RESERVE BANK RETURN

New Zealand Herald, Volume LXXIV, Issue 22878, 5 November 1937, Page 7

RESERVE BANK RETURN

BANKS' HOLDINGS HIGHER

EXCHANGE FALLS £446,000

DAIRY ADVANCES UP £634,000

[n\- TKMCGIUPII —TOKSS association] "WELLINGTON, Thursday

The Reserve Bank return for tho week ended Monday, November 1, was gazetted to-night. The statement is balanced at £27,868,609, or £243,256 more than at the close of the previous week.

An increase of £532,833 in the level of the trading banks' deposits is the principal movement in the liabilities. Government deposits are £229,591 lower than they were a week before Other demand liabilities have increased £61,601 and other liabilities decreased by £114,529. There has been a fall of £10,058 in the value of tho note issue.

The reserve of sterling exchange is £•146,307 lower than it was a week before. Advances to the Dairy Industry Account have increased by £031,318, and advances for other purposes by £200,000. Other assets are £144,412 lower. The statement with variations compared with the week before is as follows: LIABILITIES £ Variation 1. Cen. reserve .. 1,500,000 Same 2. Bank notes . . 13,203,033 -10,058 ; 3. Demand liabilities—la) State 4,03.1,100 -220,51)1 ib) Bunks 7,021,057 +532,833 (c) Other 405,304 +04.004 G. Other liabilities 140,180 -111,520 Total . . 27,808,000 +213,250 ASSETS i 7. Reserve—i (a) Gold 2,801,701 Same lb) Sterling Ex. 17,148,007 - I 10,31 >7 | 8. Subsidiary coin 80,051 -283 Hi. Advances—- | I. Dairy Industry account .. 1,100,703 +031,318 2. For other ; purposes . . 700,000 +200,000 ! 11. Investment .. 2,058.325 Same 1 13. Other assets .. 72,70!) -3 11,412 Total . . 27,805,000 +213,250 Proportion of reserve to notes and I other demand liabilities, 7G.083 per j cent (78.801 last week). ; HIGHER BANK DIVIDEND E. S. AND A. FINAL PAYMENT OF 7 PER CENT (Received November 4, 7.57 p.m.) LONDON, Nov. 3 The directors of the English, Scottish and Australian Bank, Limited, have declared a final dividend of 3£ per cent, making 7 per cent for the year ended June 30. The final payment last year was '2l per cent, making 5 per cent for the year. A new basis of payment was introduced by the bank when the interim dividend of 3| per cent declared in April was paid loss English income tax of 3s 9d in the pound. Oil the same basis, New Zealand shareholders will receive £5 13s Od sterling, after income tax is provided for, which will yield £7 Os Cd per cent in New Zealand currency. The market price of t.lic shares when the Stock Exchange closed was approximately £5 13s, which will return £l3 lis 7d per cent. The par value of the shares is £3. FARMERS' FREEZING CO. NORTH CANTERBURY YEAR DIVIDEND OF 5£ PER CENT [ 11V TELEGRAPH —OWN CORRESPONDENT] C HI! ISTCHUKCII, Tl i u rsd a y Increases in the earnings of the North Canterbury Sheepfarmers' Co-operative Freezing Export and Agency Company, Limited, are shown in the accounts for the year ended September 30. Cross profit has risen from £17,272 to £21,2!)2 and net earnings from £4613 to £'5065. Extensive capital reorganisation was carried out during the year, the nominal capital being reduced from £200,000 to £IOO,OOO, the existing liability of £2 a share being cancelled and 10s returned in cash. The dividend on ordinary shares last year was 3 per cent. This year 5J per cent is recommended on ordinary shares from tho time of allotmont. The company has a paid capital of £81,855. The dividend of 3 per cent last year was tho first distribution since 1027. Losses were incurred in the three following years and tho deficiency at the end of' 1930 was £20.830. In subsequent years profits were set off against this amount and the debit balance was extinguished in 1935. i PRICES OF METALS GENERAL EASING CONTINUES LONDON, Nov. 3 Following arc to-day's •notations on tho London metal market, compared with those of November 2: Nov. :l Nov. 2 Per Ton Per Ton £sd £ s d Copper, stall., spot II 4> 3 II II i'/j Copper, stan., 3 mos 4 1 II lo'/j 42 0 7'/ a Copper, electrolytic 40 o o 47 o o to to 48 O 0 40 O 0 Copper elect., wire bars . . . . 48 0 0 40 0 0 Lead, soft spot . . 17 3 l'/ a 17 5 TVs Lead, soft, forward 17 4 4V 3 17 8 3% Spelter, spot . . 1(1 0 3 o'/ 2 ]G 0 4Va Spelter forward . . 3G 31 30% 1G 14 4% Tin, stan., spot .. 100 15 o 202 5 o Tin, stan., 3 'mos 100 15 0 202 5 O SHORT LOANS AND BILLS LONDON DISCOUNT RATES LONDON, Nov. 3 Discount and short loan rates on tho London market are the same as those for last week, as follows: Oct. 27 Nov. 3 p.c. p.c. Day-to-day loans .. •• '/a 'A Fine trade bills (3 mos.) 2to 2'/ 2 2to 2Vi Bank bills (3 mouths) .. "/,» "Aa Bank hills (G months) . . % % Treasury bills (2 months) Vi Vi Treasury bills (3 months) V,„ "/,« BRITISH WAR LOAN LONDON, Nov. 3 British war loan, 3} per cent, was quoted to-day at £lOl Is 3d, compared with £IOO 16s 3d yesterday. MELBOURNE ELECTRIC At an extraordinary meeting of tho Melbourne Electric Supply Company, Limited, the directors will recommend to shareholders that their shareholding in the company should be converted into shares in the Melbourne Investment Trust Proprietary, Limited, that this trust should be converted into a public company, and that a return of 10s a share should be made to shareholders in the new company. NEW YORK CALL MONEY

NEW YORK, Nov. 3 Call money is still quoted at 1 percent.