RESERVE BANK RETURN

New Zealand Herald, Volume LXXII, Issue 22071, 29 March 1935, Page 7

RESERVE BANK RETURN

MINOR MOVEMENTS NOTE ISSUE INCREASES FALL IN STATE DEPOSITS [by telegraph—press association] WELLINGTON, Thursday The Reserve Bank return for the, week ended March 25 was gazetted tonight. The statement is balanced at.. £27,736,601, or £5574 less than at the clcso of the previous week. On neither side has there been any movement of moment. Banknotes oh issue are £53,165 higher than a week before. Government deposits have decreased by £118,138, while those of tlio trading banks are higher by £59,135. On the assets side sterling exchange has declined £6871, while the investment total shows an increase of £6489. The item "other assets" has increased £4882. The statement, with variations compared with the week before, is as follows: — v . LIABILITIES Variation 1. Capital .. .. / £500,000 Same 2. Gen. Reserve .. 1,000,000 Same 3. Bank notes . . 9,341,391 53,165t 4. Demand liabilities—(a) State 12,033,114 118.138* (b) Banks .. 4,795,723 59.135t (c) Other . . 8.193 832t 7. Other liabilities 68.180 568* Total .. .. £27.736,001 £5,574* ASSETS 8. Reserve—(a) Gold .. £3.001,731 Same (b) Sterling Ex. 22,434,593 6,871* 9. Subsidiary coin . 177,794 310* • 12. Investment .. 2,095,068 6,489 'l4. Other assets .. 27,415 4.832* Total .. .. £27,736.601 £5,574* tHigher. "Lower. Proportion of reserve to notes and : other demand liabilities, 97.16 per cent I (97.17 last week). N.Z. DRUG COMPANY SATISFACTORY TURNOVER "VEXATIOUS SALES TAX" [BY TELEGRAPH —PRESS ASSOCIATION] DTJNEDIN, Thursday Speaking at the annual meeting of j Kempthorne, Prosser and Company's i New Zealand Drug Company, Limited, ! held to-day, Mr. F. W. Mitchell, who i presided, said that conditions had shown limited improvement during the year, and the company had experienced a satisfactory turnover in most avenues of its undertakings. However, difficulties were still faced. "We are still labouring under the depreciation of our currency by 24J per cent on London, and we have also the 5 per cent sales tax to cope with," said Mr. Mitchell. "This tax is wrong in its incidence, most vexatious in its operation, and also causes an enormous amount of work on the part of the staffs of the company." Referring to the low prices for primary products, Mr. Mitchell said it did not appear that any general improvement internally could be expected until the national income was increased i through better export values.

The report and balance-sheet were published in the Herald on March 13. E. S. AND A. BANK SAME INTERIM DIVIDEND # LONDON, March 37 The directors of the English, Scottish and Australian Bank, Limited, have declared an interim dividend unchanged at 2i per cent, free of British income tax. A ' UNION STEAM SHIP CO. NET PROFIT INCREASED The accounts of the Union Steam Ship Company of New Zealand, Limited, for the year ended September 30, 1934, show a net surplus c£ £130,798. The credit balance in profit and loss account, including.the amount brought forward, is £189,871, compared with £114,073 a year previously and £119,564 in 1932. Payment of a dividend of 5£ per cent on the preference capital of £2,000,000 absorbs £IIO,OOO, and the balance carried forward is £79,871, against £59,073 brought into the accounts. Dividend on the £1,000,000 ordinary capital, all hold by the P. and 0. Company, is again omitted, the last payment being 4 per cent, for 1932.