RESERVE BANK.

Manawatu Standard, Volume LX, Issue 96, 21 March 1940, Page 12

RESERVE BANK.

RISE IN STERLING FUNDS. STATE ADVANCES DOWN. A further increase of £292.172 brings I lie sterling exchange funds of the Reserve Bank of New Zealand up to £12,136.529, the highest level reached since September, 1938. Dairy advances arc down to £3.277.762, and advances lo the Slate for other purposes at £19,560,000 show a further reduction of £700,000. The note issue shows a seasonal increase to £18.290,276. Tho statement of assets and liabilities of ihc Reserve Bank as at I lie close of business on Monday, March 18, is as follow : LIABILITIES.

in N.Z. currency. Proportion of reserve (No. 7 less No. 5) to notes and other demand liabilities. 38.192 per cent., compared with 37.111 per cent, on March 11. The reserve on Monday amounted to £14.925.292, compared with £14,633,444 on March 11, an increase of £291.848. A year ago the reserve was £7,317.137 and on March’ 21, 1938, it totalled £19,977, 383. Sterling exchange on Monday totalled £12.136.529, compared with £11,844,357 on March 11, an increase of £292,172. Liabilities in currencies other limn New Zealand currency on Monday totalled £13,077 (an increase of £325), thus making the bank’s net overseas assets £12,123,453, compared with £11,831.604 on March 11, an increase of £291,849. A year -ago the bank’s net overseas assets were £4,515.396 and on March 21. 1938, they totalled £17,175,592. Gold remains unchanged at £2,801,839 Subsidiary coin at £159,784 shows a decrease.,of £2074. Advances to the State (Marketing Department total £3.277,762, compared with £3.356.505 on March 11, a decrease of £78,743. A year ago these advances amounted to £7.388.640. Advances to tho State for other purposes total £19.560,000, compared witli £2O 260,000 on March 11, a decreaso of £700,000. Investments at £3,145,702 show a further decrease of £20,317. Other assets total £363,132, an increase of £172.249. The note issue on Monday totalled £lB,290,210, compared with £17,996,274 oil March 11, a further increase of £294,001. The latest figure is £3.464,775 in excess of the note issue of £14,825,501 shown a year ago. Demand liabilities to tho State at £B,817.564 show a decrease of £1.433.388. r I he trading banks’ reserve balances amount to £11,879 257, an increase of' £837.710. Other demand liabilities at £92,362, show an increase of £50.296. Other liabilities total £857,213, an increase of £14,934. The statement balances at £41,449,749, a decrease of £336,712.

Production In Wairarapa. Though the present autumn has proved a far better season that last from the production point of view, butterfat figures in the central AVairarapa districts so far show a considerable drop on the production for the same period last season. The drop in the central and southern Wairarapa districts amounts almost to 10 per cent.

£ s d 1. General reserve fund .. 1,500.000 18,290,276 0 0 2. Bank notes 0 0 3. Demand liabilities - 8.817,564 5 0 (b) Batiks 11,879,257 6 1 (e) Other 92,361 18 4 4. Time deposits — fa. Liabilities in currencies other than N.Z. 13.076 14 5 .6. Other 'liabilities 857,213 1 0 £X.Z.41,449.749 4 10 ASSETS. 7. Reserve —• £ s d (a) Gold 2.801.839 0 0 (b) Sterling exchange 12.136,529 11 8 (c) Gold exchange — 3. 159.784 10 9 9. Discounts— (a) Commercial and agricultural bills .... (b) Treasury and local body bills 10. Ad vances — (a) 'To flic Stale oi State undertakings: (1) .Market ing Dept. (2) For other per3,277.762 5 11 potes (b) 'I o other public 19,560,000 0 0 authorities — 11. Investments 3,145,701 13 3 12. Bank buildings — 13. Other assets 368,132 2 10 £X'.Z.41,449,749 4 10