THE RESERVE BANK

Northern Advocate, 9 November 1934, Page 6

THE RESERVE BANK

GOLD RESERVE LOWER. LPer Press Association. — Copyright. ] WELLINGTON, This Day. The Reserve Bank return for the week ended November 5 was gazetted last night. The statement is balanced at £28,275,951, or £162.563 more than last week, ' The note issue has increased by £79,732, compared with the level a week previously. State deposits are higher by £223,272, while the deposits of the trading banks are £138,585 lower. On the asset side the gold reserve has fallen by a further £200,000, reducing the level to £3,001,727. Sterling exchange shows an increase of £387,801, while “subsidiary coins” is £14,021 down. The statement, with variations compared with the previous week, is as follows: Liabilities. Variation

$ Higher. * Lower. Proportion of reserve to notes and other liabilities 99.51 per cent. (99.42 per cent, last week). A further sale of gold to the value of £200,000 is revealed by the above return. The gold holding is now shown at £3,001,7,27, compared with £3,201,727 in the return gazetted on October 26, the last occasion on which a sale of gold was recorded.

This is the fourth sale shown since the Reserve Bank took over the gold reserve from the trading banks. The amount disposed of now totals £1,350,000, the reserve, originally valued at £4,351,727, having been reduced by that amount.

£ £ 1—Capital .. 500,000 Same 2—General Reserve .. 1,000,000 Same 3—Bank Notes 1 8.958,019 79,732$ 4 —Demand Liabilities— (a) State 5,243,385 223,272$ (b) Banks 12,538,181 138,585* (c) Other 2,660 11$ 7—Other Liabilities 33,706 1,866* £28,275,951 £162,563$ Assets. • 8 —Reserve — (a) Gold . 3,001,727 200,000* (b) Sterling Exchange 23,609,990 387,801$ 9—Subsidiary \ Coin 101,865 14,021* 12—Investments 1,540,832 » 4,359$ 14 —Other Assets 21,537 15,576* £28,275,951 £162,563$