RESERVE BANK RETURN
STERLING EXCHANGE UNDER £4,000,000 DAIRY ADVANCES INCREASING Movements in the weekly statement of assets and liabilities of the Reserve Bank of New Zealand as at the close of business on Monday, January 9, are shown hereunder. Outstanding features of the return are:— " Sterling exchange now below £4,000,000. 1 Reserve down to 25.526 per cent, (legal limit 25 per cent.). Note issue shows usual seasonal decrease. Advances to Marketing Department (principally dairy exports) increasing. Government borrowing less. The statement of the assets and liabilities is all in New Zealand currency, including sterling -exchange, and is as follows: — LIABILITIES. £NZ s. d, £NZ. General Reserve Fund , 1,500,000 0 0 Unchanged Bank-notes .. 16,127,223 0 0 . t367.667 Demand liabilities— .*„,.„,„ (a) State .... 2,620,590 15 8 *629,612 (b Banks ... 7,381,311 14 6 t87,752 (C) Other ... 253,687 18 11 *161,724 Liabilities in currencies other than N.Z. currency 1.143 1 8 U1.812 Other liabilities 215,232 210 1231,199 5NZ28.099.188 13 7 *92,906 ASSETS. £NZ s. d. £NZ. Reserve— - (a) Gold .... 2,801,791 0 0 Unchanged (b) Sterling exchange 3,933,851 8 2 f83,381 Subsidiary coin . 194,400 6 7 *2,302 Treasury and local body bills ... 500,000 0 0 Unchanged Advances to State for Primary Products Marketing Dept. ' . 6,168,301 5 5 *437,510 For other purposes 10,830,000 0 0 t170,000 Investments ... 3,603,300 6 2 Unchanged Other assets ... 67,544 7 3 t93,525 £NZ28,099,188 13 7 *92,906 fDecrease. *Incr,ease. Proportion of reserve (reserve less liability in currencies other than New Zealand currency) to notes and other demand liabilities, 25.526 per cent., compared with 26.13 per cent, for the week ended January 2, 1939. The proportion of reserve as at the beginning of each month for the past year has been as follows:— 1938. Per cent. January 3 70.088 February 7 ~ 67.039 March 7 ...! 66.019 April 4 75.542 May 2 79.569 ' June 6 77.906 . July' 4 76.181 August 1 by.ziv September 5 65.847 October 3 57.259 November 7 39.733 December 5 :. 29.834 December 12 30.333 December 19 28.109 December 26 27.882 1939. . January 2 26.13 January 9 .. 25.526 The statutory limit is 25 per cent. ADVANCES TO STATE DECLINE. Advances to the State for purposes other than for the Primary Products Marketing Department on March 14, 1938, were nil. At December 26, 1938, they were shown at £11,200,000. Advances to the State other than for primary products since January 31, 1938, have been shown as follows: — IQQQ £NZ January 31 1,100,000 Kuary 28 I , ISPMOO K h 614./.:::::r.:r.:":r A iugU 1 :^n:."..;.«<... w.ooo September 5 .._.„ |'2?ffi October 3 «*.»..« 5 .'0. 0. 0. October3l ~...«,..«...,« 6,800,000 <£SSS& :::rs rj f ; JSffxl'.jr::::™ l : : December 26 ~.......•>...... 11,200,000 January 2 ".WOO January 9 10,830,000 FURTHER FALL IN STERLING FUNDS. Sterling exchange held as assets by the Reserve Bank of New Zealand for the past twelve months as at the first week of the month showed the following variations:— tqqo £NZ January 3 .....~....-.~ 16,414,909 FebrS l -~«.«;..=*,.... 15.700 699 March 7 .».«$•>«—•• is»?H'i£* ADril 4 ..<.....*»!«.«••— 16,169,496 May 2 ..T.Z.IL.Zw.. 17,627,443 June 6 ....,«,.«*..... nWAII July 4 .........»—.;.•. 10,941,56« August 1 ....*„,....;»- 15,322,308 September 5 .~.~.~~ H'^f'^o October 3 ....-*-... W.594.9T8 November 7 .....~........ £,£33,036 December 5 ..>«....•.«»: 4,200,856 December 26 ~.«~ 4,678,233 1939 January 2 .......-«.:.k... January 9 ......... i.9d3,8&i LAST YEAR'S RETURN. The return as at January 10, 1938, showed the following:— . £NZ. General reserve «. ,HM? Bank-notes «.... m -..k» 14,728,407 Demand Liabilities— State •Mk-io.ioi |.220.531 Banks .....m...>»*«••«»«•• 8,851,652 Other *».. "4,949 Other liabilities ..«». ~.~~~«<i 169,374 Beserve— 12,801^91 Sterling exchange ..«.«.9m«m*<wms 16,147,5aa Subsidiary coin ....*«•*£•>• .ma*• 215,271 Advances toSStatee — c For dairy purposes ...ww..w».r»n 6 '243'2§« For other purposes .^..w....k« o °oo,ooo Investments ............m*....»m 2,658,«0 Other assets ......... 78,017 Reserve to notes and other demand liabilities ..~...... 69.221
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https://paperspast.natlib.govt.nz/newspapers/EP19390113.2.137.1
Bibliographic details
Evening Post, Volume CXXVII, Issue 10, 13 January 1939, Page 12
Word Count
593RESERVE BANK RETURN Evening Post, Volume CXXVII, Issue 10, 13 January 1939, Page 12
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