RESERVE BANK RETURN

New Zealand Herald, Volume LXXV, Issue 22948, 28 January 1938, Page 5

RESERVE BANK RETURN

NOTES £230,500 LOWER EXCHANGE UP £526,000 BANKS' HOLDINGS INCREASED [by TELEGRAI'II I'll ESS ASSOCIATION*] TVF.r.LIXt;TOX, -Thursday The Reserve Hank return for the week ended Monday. January -1, was gazetted to-night. The statement is balanced at £^o.s)(il, 137, or £419.711 more than at the close of the previous week. The fall in the value of the note issue continues, the total hoing £238.546 less than the week before. Government deposits are £17,120 lower, hut those of the trading banks have risen bv £681.235. The sterling exchange reserve has again increased substantially, the rise in value being £'>26,087 in the week. Advances to the Dairy Industry Account are £127,835 lower. The statement, with variations, compared with the. week before, is as follows:—■ LIABILITIES Variation i' £ 1. General reserve 1,300,000 Same Bank notes . . I I!) 39 -23(5,3-1(5 3. Demand liabilities fa) Statu . . (i!i(i -17,120 (b) Banks .. ](>,.'!(>s,oii(i +(581.233 (c) Othfr (i I 1,.*.1 i —!»,(>:tfi (5. Other liabilities 103,173 + 1.-138 Total .. 2!),0(31,437 +*l9*7ll ASSETS 7. Reserve—(a) Gold . . 2,501,701 Same (b) Sterling ex. 17,-00.ISO +32(5,087 8. Subsidiary coin 218,303 +3lO 10. Advances—1. Dairy Industry Account (5,00:3,308 -127, 833 2. For other purposes ~ 000,000 Same It. Investment 2,038,323 Same 13. Other assets . . 80,431 +20,040 Total .. 20,061,437 +410,711 Proportion of reserve to notes and other demand liabilities, 70.789 per cent (69.963 last week). CHRISTCHURCH GAS HIGHER NET PROFIT TOTAL SALES INCREASED [by TEI.ECHAI'H I'IIKSS ASSOCIATION*] CHRISTCuURCH, Thursday The accounts of the Christchnrch Gas, Coal and Coke Company, Limited, for the year ended December 31, 1937, show, a net profit of £27.785, compared with £2.5,123 in the previous year. As .previously announced, the dividend is maintained at 7 per cent. The profit and loss account shows fii balance of £33.(370, against £31,129 a year ago. .After payment of the dividend the carry forward is £8420, compared with £5885 brought in. Sales of gas amounted to 427,383.800 cubic feet, an increase of 733,900 cubic feet. Chief changes in the balance-sheet are the addition of £IO.OOO to investments. which now stand_ at £10,190, an improvement of £7867 in deposits and provision for depreciation, which brings plant and buildings, to £418,291, compared with £132,151 a year ago. Following are the company's results and appropriations lor the past three years. m: Hi 1037 Brought forward . £!>a!00 Net profit • • 23 :«)•» 2 '-' 8 " n:>, 1 (53 31,128 33,(570 Dividend, 7 p.c. 23,100 23,213 2.> 2.>0

Carried forward . i'S.oor, £fl,Bdfl £!M2O Reserves total £lll,Olß, and paid capital is £360,700.

SHORT LOANS AND BILLS

LONDON DISCOUNT RATES' LONDON. Jan. 20 Discount and short loan rates on the London market are the same as those for last week, as follows; Jan. 10 Jan. 20 p.c. p.e. Day-to-day loans .. ' Vj Vi Fine trade bills (3 mos.) -"to OVa - to-/a Bank bills (3 months) • ,« Bank hills (<i months) /»« Treasury bills (2 months) / ? h Treasury bills (3 months) A /a GOLD AND SILVER QUOTATIONS IN LONDON LONDON, Jan. 20 Fine gold is quoted to-dav at £6 19s 7Jd an (>■/,., compared with £6 19s 7d yesterday. Silver is quoted at 20J(1 an o/>. spot, and 19 15-1 (id forward, compared with 20d and 19 13-16 d yesterday. The quotation for silver at per fine oz. is '2l 1 l-16d, compared with 21 9-16 d yesterday. PRICES OF METALS AN ALL-ROUND FIRMING LONDON, Jan. 20 Following are to-day's quotations on the London metal market compared with those of January 25:

Jan. 'J'i Jan. per ton per ton £ s <1 -C H <1 Copper, stan., spot 40 4 4Vi •">" 1" Copper, stan., a mos. 40 8 !> 40 1 a Copper, electrolytic 44 o 0 4;} 100 to to lo 0 6 41 10 0 Copper, elect., wire bars .. 40 n 44 10 <> I,fail, soft, spot to 11 IV'j lo 11 Kl'/a Lead, soft, forward 15 1(1 loVj I."> 14 I''j Speller, spot . . 14 f I 4Vi 14 10 7V ? Spelter, forward .. 14 111 l!j 14 14 l'/ 2 Tin, stall., spot Isi 5 ii |s(i V2 <> Tin, stan., a mos. 1W ti (j is I 7 (i

MINING NEWS MARTHA OPERATIONS [BY TI'.r.KC;tt.VPH —OWN • correspondent] WAIHI, Thursday 'l'lie following information has been cabled to London by the Martini (iolij Mining Company (Waihi) Limited:— No. 4 Level Vein.—At 115 ft. in Lovett south-east crosscut we have driven to the east 22ft. in ore of good grade about lift, wide and to the west lift, in ore of good grade about 2ft. wide. No. >.5 Level, north branch of Martha Lode.—At 85ft. in the Taylor North crosscut wc have driven to the east 16ft., the assay value being 20s a ton. The width of the vein is about 3ft. and to the west 15ft. with' an assay value 21s .'id a ton. The, width of the vein is about 4ft. No. 7 Level, west branch of Edward Lode.— Driving south-west the next 15ft. assays 6s 9d a ton. The lode is about lift. wide. MINING SHARES IN LONDON LONDON, Jan. 21! The following quotations were made on the mining market to-day: Clutha River, buyers, Is 104 d; sellers, 2s IJd. Molyneaux River, buyers, Is 3d; sellers. Is 4id. STOCK EXCHANGE HOLIDAY \ the Auckland Stock Exchange will be closed to-morrow morning on tho occasion of Anniversary Day. Business will resume at the morning call on Monday.