RESERVE BANK RETURN

New Zealand Herald, Volume LXXIV, Issue 22860, 15 October 1937, Page 7

RESERVE BANK RETURN

1 ■ 4 NOTES £127,000 HIGHER 4 FALL IN BANKS' HOLDINGS . 4 EXCHANGE INCREASES £105,000 .[ ■■ ■■■ 4 [BY TELEGRAPH—PRESS ASSOCIATION] WELLINGTON, Thursday The Reserve Bank return for the week ended Monday, October 11, was gazetted to-night. Tho statement is balanced at £27,550,342, or £44,292 moro than at the close of tho previous week.

Tho note issue has increased by £127,027, compared with the level in the previous return. Government deposits aro £17,546 higher, while those of the trading banks have decreased by £183,(336. Other demand liabilities have risen by £83,097. An increase of £105,132 in tho sterling exchange reserve is tho principal movement among tho assets. Advances to tho Dairy Industry Account aro £42,747 lower, while other assets have fallen by £17,210. Tho statement with variations compared with the week before is as follows: —•„

MEAT BOARD LEVIES SHEEP, LAMBS AND BEEF INCREASE ANNOUNCED RATES TO BE HD AND |D [BY TELEGRAPH —PRESS ASSOCIATION] WELLINGTON, Thursday The/Meat Produce™' Board is raising its levy on sheep and lambs to and oil beef to id. From Id a carcase on mutton and lamb and £d a quarter on beef, the board's levy realised £49,997. The balance-sheet at Juno 30, 1937, showed an excess of expenditure over income of £8097. Advertising exjiendituro was £26,582. •

BUILDING SOCIETY NORTHERN CO-OPERATIVE STEADY INCOME EXPANSION The Northern Co-operative Terminating Building Society in its operations for the year ended August 31 mainSained its unbroken record of steadily increasing income since its inception. The income of tho society reached a new high level at £159,395, a?i increase of £3132. Advances to members totalled £121,177, against £127,331 a year ago. The average advance for the past year was not in excess of £550. The total advances made by the society during its 14 years of existence amount to £1,292,469. These figures indicate, tho report states, tho valuable work the society is doing by organising savings on tho ono hand and the ways and means of using those savings toward tho adequate housing of the people on the' other hand.

The net profits amounted to £13,933, an increase of £549 over last year's figure. The total net profits o£ all groups to August 31 amounted to £175,032, this being after the transfer to reserves of 10 per cent of the realised profits for the year and the writing down of premiums on sale by tender loans in accordance with the extension of the National Expenditure Adjustment Act. This permanent extension of the Act necessitated writing down the premiums on mortgages affected thereby over the whole of the remaining periods of such mortgage's. The increase in total accumulated profits would have been considerably more substantial but for these reductions in premiums. The profit in each share group ranged from 2s 8d in Group 24, the last group inaugurated, to £l7 19s 8d in Group 5. The only groups in which working expense levies will be payable this year aro Groups 19, 20. 21, 22 and 23, while in Group 24 working expense levies will not be duo until next year. The amount has again been fixed at Is 9d a share, and will bo payable in November. The retiring directors, Messrs. .T. A. Warnock and G. Winstone, are available for re-election.

Mortgages taken since the inception of tho society amount to £1,554,612. Reserves now stand at £30,000, against £27,103 a year ago.

GOLD AND SILVER QUOTATIONS IN LONDON LONDON, Oct. 13 Fino gold is quoted to-day at £7 Os 4d an oz,, compared with £7 Os 4Jd yesterday. Silver is quoted at 19 15-16 d an. oz. spot and 19Jd forward, same as yesterday. The quotation for silver at per fine ozA is 21 {d, same as yesterday.

COMPANY REGISTRATIONS The following companies have beon registered in Auckland: — PUBLIC Frontier Films, Limited, producers of talking and silent feature, news and travelogue films Capital, £2OOO in £1 shares. Subscribers: J. Or. B. Gilford, W. J. North, S. J. Harding, H. A. Swarbrick and J. Oliphant, 50 shares each; J. B. AV. Roberton, 10; I?. 'J'e Hula, 5. PRIVATE ,T. Robinson's Transport, Limited, to take over the taxi, carrying, wood, coal and timber, mail and general contracting business of J. Robinson, To Aroha. Capital, £2OOO in £1 shares. Subscribers: J. Robinson, 1500 shares; May Robinson, '-> SO; A. G. Robinson and J. A. Robinson, 125 each.

LIABILITIES £ 3. Gen. reserve .. 1,500,000 'J. Bank notes .. 13,081,032 3. Demand liabilities— (a) State . . o,233,Go t (b) Banks . . 7,168,143 (c) Other .. 428,287 6. Other liabilities 130,22(5 Variation Same + 127,027 +17,516 -183,630 + 83,01)7 +258 Total . 27,550,312 + 11,202 ASSETS 7. Reserve — (a) Gold <l>) Sterling Ex. 8. Subsidiary coin 10. Advances — 1. Dairy Industry Account 2. For Other Purposes 11. Investment 13. Other assets . .€ 2,801,701 17,507,132 02,035 3,G0(>,S7U 500,000 2,000,150 75,155 £ Saino + 105,132 -883 -12,717 Samo Samo -17,210 Total .... 27,550,312 +4-1,202 Proportion of reserve to notes flnd other demand liabilities, 78.011 per cent (78.33!) last week).

The following table shows tlio progress of tho society since its inception: Annual Accumulating Incomo Profits Year £ X' 1024 39,470 0.005 10 'jr. 55,113 18,803 :i!»'_'« 72,532 34,031 1027 ' 88,002 55,147 1!)28 308,700 75,003 J !)•->!) 121,100, 1)0,188 1030 128,317 110,375 um 130,014 132,0-18 1032 131,075 135,808 1933 135,005 140,210 1934 110,330 157,100 1035 141,077 102,857 itwo 150,203 172,810 1037 150,305 175,032