RESERVE BANK RETURN

Evening Star, Issue 23136, 9 December 1938, Page 6

RESERVE BANK RETURN

STERLING EXCHANGE DOWN £627,445 LEVEL NOW AT £4,200,858 RESERVE FALLS BELOW 30 PER GENT. The Reserve Bank return for the week ended December 5, gazetted last evening, shows a further decline in sterling exchange holding. At £4,200,856, it is £627,445 below last week’s figure. The proportion of reserve to notes and other demand liabilities is 29.834 per cent, compared with 32.685 per cent, in the previous week. The figures at the close of the previous week are given with this week’s return for purposesof comparison, shillings and pence being omitted: —

DOLLAR AND STERLING

Press Association—By Telegraph—Coyprighi LONDON, December 8. (Heceived December 9, at 1 p.m.) Sterling exchange, London on Now York 4.66). December 7 4.682 December 6 4.691 December 5 4.69) December 2 4.67) December 1 4.68 November 30 4.66| November 29 4.66) November 28 4.64) November 25 4.64.) November 24 4.66) November 23 4.66) November 22 4.67) November 21 4.70 November 10 4.74| November 1 4.75 5-16 October 1 4.82) September 28 4.63 September 27 4.73 September 1 4.85 13-16 August 2 4.902 July 1 4.95| June 1 4.94 J May 2 4.98 11-16 April 1 4.94 jj March 1 5.02

London on New York, during 1937 averaged 4.95 dollars to £1 sterling; on August 2, 1938, 4.90 J; on September 1, 4.85 13-16; but declined to as low as 4,63 to the £ on September 28. During October the rate varied between 4 78) (October 4) and 4.75$ (October 21).

NEW YORK SHARE INDEX DOW JONES AVERAGE

LIABILITIES. Last week. This week. £ £> 1,500,000 1,500,000 2. Bank notes ... U,587,364 14,694,982 2,997,750 2,687,669 5,134,687 5,746,377 (c) Other 663,363 263,054 4. Time Deposits — — 5. Liabilities m cunencies other that New Zealand cutrenc" 19,880 23,719 6. Other liabilities 173,153 172,475 Total £24,976,207 £25,088,280 ASSETS. 7. Reserve— (a, Gold ... 2,801,791 2,801,791 (b) Sterling exchange ... 4,828,301 4,200,856 (c) Gold exchange ... — — 8. Subsidiary coir 205,739 202,652 9. Discounts— (a) Commercial and agricultural bills — — (b) Treasury and local bodv bills — — 10. Advances— (a) To State ot State undertakings (1) Primary products Marketing Department 5,022,441 5,480,872 (2' For other pur8,500,000 8,680,000 (b) To other public authorities — — (c) Other . — 11. Investments 3,509,474 3,605,023 12. Bank buildings — — 13. Other assets 108,457 111,086 Total £24,976,207 £25,088,280 Proportion of reserve (No. 7 less No. 5) to notes and other demand llabili ties m.G8i% 29.834% Sterling exchange is expressed in N< 2w Zealand currency. The movement of tbe sterling exchange held by the Reserve Bank has been as follows since October 3 last:—

October 3 £ 10,594,978 October 10 9,900,935 October 17 9,118,330 October 24 8,313,575 October 31 7,707,697 November i 6,633,031 November 14 ... 5,662,976 November 21 5,029,137 November 2# 4,828,301 December 5 4,200,856 Since October 3 last the proportion of reserve to liabilities has shown the following movements: — Octobe 3 57.259 October i0 57.903 Octob'*- 17 .. ..v 52.27 October 24 48.451 October 31 46.09 ■ November 7 39.733 November 14 36.825 November 21 33.723 November 23 . 32.l)fc6 December 6 29.834

Kailroada. Industrials . Turnover. Dec. 8 28.99 147.63 740,000 Dec. V 29.44 148.75 1,110,000 Dec. 6 29.13 148.33 990,000 Dec. 5 29.01 147.47 680,000 Dec. 3 29.23 147.50 320,000 Dec. 2 29.33 147.57 820,000 Dec. 1 29.78 148.63 860.000 Nov. 30 29.76 149.82 980,000 Nov. 29 29.06 147.07 820.000 Nov. 28 28.95 146.14 1,250,000 Nov. 26 29 89 148.45 690,000 Nov. 25 30.43 150.10 810,000 Nov. 25 30.42 149.88 1,600,000 Nov. 21 30.77 150.26 940,000 Nov. 19 30.94 150.38 440,000 Nov. 18 30.80 149.93 1,420,000 Nov, 17 31.75 152.18 990,000 Nov. 16 31.20 151.54 1,790,000 Nov. 15 31.95 154.66 1,470,000 Nov. 14 32.36 155.61 1,650,000 Nov. 12 33.17 158.42 1,010,000 Nov. 10 33.17 157.48 2,180,000 Nov. 9 33.12 158.03 3.100,000 Nov. 7 32.04 154.91 1,760,000 Nov. 5 31.78 152.12 430,000 Nov. 4 31.76 152.10 1,200,000 Nov. 3 32.56 142.31 1,070,000 Nov. 2 . 31.66 152.21 780,000 Nov. 1 31.50 151.39 1,280.000 1937. Highest 64.86 194.40 Lowest 28.01 113.64 1938. Highest 35.17 158.42 Lowest 19.00 98.95