RESERVE BANK RETURN

New Zealand Herald, Volume LXXIV, Issue 22896, 26 November 1937, Page 7

RESERVE BANK RETURN

EXCHANGE VALUE LOWER BANKS' DEPOSITS INCREASE DAIRY ADVANCES UP £204,000 [BY TELEGP, APH —PICKS* ASSOCIATION"] "WELLINGTON, Thursday The Reserve Rank return for the week ended Monday, November 22, was gazetted to-night. The statement is balanced at £27,102,719, or £83,151 more than at the close of the previous week. Trading bank deposits are £311,900 higher in value than the week before. Government deposits have decreased by £7(5,041. Other demand liabilities have fallen £167,129 in value. Tho item liabilities in currencies other than Now Zealand currency, which appeared last week, stands unchanged at L' 02,219. The sterling exchange reserve again shows a downward tendency, being £123,830 lower than the week before. Advances to the Dairy Industry Account have increased by £204,119. The statement with variations compared with the week before is as follows : LIABILITIES Variation £ c 1. Gen. reserve .. 1,500,000 Same '2. Bank notes .. 13,203,032 -10,870 ii. Demand liabilities — (a) State .. 1,180,050 -70,011 (h) Banks 7,i:i8,70<; +:ili,ooo ft ) Other . . 5-Vt, 1 :f(> - 107,12!) 5. Liabilities in enrreni ies ollirr than X.Z. . . 02,210 Same O. Other liabilities 158,007 + 1..500 Total .. •_'7, l(i'_',7l!) -t-s:t, 151 ASSETS 7. Reserve - (a) Cold 2,801,701 Same <h) Sterling Ex. :i0,552,:;i t -123, Run 8. Subsidiary coin 8:3,101 10. Advances— J. Dairy Industry Account •1,585,011 +201,110 2. For Other Purposes . . 700,000 Same .11. Investment .. 2,058,325 Same 13. Other assets . . 81,781 +4,270 Total .. 27,402,719 +83.154

Proportion of reserve to notes and other demand liabilities, 74.943 per cent (76.665 last week).

INSURANCE ACCOUNTS QUEENSLAND COM I'ANY REDUCTION IN SURPLUS INTEREST AND RENTS EXPAND Tlio accounts of ilio Queensland Insurance Company, Limited, for the year ended September 30 show an underwriting profit of £70,570. as against £77.386 last year. The fall was brought about by higher taxation payments and by increased charges. Interest, and rents rose to £(51..'578 from £58.708 in 1930. A sum of £35.000 is carried to reservo for unexpired risks, making it £305.000, and £25.000 to reserve fund increasing it to £350,00(1. The dividend, as previously announced, is SI per cent for the year, as against 8 per cent in the previous year. The distribution requires £03,750 and £42.978 is carried forward, ngninst £-10.153 brought into the accounts.

! Details of results in the past three years are as follows: j 11)35 UKll! 10.17 I Prenl. income .. 107.50: i 511,730 U10,078 Chartres p.c. .. :io.!> :»>. i 35.3 Losses .. .. 251,: 121 208,0 17 321,500 Ratio p.e. . . 10.3 -lo.<j 53.1 Underwriting profit 51,005 77,380 70,570 I Jnt. and rents .. 51,07s 58.70* 01..''.78 Dividend p.c. . . s s 8 1 ;. Amount (jo.ooo 00,000 (13,750 .lubilee bonus 2 p.c. -- 15.000 ITo risks reserve To reserve fund 50,0110 ioo '_>s,ooo Car. forward . . 3 1,805 10,153 -12,078 The capital of the company is £750,000. Assets include Government securities, £1,037,445, municipal debentures, £77,620 and shares, £190,558. SHORT LOANS AND BILLS LONDON DISCOUNT RATES LONDON, Nov. 24 Discount and short loan rates on the. London market, compared with those for last week, are as follows: Nov. 17 Nov. 21 p.c. p.c. Da.v-to-da.v loans .. ',j Fine trade bills (3 mos.) 2to 2'/j 2to 2'/ 3 Bank, bills (3 months) .. "i„ Bank bills (O months) . . % Treasury bills (2 months .. V 2 Treasury bills (3 months).. "ia MARKETS RECOVER LONDON STOCK EXCHANGE LONDON, Nov. 21 The recovery of the London markets continued to-dny with a good volume of business. Special attention was paid to the improvement in commodities. GOLD AND SILVER QUOTATIONS IN LONDON i LONDON, Nov. 21 j Fine gold is quoted to-day at £7 Os I Id an 0r,., compared with £7 0s 0d yes- 1 terday. The quotation for silver at per fine 07.. is 21 3-1 Gd, compared with 21.1 d vestcrday.

FELT AND TEXTILES, LTD. CONSOLIDATING EXTENSIONS During the last few weeks Felt and Textiles of Australia, Limited, completed negotiations for the acquisition of further factories. Sir Walter MassyGreene, chairman of the company, told shareholders at the annual meeting in Melbourne recently that tlio profits of the factories were sufficient to give ft very good return upon the purchase price, which would lie settled by the payment of some cash and the allotment of an appropriate number of fully-paid shares in their company. No other forward movo was. however, contemplated at the moment, itbeing intended to devote the, ensuing months to the consideration (if the company's position in various fields of its activity. The aggregate turnover of the slipper companies controlled by Felt and Textiles, was now in tlio vicinity of £750,000 :i year. SYDNEY PRODUCE MARKET (Received November 25, fl.oO p.m.) SYDNEY. Nov. 2r» The wheat inarket is weak in sympathy with overseas. New silo grain is selling round -Is 7d and bagged at about 4s IOJd. Flour, .CM 10s. Bran and pollard. £7. Potatoes, Tasinanian. £1; otlters, £.'s 10s. Onions, brown, U8 to .L'i). .Maize, yellow and white, Is 9d. NEW PRIVATE COMPANY Tlio following private company lias liecn registered in Auckland: — Anderson's Garajre, Limited, service and repair station proprietors. Capital. £IOOO, in £ 1 shares. Subscribers: A. G. Anderson, 000 shares; Mrs. Beryl Anderson, ]()0.