 0 Investments 1.1,736,055 8 G Other assets 2,718,498 12 i £ (N.Z.>89,738,134 17 2

No. o£ Sale Price. shares £ 8. <1. 150 N.Z. Insurance *4 10 0 100 South British Insurance *4 0 V 200 Ballins Brewery, 13/- pd. 0 IS li 50 Herald & .Weekly Times *3 5 0 ■ 200 Woohrorths (Syd.) 1 1 0

quotations as follows Aug Aug. 22. Banks— £ s. d. A! s. d. Australasia ...... 8 0 0 7 17 « 3 16 3 17 0 Union of Aust. ... 6 17 (J 7 0 0 N.S.W. »> 0 23 10 0 National of N.Z. .. J G 2 6 9 New Zealand ..... 1 14 3 1 16 0 Others— British Tobacco ... 1 IS 0 1 18 0 Goldsbrough Mort • 1 3 9 1 o J Dalgetv . (1 5 0 6 10 0 P. and 0. def. 2 3 0 2 2 0 N.Z. Loan and Merc. 92 10 0 92 10 0 N.Z. Loan and Merc. ord 50 0 0 as o o