RESERVE BANK.

Manawatu Standard, Volume LX, Issue 167, 14 June 1940, Page 10

RESERVE BANK.

SLIGHT FALL IN STERLING EXCHANGE. STATE ADVANCES HIGHER. The sterling exchange funds of tho Reserve Bank of New Zealand on Monday totalled £14,629.099. a docrease of £44,631 for the week. The bank’s net overseas assets were £14,610,476, a reduction of £50,200. Dairy advances were higher by £152,405, and advances to the State for other purposes totalled £19,760.000, an increase of £IOO,OOO. A further increase of £67,066 brought the note issue up .0 £18.331,338. - . Tho statement of assets and liabilities of the Reserve Bank as at the close of business on Monday, .Tune 10, is as follows: — LIABILITIES. £ s d 1. General reserve fund ... 1,500.000 U U 2. Bank notes ..........> 18,331,338 0 0 3. Demand liabilities — (a) State 7,792,175 10- 8 (b) Banks 15,177,654 7 10 (c) Other 193,577 0 3 .4. Time deposits 5. Liabilities in currencies other than N.Z. currency, 18,620 0 9 6. Other liabilities 836,316 19 9

£N.Z.43,849,681 19 3 ASSET'S. 7. Reserve — £, s d (a) Gold -. '2.801.839 10 0 (b) Sterling exchange *14,629,099 1 9 (e) Gold exchange 8. Subsidiary coin 160,191 1 .6 9. Discounts — (a) Commercial a n <1 agricultural bills ... (b) Treasury and local body bills 10. Advances — (a) To the State ,or State undertakings: (1) Marketing Dept. • 3,717.379 0 6 (2) For other purposes 19,760,000 0 0 . (b) To other public authorities (c) Other - 11. Investments 2,538,645 14 1 12. Rank buildings .... 13 .Other assets 242,518 11 5 £N.Z.43,849,681 19 3 •Expressed in N.Z. currency. Proportion ot reserve (No. 7 less No. 5) ’ to notes and other demand liabilities, 41.963 per cent., compared with 42.429 per cent, ou Juno 3. A year ago the proportion was 29.591 per cent. Sterling exchange on Monday amounted to £14,629,099, compared with £14,673,730 on June 3, a decrease of £44,631. Liabilities in currencies other than New Zealand currency bn Monday wore £18,620 (an increase of £5568), thus making the bank’s net overseas assets £14,610,479, compared with £14,660,679 on June 3, a decrease of

£50,200. A year ago the bank’s net overseas assets wero £5,721,256, and on June 13, 1938, they totalled £16,943,465; Advances to the State Marketing Department total £3,717,379, compared' with £3.564,973 on June 3, an increase of £152,405. • . Advances to the State for other purposes total £19,760,000, an increase of £100,000." A further increase of. £67,066 brings the note issue up to tho high level ofc £lb,331,338.