FINANCE & COMMERCE

Dominion, Volume 37, Issue 284, 28 August 1944, Page 6

FINANCE & COMMERCE

RESERVE BANK

Sterling Funds Increase

Tbe sterling exchange funds of the Reserve Bank on August 21 totalled £32,911,433, an increase of £866,241. The note Issue at £37,734,126 shows a further increase of £44,733. The statement, as at Monday, August 21, is as follows: —

Proportion of reserve to notes and other demaud liabilities, 41.511 per cent., compared with 40.385 per ceut. on August 14. The reserve on August 21 was £35,731.587, an increase pt' £863,454. A year ago the reserve was £27,503,608. Sterling exchange on August 21 amounted to £32,941,433, an increase of £806,241. Liabilities in currencies other than New Zealand currency totalled £11,723 (au increase of £2787), thus making tbe bank’s net overseas assets £32,929,710. compared with £32,060,256 on August 14, au increase of £863,451, A year ago these assets were £24,701.731.'

Advances to the State Alarketing Department total £3,555,787, a decrease of £918,200. A year ago they were £6,211,505. Advances to tbe State for other purposes remain unchanged at £35,885,000. against £32.753,000 a year ago. The note issue on August 21 totalled £37.734,426. an increase for the week of £44,733.' A year ago it was £33.343,894, and two years ago £26,621,454. Demand liabilities to the State amount to £9,579,715. a decrease of £584,606. The trading banks’ reserve balances total £38,019,525. an increase of £853,078. Other liabilities at £682,163 have decreased by £635,763. The statement balances at £89,450,134, a decrease of £288,001, Bank Of England Return (By Telegraph.—Press Assn.—Copyright.) LONDON, August 24. The Bank of England return for the week ended AugpSt 23 is as follows:—

Government Stock Prices (By Telegraph.—Press Assn.—Copyright.) LONDON, August 24. Government stocks are firm, with niore business all round. Prices, compared with those on August 17, are as follows:—

C. L. Innes Profit

The accounts of C. L. Innes and Company for the year ended June 30 show a net profit of £4875, compared with £4940 last year and £3421 in 1942. With £t>o79 brought forward, Including £l<b2 over provided for taxation last year, there is £995-1 available. It. is proposed to pay an unchanged dividend of 8 per cent, on preference and ordinary shares. This will require £4OOO, leaving £5954. From this £-1427 is to be added to reserve, making this item £6OOO, leaving £1527 to be carried forward. Due to the exceptional strain on machinery, depreciation allowance has been Increased from £3170 to £4860. Tax* «tion provision is £21,500. against £l s ;' 238 paid last vear. Payments include £lO,OOO paid it! advance against this years tax demand.

LIABILITIES. £ s. d. General reserve fund .... 1,500,000 O O Bank notes 37,731,420 10 0 Demand liabilities— (a) State ...1 9,579,715 (> 9 (b) Brinks ,.. 38,0 lit,525 2 z (c) Other . 082,103 o Liabilities other than in N.Z. currency Other liabilities 11,722 13 6 1,922,581 3 3 £ (X.Z.)SO,450,133 19 5 ASSETS. lieserve— (a) Gold 2,801,877 10 0 (b) Sterling exchange .. 32,911,433 3 Subsidiary coin 40,312 0 3 Advances to the State— (1) .Marketing Dept. 3,355,780 11 6 (2) For other purposes . 35,885,000 0 0 Investments 11,730,055 s 0 Other assets 2,483,038 19 9 £ (X.Z.)S'J,4.50,133 19 5

£ £ Note Issue: Govt, debt 11,000,000 Other Govt. In circusecs. 1,188,300,000 latiou 1,144,400,000 Other secs. 700,000 In bank‘£1,200,000,000 Ing dept. 55,500,000 Gold coin 200,000 £1,200,200,000 £1,200,200,000 'Amount of fiduciary issue. jC £ Capital Govt. sec. 190,€00,000 Best 3,400,000 Discts., adDeposits— vances 5,400,000 Public 12,400,000 Other secs. 14,200,000 Banks 178,400,000 Notes and Other acs. 58,700,000 coin 57,200,000 £207,400,000 £267,400,000 Proportion of reserve to liabilities, 22.03 per cent., compared with 22.59 per cent. last week. The principal items of the above return compare as follows week: — with those of last Aug. 16. 12,300,000 12,400,000 Deposits— Pnhlin Bankers 171,000,000 178,400,000 . Other accounts . 57,300,000 58,700,900 £241,500,000 £249,500,000 Securities — . Government .... 186,400.000 190,600,000 Discts., advances 4,200,000 5,400,000 Other securities • 14,200,000 14,200,000 ■Rnsorvo 54,600,000 57,200.000 Note circulation . 1,140,000,000 1,144,400,000

Luuoi; vn • Price. Variation. £ s. d. £ s. d. Consols. 24 p.e 79 12 6 0 2 6f Fund. Loan, 1940-49 . 113 7 6 0 2 6f War Loan, 34. 1935 .. 104 2 6 0 7 6f Cour. Loan, 34, 1901 105 0 0 0 1 3f Victory Bonds, 4 p.c. 111 12 0 0 1 3f C’wealth, 4, 1945-75 .. 102 7 6 same C’wealth, 4, 1943-50 .. 103 8 9 0 13’ C’wealth, 3. 1948-53 .. 103 11 ti same C’wealth, 3. 1956-61 .. 100 10 0 same C’wealth, 3, 1956-59 .. 100 J. 6 0 5 Of N.S.W., 34, 1930-50 .. 101 12 6 0 5 Of Victoria, 3, 1929-49 .. 100 15 0 same Victoria, 5, 1945-75 .. 102 7 6 same Q’land, 3, 1942-47 ... 100 12 6 same S. Aust., 3. 1916, opt. . 87 15 0 same S. Aust.. 5, 1945-47 .. 102 7 6 same W. Aust., 4, 1942-46 .. 102 6 t> same Tasm., 4, 1912-46 ... 102 7 6 0 2 6’ N.Z., 44, 1948-55 .... 104 S 9 0 1 St N.Z., 3. 1945 101 6 3 0 1 3f •f Higher. ♦Lower.