RESERVE BANK RETURN

New Zealand Herald, Volume LXXI, Issue 21983, 14 December 1934, Page 9

RESERVE BANK RETURN

FALL IN THE NOTE ISSUE

BANKERS' DEPOSITS LOWER

STATE HEAVILY IN FUNDS

[by TELEGRAPH —OWN correspondent]

WELLINGTON, Thursday

The Reserve Bank return for the week ended December 10 was gazetted to-night. The statement is balanced at £28,303,679, or £19,811 more than last week. The note issue has decreased bv £93,290, compared with the level a week earlier. Government deposits have risen £798,414, while the deposits of tho trading banks are £(390,826 lower. The gold reserve remains unchanged at £3,001,700. Sterling exchange has decreased by £8 069, but subsidiary coin stands £13,150 higher and investments have increased by £11,512. The statement with variations compared with the week before is as follows: — LIABILITIES Variation 1. Capital . . . ■ £500,000 Same 2. Gen. reserve . 1,000,000 Same 3. Bank notes . . 0.555,098 93,290* 4. Demand liabilities— « (a) State .. 7,295,018 795.414* (b) Banks .. 9,900,562 690.826* (c) Other .. 6,056 2.444t 7. Other liabilities 40,345 3,069t Total . . .. £23.303,679 £19.811* ASSETS 8. Reserve—(a) Gold .. £3,001.731 Same (b) Sterling Ex. .23,544,101 8.069* 9. Subsidiary coin 97,399 13,1501 12. Investment, . . 1,628,225 11,512+ 14. Other assets . . 32.223 3.218+ Total . . . £28.303,679 £19.811t tlligher. 'Lower. Proportion of reserve to notes and other demand liabilities, 99.18 per cent (99.27 last week).

KAURI GUM EXPORTS QUANTITY IN NOVEMBER POORER GRADES SOUGHT Exports of kauri gum from Auckland during November totalled 256 tons, valued at £6427, an average of about £25 2s a ton. In October the quantity exported was 243 tons, valued at £7480, an average of about £3O 16s. Last month's total comprised 183 tons sent to the United Kingdom, 36 to France, 13 to the United States, 13 to Germany, and 11 to Australia.

The total export values to the various countries were: —United Kingdom, £4648; France, £798; United States, £506; Germany, £184; Australia, £291. Attention is still being centred on lower grade gums to the detriment of better qualities. This was ascribed by an Auckland merchant yesterday to smaller requirements from the United States. This market formerly absorbed most of the higher grade lines, but it appeared that these had now been displaced by substitutes. On the other hand, Great Britain, which was still buying moderately, had never been a purchaser of the highest qualities. A peculiar feature of the market at present was the demand for black grades, while white gums of a better quality could not be sold, even at the rates ruling for black.

STOCK SALES WESTFI ELD QUOTATIONS AN EASING IN DEMAND There was an easing in demand, especially for dairy cattle, at the weekly Westfield store and dairy stock sale yesterday. An average yarding of store cattle was offered and values remained on a par with recent rates. Dairy cattle were forward in larger numbers than in previous weeks and there was a slight fall on the realisations of last week. The demand was fairly keen for quality stock, but there was a distinct slackening when average quality stock was offered and a definite limitation on offers. A few Jersey and Shorthorn cows and heifers realised up to £4 ss, which %vas the top price for the day. There was a large yarding of herd bulls, mostly aged, and they sold at prices on a par with recent values. The prices ruling were as follows: — Store Cattle.-»-Young cows, good condition, from £2 to £3; good quality, leas condition, 30a to 373 Gd; others, up to 255; boner and aged cows, up to 255; boner bulls, to 353; breeding bulls, Jersey, up to £3 los; yearling Jersey heifers, good quality, up to £'2; others, to 255. Dairy Cattle.—Jersey cows, good quality, close to profit, from £3 5s to £3 17s Gd; good quality, more backward, from £2 to £3; backward and inferior, up to 30s: Jersey heifers, good quality, close to profit,, u)i to £4 ss, good quality fair condition, to £3 ss; others, up to 355; Shorthorn cows, in milk, good quality, up to £4; Shorthorn heifers, close to profit, up to £4 ss; other cows, ill milk, up to £3 10s.

LARGE PUKEKOHE YARDING [from: ouk own correspondent] PUKEKOHE. Thursday A large yarding of cattle was at tlio fortnightly stock sale held by the New Zealand Loan and Mercantile Agency Company, Limited, at Pukekohe to-day. Few dairy cattle were penned and competition wan poor. Values for beef cattle were easier, while boners and stores sold at late rates. Best dairy lieifera made from £3 to £4 17s Cd; medium, £2 to £2 15s; medium prime steers, £5 2s Gd to £6 7s 6d; heavy prime cows. £3 103 to £1 7s 6d; medium, £2 15s to £3 ss; light, £2 to £2 12s Gd; killable cows, £1 5s to £1 15s; boner cows, 14s to £1 3s; bulls. 10s to £3 7s Gd; yearling heifers, £1 to £1 12s Gd; inferior yearling heifers, 10s to 17s Gd. Advertised Shorthorn steer calves mado from £1 17s to £2 la; smaller, £1 5s to £1 12s. Pigs came forward in large numbers and competition was keen for all classes with values well up to lato quotations. Choppers sold from £1 to £2 13s; heavy prime baconers, £3 Gs to £3 12s; medium prime baconers, £3 to £3 ss; light, £2 12s to £2 19s; heavy porkers, £2 3s to £2 lis; medium, £1 lGs to £2 2s; light, £1 t's to £1 15s; large stores, £1 5s to £1 10s; slips, 17s to £1 4s; best weaners, Vis to 15s; others, Gs to lis.

COMPETITION AT MATAMATA The Farmers' Co operative Auctioneering Company. Limited, held a etock sale at Matnmata on Wednesday, when a heavy yarding of nil classes of cattlo came forward. Prime fat cows and heifers m<rt with keen competition, selling well at advanced rates, but medium quality fat cattle showed no improvement. A number of forwardconditioned three and four-year Shorthorn steers sold readily at late rates. Storo cattle eo'ld according to condition at late rates. There was a full yarding of sheep, comprising mostly two-tooth ewes and wethers. Bidding was brisk throughout, resulting in a total clearance under the hammer. A heavy yarding of fat pigs came forward. Baconers sold at slightly advanced prices on the last Frankton sale, while porkers sold at unchanged rates. A medium yarding of store and weaner pigs was penned. Good stores were in keen demand and Bold well up to late values, Slips and weaners were slightly easier. Cattle: Prime fat cows and heifers, £5 to £(> Is; medium quality. £3 10a to £4 IBs; light. £2 10s to £3 2s fid; threo and four-year forward conditioned Shorthorn steers. £4 Is to £4 12s; store cattle, at current rates. Sheep; Prime fat shorn woolly hoggets. 23s Cd to 25s 3d: fat woolly hoggets, ?2s; fat shorn hoggets, 19s Gd to 20s 9d; mixed sex hoggets, 19s Cd to 20s; forward conditioned hoggets, lfis 3d. to 17s Id: small shorn two-tooth ewes. 17s to 21s; small shorn two-tooth wethers. 16s 8d to ISs lid. Pigs; Prime heavy baconers. I'l fis to £3 12s; medium. £3 to £3 3s: light. 15s to £2 18s; heavy porkers, £2 8s to £2 10s; medium. *£2 to £2 ss; light. 34s to 38s; medium choppers, £2 Is 4d to £2 4s; good stores, '27s to 31s; smaller. 23s to 255; slips, 16s to 19s: weaners, 12s tid to 15s; smaller, 9a Cd to lis.