Sterling Exchange Reveals Sharp Upward Trend
RESERVE BANK FUNDS Sterling exchange funds of the Reserve Bank of New Zealand showed a marked increase of £1,756,042 during the week, raising the totul to £7,543,770, which is tho highest figure recorded since October, 1938. The bank’s reserve on Monday stood at £10,332,909, the proportion of the reserve to notes and other demand liabilities being 30.634 per cent., compared with 25.121 per cent, on November 13.
Other features in the latest return arc a decrease of £1,917,339 in dairy advances which amount to £5,234,660, compared with the record level of £7,151,999 on November 13 and a reduction of £150,000 iu advances to the State for oth6r purposes, which on Monday stood at £16,725,000. The note issue at £17,388,826 shows a further decrease of £2063.
A large decrease of £254,607 iu net overseas assets, a decrease in advances of £604,199, a mbstantial rise in deposits and also in Government securities and a decrease in the note circulation are the features of the latest monthly returns of tho six New Zealand trading banks.
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Manawatu Times, Volume 64, Issue 279, 25 November 1939, Page 6
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178Sterling Exchange Reveals Sharp Upward Trend Manawatu Times, Volume 64, Issue 279, 25 November 1939, Page 6
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