RESERVE BANK
FALL IN STATE DEPOSITS LOWER EXCHANGE DEPOSITS WELLINGTON, July 8. The Reserve Bank return for the week ended July 1 was gazetted tonight. The statement is balanced at '£26,654,540, or £1,236,139 less than at the close of the previous week. The principal movement on the liabilities side is a fall of £1,290,643 in the level of Government deposits. The deposits of the trading banks have increased, but only by £85,552, indicating that the. Government account has not 'been drawn on for heavy domestic paymentsOn the assets side there has been a fall of £1.229,308 in the value of sterling exchange. This suggests that the Government has had considerable payments to meet in London at the close of the half-year, and has purchased exchange, from the Reserve Bank for the .purpose. This is supported by the fact that for the week ended December 31 there was a comparable decrease in the exchange holding of the hank, the fall then being £1,212,449. In this instance, however, Government deposits showed a reduction of only some £562.000.
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Hokitika Guardian, 9 July 1935, Page 6
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175RESERVE BANK Hokitika Guardian, 9 July 1935, Page 6
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