RESERVE BANK RETURN

Evening Post, Volume CXXVI, Issue 79, 30 September 1938, Page 12

RESERVE BANK RETURN

STATE BORROWING . INCREASING-

LONDON FUNDS REDUCED

Movements In the weekly statement of assets and liabilities of the Reserve .Bank of New Zealand, as at the close of business on Monday, September 26, 1938, compared with returns for September 19, show sterling exchange is now £11,449,447, compared with £12,247,006 for last week and £19,066,048 a year ago. The statement of the assets and liabilities, all in New Zealand currency, including sterling exchange, is as follows:— * LIABILITIES. £(N.Z.) s. d. £(N.Z.) General Reserve Fund ...... 1,500,000 0 0 On changed Sack-notes .... 33,734,619 10 0 »168,961 I Demand liabilities— ■ (a) State ... '3,913,592 10 4 *209,342 " (b) Banks ... 5,380,144 7 2 f556,884 (c) Other ... 381,499 5 8 *53,597, Liabilities In currencies other ■ than N.Z. currency 17,897 19 7 *635 * Other liabilities . 138,734 0 1 *13,840 £{N.Z.)25,072,45712 10 tH0,510 ASSETS. £ (N.Z.) s. d. £ (N.Z.) Reserve— (a) Gold .... 2,801.791 0 0 Unchanged (b) Sterling exchange .1.. 11,449,447 10 4 t797,55S Subsidiary coin . 225,943 11 10 t2,071 Advances to State for Primary Pro- ■ ducts Marketing Dept. 3,158,607 12 7 f122,594 For other purposes 4,500,000 0 0 *700,000 Investments .... 2,732,064 16 6 Unchanged Other assets .. 204,633 17 *111,714 £ (N.Z.)25,072,487 12 10 f 110,510 tDecrease. 'Increase. RECORD ADVANCES TO STATE. Advances to the State for purposes other than for the Primary Products Marketing Department, were first shown in the return on September 20, 1937, an*were then £500,000. They increased to £700,000 as at November 1, to £900,000 as at December 13, to £1,100,000 at January 31, 1938, to £1,300,000 at February 28; disappeared by March 14. But at September 19 they had risen to £3,800,000, and by September 26 they had reached £4,500,000. Proportion of reserve (reserve less liability in currencies other than New Zealand currency), to notes and other demand liabilities, 60.785 per cent., compared with 63.853 per cent, for the week ended September 19, 1938. _ ' LONDON FUNDS AT LOW LEVEL. " Sterling exchange held as assets by the Reserve Bank of New Zealand for. the past twelve months as at the first wfeek of the month showed the following variations: — {■■ 1937. & August 2 20,87(5,822 Septembers 18,794,615 September 13 18,836,037 October 4- , 17,462,300 ; November 1 17.148,967 December 6 16,184,928 1938. January 3 16,414,909 February T 15,700,699 March 7 ." 15,617,116 April 4 16,169,496 May 2 17.627,443 June 6 17,801.586 July 4 15,941,567 August 1 15,322.308 • September 5 12,638,656 September 19 12,247,006 September 26 •" .11,449,447 The proportion of reserve (less reserve liabilities in currencies other than New Zealand currency) as at^the beginning of each month for the past year has been as follows:— 1937. Per cent. Augusts 79.676 September 6 . 78.388 October 4 73.339 November I ....* 76.083 December 6 b. '73.89 1938. / January S 70.088 February ? 67.039 March 7 66.019 April 4 »-.... 75.542 May 2 79.569 June 6 77.906 July 4 76.181 August 1 69.249 . September 5 65.847 ' September 12 66.428 September 19 63.853 September 26 60.785 LAST YEAR'S RETURN. The return as at September 20, 1937, showed the following:— £ General reserve 1,500,000 Bank-notes 12,994,386 Demand LiabilitiesState 5,153,946 Banks 8,870,167 Other • 697,441 Other liabilities 319,622 Reserve— Gold 2,801.791 Sterling exchange ~.. 19,066,048 Subsidiary coin 92,969 Advances to ■ Stater— - ■ - • For dairy purposes 4,065,648 For other purposes, ...1......... 500,000 Investments 2,906,450 . -Other ■'assets ~:............ 102,656 .Reserve to r notes and other demand \ .liabilities * 78.899 . DIVIDENDS DUE. Cox Bros. (Australia) —flnal.A and . B pref., 7 per. cent, per annum; ord., 15 per cent, per annum .. Sept. 30 Felt and Textiles, Ltd., Sydney— '•' half-yearly 5 per cent, at the rate *of 10 per cent, per annum Sept. 30 Dunlop-Perdriau Rubber — final, pref., 5 per cent., ord. 3% per cent. . Sept. 30 Bank, of Australasia—interim 3s 6d sterling per sharef at the rate of 7 per cent, per annum Sept. SO British tobacco—quarterly 3 per cent. Sept. SO Bricks and Mortar, Ltd., Sydney—in- : terim quarterly at 8 per cent, per annum Sept. 30 Equitable Building and Investment — interim, half-year,. 5 per cent, per _ annum •••• Oct. 1 Joseph Nathan and Co., Ltd. —halfyearly at 8 per cent, per annum, on preferred ord ' Oct. 1 Whittome, Stevenson, Auckland—7 per cent • Oct. S Hume (Aust.) Pipe, Ltd., Australia— final, ord. 4% per cent., making 7% per cent, per annum; and new pref., IVz per cent, per annum • •.•• ocs- 3 Union Trustee of Australia —interim, half-year, 4 per cent Oct. 6 N.Z. Newspapers, Ltd. —interim halfyear, 8d per share Oct. 5 Myer Emporium, Melbourne —final 3 per cent, and bonus 3 per cent., making 9 per cent, per annum . Oct. 5 Colonial Gas—finals, half-yearly; 3 per cent.; 2nd pref., 3% per cent.; ord. 5 per cent: Oct. 6 Tarra Falls, Melbourne—final 5 per cent., making 10 per cent, per annum Oct. 6 Howard Smith—quarterly pref. at 6- per cent, per annum Oct. 6 Milne and Choyce—final pref., 3 per cent.; B pref., 3y 2 per cent.; ord. and deb., 2% per cent. .. Oct. 10 Amalgamated Wireless—final, halfyearly, 5 per cent., and bonus z per cent., making 12 per cent, for the year Oct. 15 Burns, Philp (South Seas), Ltd.—interim half-yearly 7d per share .. Oct. lo T. J. Richards, Ltd., Adelaide —final pref. and ord., making 10 per cent, per annum Oct. 15 Woolworths, Ltd., Sydney—half • yearly, ord. 6 per cent Oct. 15 Woolworths (N.Z.), Ltd.—half-yearly • pref. 4% per cent. Oct. 15 Wunderlich Ltd.—interim, half-year- • IS, SYz .E?r cent., ord. and pref. Oct. 19 N.Z.- Guarantee Corporation, Ltd. — final, 2d per share Oct. 26 United Provisions—ord. 3 per cent.; _ pref. final 4 per cent Oct. 28' Drug Houses of Australia —3% per ■- cent., making 6% per cent, per annum : Oct- 31 Martha Gold Mine—interim 9d (free of tax) ■•;••„• **ov' * Imperial Chemical Industries—ord. 3 percent Nov. 1 PRICE OF SILVER. (British Official Wireless.) (Received September 30, 1 p.m.) RUGBY, September 29. Silver—Spot, 19 5-16d; forward, 19 3-16d. STOCKS AND SHARES. TTLTAN F. McCABE, Member of WeiU lington Stock Exchange, Stock and Share Broker, Bank of Australasia Chambers, 101 Customhouse Quay, Wellington. Tel. 43-220. Telegrams ULTMA, Wgtn.

(By Telegraph—Press Assn.—Copyright.) (Received September 30, 10 a.m.) LONDON, September 29. Sterling exchange, London on NewYork, 4.74. Dollars. September 28 4.63 September 27 4.73 September 26 4.75|September 24 4.79§ September 23 4.80| September 22 4.81£ September 21 '4.821-8 September 20 4.82J September 19 4.80 3-8 September 17 4.79 7-8 September 16 4.801-8 September 15 4.81 £ September 14 4.79| September 13 4.815-8 September 10 4.81* September 6 4.82£ September 5 4.82| September 3 4.84 3-8 September 2 4.84| September 1 4.8513-16 August 2 4.90S, July 1 4.955-8 June 1 4.94 7-8 May 2 ' 4.9811-16 April 1 4.96 5-8 March 1 5.02 London on New York during 1937 averaged 4.95 dollars to £1 sterling; on August 2, 1938, 4.90£; on September 1, 4.85 3-16; but declined on September 14 to 4.79J.