RESERVE BANK RETURN

Evening Post, Volume CXXVIII, Issue 114, 10 November 1939, Page 10

RESERVE BANK RETURN

RECORD NOTE ISSUE

STERLING EXCHANGE

LOWER

SIGNIFICANT FIGURES

Movements in the weekly statemen of assets and liabilities of the Reserv Bank of New Zealand as at the clos' of business on Monday, November t 1939, are shown hereunder:— A further rise in the bank-note issu< this week by £46,985 brings it t< £17,418,805, a record, and exceeding that of last year at the corresponding date by approximately £3,000,000. Sterling exchange shows a drop thi week of £137,749, to £5,605,338, and v. over £1,000,000 less than it was at thi: time last year. Advances to the State for purpose; other than marketing amount tc £16,875,000, an increase of £100,000 foi this week, compared with £8,050,000 ai November 7 of last year. The statement of the assets anc liabilities is all in New Zealand currency, including sterling exchange, anc as as follows:— LIABILITIES. , v. £^Z s. cl. £X 2 (General Reserve £ un? • 1,500,000 0 0 Unchanged Bank-notes .. 17,418,803 10 0 *46,y55 ' Pemand liabilities— ' (a) State ... 2,086,788 12 9 t812,56S (b) Banks .. 13,578,121 17 4 *3«6.205 (c) Other ... 132,214 4 0 -f29,383 , Liabilities iv currencies other than N.Z. currency 14,630 11 0 *4,538 Other liabilities . G17.592 5 9 *23,654 £NZ35,345,450 0 10 f400,867 ASSETS. £NZ s. d. £NZ ItcsGrvc-—— (a) Gold 2,801,839 0 0 Unchanged (b) Sterling exchange .. 5,605,337 16 10 f137,749 Subsidiary coin . 223,109 19 10 t4,435 .Advances to Stato for Primary Products Marketing Dept. .. 6,342,640 18 10 - f 119,710 i'or other purposes ...... 10,575,000 0 0 *100,000 Investments ... 3,304,68S 11 10 f 315,103 Other assets ... 195,779 13 6 *76,130 £NZ35J548,456 0 10 1-400,867 tDecreas'e? *Increase. Proportion of' reserve (reserve less liability in currencies other than New Zealand currency).to notes and other demand liabilities, 25.267 per cent., compared with 25.367 per cent, for the week ended October 30, 1939. The proportion of reserve as at the beginning of each month for the past rear has been as follows:— ,w3£' „ Percent. October 3 ......., 57.259 November 1 3JK733 '.'- December 5 .................. % 29*834 • . .lanuary 2 4.*..-............,. 26 13 February 6 ............ „ 25.047 March; 6 ;. 25 017 April 3 ....". 25924 May 1 25.815 June v ... .k.:. ...i..... . °9 6"> July 3. *-....-........i.-....;.;; h'.z-A* August 7 20.795 1 September 4 26.456 October 2 ;.. 25^473 • October 23 . .-,. 25.162 „ October 30 ..■'... 25.367 ..November 6 . 25.267 The statutory limit is 25 per cent. , STERLING EXCHANGE DECLINE. Sterling exchange (N.Z. currency) held as assets by the Reserve Bank of JNew Zealand for the past twelve months as at the first week of the month showed the following variaiions:— 1938. £NZ. October 3 10,594,978 November 7 6,633,036 December 5 4,200,856 January 2 4,017 232 February 6 ....*.. 4,074^954 March 6 4,705,896 April S > 4,663,309 May 1 4,817,992 June 5 5,882,308 July 3 5,690,004 - 1 August 7 5,150,954 September 4 5,271,810 October 2 »■ 5,338,703 October 30 .-* 5,743.087 November 6 , 5,005,338 ADVANCES TO STATE INCREASE. Advances to the.State for purposes other than for the Primary Products Marketing Department on March 14, -1938, were nil. Since June 6, 1938, they have been shown as follows:— 1938. £NZ. June 6 300,000 July 25 '. 1,900,000 August 1 2,600,000 September 5 3,050,000 Octobers ...... 4,575,000 November 7 8,050,000 December 26 ....„..,....« 11,200,000 1939. '"■"* „■ January 2 .......^..^.... 11,000,000 February .6 .>;,.«.,.. < 11,950,000 " March 6-..»m.,;m...-.>... 12,725,000 April 3 12,075,000 May S ..,. H .... M .» K ... 12,175,000 June 5 ................ 12,125,000 Juno 12 .....,." ."—.. 11,975,000 .Juno 19 .........>........ 10,575,000 June 26 ................ 10,625,000 .July 3 ....„.'...„.«... 10,475,000 July 10 ~... 10,555,000 July 17 ..'... ~. 11,300,000 , ' rtTuly 24 ... 12,650,000 I July 31 13,250,000 •August 21 ..... 13,750,000 ! ■ August2B 1S'5!J0.000 | September !..».. , 14,850,000 j b September 18 15,600,000 j September 25 16,250,000 I October 2 16,800,000 October 9 .....% 17,275,000 j October 16 .....i... 17,425,000 October 23 October 30 16,775,000 ' November 6 16.575.000 LAST YEAR'S RETURN. The return aj^/at November 7. 1938, Showed the folding:— ... - ' ' ' ii? £N2. General reserve ......».......:.... 1,500,000 Sank-riotes 14,435,95 a Demand Liabilities— State , ..,..««... 2,623,598 Banks 5-S?M22 Other £•••;,•••■' °54,4" Jdabiltiesun currencies other than NeW Zealand A'Zii Other liabilities 162,281 (Reserve— .-, sfll . nl Gold „— . •:.... -.801,791 Sterling exchange ....;..». 6'!J?H5i Subsidiary coin 219,941 Advances lo State— Primary produce marketing o'S-n'2™ Por other purposes h.uow.uuu .Investments - 3' 48~-<>6£ Other assets 104,045 Reserve to notes and other demand .liabilities 39*733 |i| WAITAHU GOLD MINE. ' Gold Mining Co., Ltd., Reefton, reported a profit of £685 for the year, ended July'3l. .The gold won during the. six months ended January 31 "totalled 2950z, when only 716 hours' work was lost through water shortage; during the next six .months 2090z were won, the hours lost through water shortage being 2028. The ground •worked totalled 10,600 yards.