RESERVE BANK RETURN

New Zealand Herald, Volume LXXV, Issue 22936, 14 January 1938, Page 5

RESERVE BANK RETURN

NOTE ISSUE DECREASES STATE DEPOSITS HIGHER ___ | DROP OF £267,014 IN EXCHANGE [BY TELEGRAPH—PRESS ASSOCIATION] WELLINGTON, Thursday The Reserve Bank return for .the week ended Monday, January 10, was issued to-day. The statement is balanced at £29,044,963, or £150,213 less than at the close of the previous week. The fall in the value of ,the note issue of £366,719 is even more marked this week, and indicates that this item is rapidly returning to normal after the holiday period. Government deposits have recovered and show a riso of £450,367, but the deposits of the trading banks have dropped by £203,103. There is also a fall of £107,955 in other liabilities. The sterling exchange reserve has again dropped, being £267,014 lower. Advances to the Dairy Industry Account show an increase of £Bljllo on the level of the week before. Other assets are higher by £33,553. The statement, with variations, compared with the week before, is as follows:

TRADE OF BRITAIN RETURNS FOR DECEMBER TWELVE MONTHS* TOTALS (Received Js.nuary 13, 0.5 p.m.) British 'Wireless RUGBY, Jan. 12 The Board of Trado returns for December chow that the value of imports into Britain was £94,328,000, compared with £83,656,566 in December, 1936, an increase of £10,671,434.. The value of exports was £43,882,000, compared with £40,515,632, an increase of £3,366,368, and of re-exports £4,979,000, compared with £6,100,163, a decrease of £1,121,163. Following is a comparison of the returns for December for the past three years:— Imports Exports Re-exports £ £ £ 1035 . 74,480,025 34,017,008 . 5,432,397 1030 . 83,050,560 40,515,832 0,100,103 1037 . 04,328,000 43,882,000 4,979,000 The apparent adverse balance in December, 1935, was £34,131,160. It increased in 1936 to £37,040,771. Last month the excess of imports oyer exports increased to *£45,467,000. Corresponding returns for periods of 12 months are:— Imports ' Exports Re-exports £ £ £ 1935 750,930,175 425,921,343 55,205,370 1930 848,035,895 440,718,784 00,416,301 10371,029,005,000 521,923,531 75,305,748 The apparent adverse balance for the past 12 months is £431,835,721, compared with £347,800.750 in 1036, and £275,749,456 in 1935. BRITISH SAVINGS BANKS HUGE TOTAL OF DEPOSITS (Received January 13, 0.5 p.m.) 1 British Wireless RUGBY, Jan. 12 Speaking at York, the Earl of Harewood said that British trustee savings banks, including the Post Office, had 13,000,000 depositors with more than £700,000,000 in deposits.

WHOLESALE PRICES BRITISH COMPARISONS ' (Received January 13, 6.5 p.m.) • British Wireless RUGBY, Jan. 12 The Board of Trade index of wholesale prices for 1937 was higher by 15.1 per cent than for 1936, following upon rises of 2.8 per cent between 1933 and 1934, 1 per cent in the following yefif, and 6.1 per cent between 1935 and • 1936. UNION BANK DIVIDEND PAYMENT TO SHAREHOLDERS Advice was received yesterday by the Auckland office of the Union Bank of Australia, Limited, that the final dividend of 4s a share and centenary bonus of 2 per cent, or 2s a. shareware both payable in sterling, less British income tax of 3a Id in the pound. This amounts' to about lid on the total payment of 6s a, share, making the actual distribution about 5s id a share, sterling. Shareholders in NewZealand will therefore receive approximately 6s 4d a share. In July last year an interi;n dividend of 2s 6d a share was distributed, making 7s 7d a share sterling, or approximately 9s 4d a share, New Zealand currency, for the year. This compares with a payment last year to New Zealand shareholders of about 6s lOd a share, when the dividends were tax-free. The interim dividend paid in July was subject to an English tax of 3s 4d in the pound. SMITH AND SMITH, LIMITED PREFERENCE SHARE DIVIDEND An unchanged dividend of 2J per bent for the half-year ended January 31 hps been declared by Smith and Smith, Limited, oil and colour merchants, Wellington, on its 6 per cent preference shares. Payment will bo made* on January 31. McKENZIE'S STORES McKenzie's Department Stores, Limited, has advised the Auckland Stock Exchange that fractions resulting from the recent new issue of 100,000 shares have been disposed of. The proceeds, amounting to 10s 8d for each quartor share, wore paid to shareholders on Monday. EQUITABLE BUILDING The directors of the ' Equitable Building and Investment Company of Wellington, Limited; have declared a final dividend of 2 per cent, making 4 per cent, unchanged,, for the year ended December 31. It is expected that the dividend will be paid to-day.

LIABILITIES £ Variation 1. Gen. reservo .. 1,500,000 2. Bank notes . . 14,728,457 3. Demand liabilities— (a) State .. 3,220,531 (b) Banks .. 8,851,652 (c) Oth?r .. 574,040 G. Other liabilities 160,374 £ Same -366,710 +450,367 -203,103 +77,107 -107,055 Totat .. 20,044,063 -150,213 ASSETS 7. Reserve— (a) Gold . . 2,801,701 (b) Sterling Ex. 10,147,805 8. Subsidiary coin 215,271 10. Advances— 1. Bairy industry account . . 6,243,604 2. For other purposes .. 900,000 11. Investment .. 2,658,325 13. Other assets .. 78,017 Same -207,014 +2,138 +81,110 Same Same +33,553 Total .. 20,044,063 -150,213 Proportion of reserve to notes and other demand liabilities, 69.221 per cent' (70.088 per cent last week).