RESERVE BANK

New Zealand Herald, Volume LXXIV, Issue 22779, 13 July 1937, Page 5

RESERVE BANK

PROFIT OF £147,143 £IOO,OOO PAID TO STATE LONDON FUNDS REDUCED The accounts of the Reserve Bank of New Zealand, which appear in the latest Gazette, show a profit of £147,143 for tho year ended March 31. This compares with £98,012 in the previous year. A sum of £IOO,OOO lias been paid to the Government in terms of Section 11 of the Finance Act, 1934, leaving a balance of £'47,143. The balance of profit after making provision for rebate on Treasury bills not yet due, and for sundry liabilities and contingencies was £238.918. General charges, including salaries, rent, cost of note issue, and other expenses, totalled £81.775, and £IO,OOO was paid to staff superannuation and provident fund, leaving a net profit of £147,143. The bank commenced business on August I, 1934, as a joint stock bank, but was taken over by the Government, which bought out shareholders as from April 1, 1930. Earnings since business was commenced are as follows: —• Year <<i Profits March 31 £ *1035 .. .. 28,854 lf'3v! .. .. 98,012 1037 .. .. 1-47,143 *Eifrht. months. Movements in the balance-sheet items for the year ended March 31 are as follows: — . LIABILITIES £ £ Paid capital .. Hon. reserve .. 1,500,000 +500,000 Hank notes .. 13.121.510 +2,93-1,50(1 Demand liabilities—(a) State .. 7,853,673 -9-11,295 (b) Hanks .. 8,870,150 -170,243 (r) Other .. 907,115 +827.220 Cither liabilities .. 78,587 +15,590 Profit and loss .. 47,143 +19,131 ASSETS £ £ Gold (at fare value) 2,801,791 , _+•>£ Sterling exchange . 19,387,750 -5,488,850 Subsidiary coin .. 151,975 -40,151 Advances — (1) Dairy Ind. arc. 6,225,908 +(», J'_«»,.»oß (2) For other purp. 800,000 +BOO,OOO Investment . • 2,900,150 +l,l 05,332 Other assets .. 101,033 +<o,o-7 The balancing total was £32,378,507, an increase of £2,675.919. A note to the balance-sheet states that holdings of sterling have been converted into New Zealand currency at the rate of £IOO sterling equals £124 New Zealand. BRITISH TRADE CHANCELLOR'S OPTIMISM STOCK MARKETS CHEERFUL LONDON, July 11 An optimistic review of the trade position and outlook by the Chancellor of the Exchequer, Sir John Simon, caused the stock markets fo finish the week with gratifying cheerfulness. The majority of city men consider that Sir John's confidence that an early slum}) is impossible is justified. A few remain unconverted, and others point out that, while a general depression is most improbable, a localised crisis in the heavy industries is inevitable when the huge additional rearmament plant is no longer needed unless careful and elaborate plans are made far ahead.

SHEEP FOR KOREA JAPANESE INVESTIGATION BREEDS IN NEW ZEALAND The possibilities of breeding New Zealand sheep in Korea are to be investigated by Mr. K. Sakamaki, an officer of the Japanese Government, who arrived from Sydney by the Niagara yesterday. He will spend about two weeks in the Dominion studying the different breeds of sheep to determine whether they are suitable for Korean conditions. Mr. Sakamaki, who is attached to the Bureau of Industry in Korea, has onlv a slight knowledge of English, and therefore was unable to give miich information regarding his mission. He said, however, that the climatic conditions in Korea were similar to those in New Zealand, and it was hoped that sheep could be reared there successfully. Mr. Sakamaki will return to Japan on the Brisbane Maru, which sails finally from Lvttelton on July 24. Ihe vessel will take some hundreds of stud sheep purchased by Japan. Six Japanese have been specially selected to care for the stock in transit.

LONDON FRUIT MARKET GRATIFYING STRENGTH LONDON, July 11 The fruit season is closing with gratifying strength. Such considerable rises at the end of the season are unknown in the history of the trade. MEAT IN LONDON PRICES MODERATELY FIRM LONDON, July 11 Meat has remained moderately firm, in* spite of a decline in consumption. Arrivals of chilled beef unhappily have been irregular, resulting in some weeks of glut and others of scarcity. Some shipments have arrived in bad coiuhtion, and considerable quantities? were condemned as unfit for consumption. BUTTER-FAT ADVANCE JUNE AND JULY SUPPLY [from our. own correspondent] HAMILTON, Monday A recommendation that the dairy companies of South Auckland should advance 12i• 1 per lb. of butter-fat for cream supplied in June and July tor butter-making was adopted bv the executive of the South Auckland Dairy Association to-day. PUKEKOIIE PRODUCE ONIONS AND PUMPKINS. DEARER [from our own correspondent] PUKEKOHE, Monday A heavy demand for Pukekohe grown produce is reported to-day. Unions, which showed a slight rise last week, have increased a further 3s per cwt. To-dav's quotation is 15s 6d per cwt. f.o.r. 'Pukekohe, as against 12s Gd per cwt on Monday of last week. Pumpkins have risen from lis to 12s per cwt., and cauliflowers are in short supply, quoted at 9s 6d a large sack. Savoy and drumhead cabbages are both at os 6d n sugar bag, which was about last week's value. Table potatoes are quoted at 9s 6d per cwt, but very few are available. Seed potatoes show a rise of Gd ]ter cwt. on last week and are now at fls per cwt. Carrots and parsnips are selling at os a sugar bag, beetroot at 4s, and swedes at 3s. Cabbage plants are offered at Ss a 1000 and cauliflower plants at 9s Gd a 1000*