RESERVE BANK

Evening Post, Volume CXXXIV, Issue 131, 30 November 1942, Page 3

RESERVE BANK

RISES IN THE NOTE ISSUE

Details of the Reserve Banli of' New Zealand return for the week ended November *3, 1U42.. ■ compared with those for the week ended Novembei 16. are:—

*lucrease. tDecrease. Proportion of reserve to notes and demand liabilities, 48.573 per centj. compared with 48 802 per cent, for the week ended November 10. The statutory limit is 25 tier cent. ' , ■ . Principal figures in the return for Novem uer 24. l'J4l were: Dcmaud liabilities to, Staits, £8,041,151, and to the bunks £8,730,220 Sterling exchange, £11,044,531 advances' to Marketing Department. £n,056,882 and other advances to the State, £10.500.000 Bank-notes showing the usual seasonal in crease as for the third week in Novembei were:--November 2-4, 1941, £22,294,118; November 25, lU4O, £20,583,850; November 2< 1939. £17,43-1.838; November 28, 1938 £14,557,30 i. Compared with the note Issue foi November fi, 1939, when the war was entering • Its third month, the increase in the nottissuo today is £10,778.759. SHARE PRICES IMPROVE IN v LONDON. (By Telegraph—-Press Association— Copyright.) LONDON, November 28. Tue stock and share markets appear to be .suffering from iudigesticyi caused by a suitefi of rich \iair news Prices remain flrni and most l^u Eastern securities have responded to the improved Pacific situation; also Weal African securities to the. Dakar news. Noteworthy, too. was the rise in foreign bonds where Germans themselves temporarily featured. ' ' ; Business is quiet in British Government securities, partly on the view that peace may bring large sales "by industrial companies and others to finance reconstruction, for which reason the Government might find difficulty in maintaining its cheap morfey policy. , On the Stock Exchange prices tor corporation debentures aqd stocks compared with previous quotations as follows :•—

FOREIGN EXCHANGE RATES. Telegraphic exchange rates on ovenseas centres, supplied by the Bank of New South Wales, are as follows:—

NEW GUINEA GOLD. LONDON, November 28. New Guinea Gold shares. Is OVid. GOLD DREDGING RETURNS. The Snowy River Dredge return this week was 150oz for 120 hours (27,400 yards excavated), and the Blackball Creek return 51<Jz for 118 hours. , ■■ , Wellington Alluvlals (New South Wales), "T4oz find gold f0r.449 hours and 197,000yd5. BANK OF N.S.W. Sir Kobert Gillespie, president of the Bank of New South Wales, reviewing the bank's business, yesterday said the balance-sheet for 1042 showed a further increase of approximately £14,000,000, and had reached the great total of £104,850,000. Deposits, bills payable, etc., at £143,729,000, had increased by £12,000,000. Total of liquid assets, at £7r>,224,000, had increased by over £16,000,000. Loans \and advances to customers at £50,300,000 were less by nearly £4,000,000. A slight reduction in investments in Government securities, together with the Increase In deposits and reduction in advances had made available £13,800,000, which was placed to the credit of a special wartime deposit account with the Commonwealth Bank of Australia. This account was opened as a result of negotiations between the Federal Government, the Commonwealth Bank, and the trading banks Funds available for investment during the war are placed to this account. It was also agreed that trading banke should not subscribe to Commonwealth Government loans issued during the war period, nor should they buy Commonwealth Government securities on the market without official approval. The balance of the year's profits, £548.004, was practically the same as the past year. The president also referred to the war effort of (he stall". The bank had released this year a further 1021 men for active war service, bringing'the total enlistments since war began to 2784. This represents 00 per cent, of the pre-war male stiilT. The bank regretted that no less than 30 of its officers hud lost their lives, 48 were prisoners of war, and 112 were reported missing The bank is now carrying on with a ,staff of men and women approximately 25 per cent, lower in numbers than at the outbreak of war. "This is a very great achievement," said Sir Robert. DIVIDENDS ANNOUNCED. Reid Rubber Mills, Ltd., Auckland, dividend at 6 pei' cent, per annum recommended, payable December 17. Taringamutu Totara Sawmills, Ltd., dividend 3 }/j per cent., ' payable December 18.

Liabilities— £NZ General reserve . 1,500,000 0 0 BanU-notes .... 28,213,627 10 0 demand LiabilitiesState " 9,237,72-1 11 6 Banks 19.277,899 Q 11 Other 1.007,250 .5 8 Other currencies 30,509 7 10 Other assets . ... 1,402,824 11 7 Unchanged ♦230.2S4 ♦1.545,035) t2,001.224 7l.8l4.G70 . te.3oy *G,445 £00,000,841 7 6 fi.O'JO.422 Assets— £NZ £'N'Z tteserve — Gold . ... 2,80l,S7 l? 10 0 Lnchuugeu Ster. exchange 25,273,031 10 2 1835,315 Subsidiary coin .* 49.173 17 0 tl.lfll vdvancws to State-^-MarUctiug .. l,G00,9'J9 10 2 T792.44U Other purposes 24,300,000 0 0 Unchanged investments ... 4,461,794 10 8 Unchanged Other assets ... 2,173,962 8 ' 9 t 411.4U6 £00.669.841 7 0 t2.040.422

Dalgety and Co., <1 p.c. Dalgetj and Co., shares British Tobacco Mort . -. P. and 0. Defd iNOV. 1U. £ s. d. 77 JO 0 4 15 0 1 9 0 0 17 6 115 0 iMJV. i'l. £ s. di 77 10 0 r> 10 0 110 0 0 17 6 1 15 3

T.X. On v Buying. New York, dol, to £XZ 3.3542 Montreal, dol. to £NZ ... 3.G039 Ceylon, pence to rupee .. 22 3-10 India, pence to rupee 22 3-l(i S. Africa, £SA100 to £NZ 123 London, fiSt.100 to £NZ .. 121% Australia, £NZ100 to £A 100V s Fiji, £NZ100 to £P i »0 Selling. 3.2050 3.5290 22'ii 22% .125% 125 100 ss%

DOW JONES,SHARE AVERAGES. NBW YORK, November 27. Dow Jones (1926'equals 100) :—' 20 '30 Shares Rails. Indus. sold. November" ' 2 .. 29.l!8 114.(58 75I'Snn November 20 .. 27.93 115.27 C'^-JSS Vnv-PinhPr 27 . . 27.1(5 114.86 o2o,000