RESERVE BANK RETURN

New Zealand Herald, Volume LXXV, Issue 23002, 1 April 1938, Page 5

RESERVE BANK RETURN

RISE IN NOTE ISSUE EXCHANGE TOTAL FALLS DECREASE OF £245,940 SHOWN [by TELEGRAPH —PRESS ASSOCIATION] WELLINGTON, Thursday The Reserve Bank return for the week ended Monday, March 28, was gazetted to-night. Tlio statement is balanced at £28,316,575, or £669,640 less than at the close of the previous week.

Government deposits are lower by £783,130 than in the previous week's return, while those of the trading banks are £9Bll higher. The note issue, after a steady fall lasting over many weeks, has increased bv £24,227. Other domand liabilities are £48,318 higher. The sterling exchange reserve, which had shown several successive increases, has now fallen by £245,940. Advances to the Primary Produce Marketing Department are £278,467 lower. The statement, with variations, compared with the week before is as follows: — LIABILITIES „ , „ Variation £ * i' 1. Goneral reserve 1,500,000 Same 2. Batik notes . . 13,354,4(18 +-1,-77 3. Prniaiid liabilities—(a) State .. 7,115,2(11 -783,130 (b) Banks . . 5.588,0(15 +O,Bll (c) Other . . 351,001. + 48,318 G. Other liabilities 201,(400 +1,434 Total .. 28,31(5,575 -009,010 I ASSETS 7. Reserve—(n) Gold .. 2,801,701 Same (!>) Sterling ex. 1(j,n20,(i51 —245,040 8. Subsidiary coin 228,2510 -78!) 10. Advances—1. Primary Produce Marketing 5,400,127 -278,407 3. Other . . 200,000 -50,000 31. Investment 2,074.085 Same 13. Otncr assets .. 75,701 -124,444 Total . . 28,310,575 -000,010 Proportion of reserve to notes and other demand liabilities, 74.145 per cent (73.143 last week). SCHOOL •OF MINES PROGRESS AT WAIHI WORK r:-;!NG YEAR [from OUII OWN COItTtESI'ONnENT] WAIHI. Thursday The report of the council of the Waihi School of Mines, presented at the annual meeting, showed that at the annual examinations held in November 28 candidates had sat in 10 subjects, the total number of papers handed in being 39. There wero 13 first-class, 12 secondclass and seven third-class passes, making a total of 32. In addition to the school passes enumerated, two electrical students were successful in passing the first grade in electrical engineering of the City and Guild of London, and another student passed the theoretical examination required for his wireman's licence.

Tho past year had proved a strenuous one for all, as in addition to the record numbers of assays made for tho Mines Department, prospectors and others, tho director, Mr. A. H. V. Morgan, had continued extensive experimental work in oil flotation and on parcels of cinnabar oro from the Kaikohe district. The usual large amount of general laboratory work was also carried out. Tho net receipts for the year were £9OO 12s lOd and the expenditure £929 7s lOd and tho balance in hand at December 31 was £2Ol Is 3d. The election of officers resulted as follows: —Patrons, the Hon. P. C. Webb, Minister of Mines, and Mr. J. Thorn, M.P.; president, Sir. W. H. Johnston; vice-presidents, Messrs. J. L. Cilmour and M. F. Has/.ard; council, Messrs. W. Morrison, A. F, Lowrie, C. Kingsford, W. J. McConachie, F. Clifton and A. E. Waite; students' council, Messrs. A. Walsh and E. Mackie; auditor, Mr. W. M. Wallnutt. Prizes wero distributed as follows: Fire assaying, T. Marshall; theoretical chemistry, D. Lawson; mathematics, junior, D. Lawson; mathematics, practical, E. MacKie; qualitative analysis, 0. Morgan; and mining, A. E. Waite.

PRICES OF METALS SHARP DROP IN TIN LONDON, March 30 Following are to-day's quotations on the London metal market compared with those of March 29: —- March 30 March 29 Per ton ' Per ton £sd £ s d Copper, stan., spot 38 3 l'/ 3 39 0 7% Copper, st., 3 nios. 38 (5 10% 39 4 414 Copper, electrolytic 42 0 0 42 15 0 to to 43 0 0 43 15 0 Copper, elect., wire

bars .. 43 O O 43 15 O Lead, soft, spot .. 15 19 4% 10 0 10% Lead, soft, forward 15 10 4% 10 0 10'/ 2 Spelter, spot .. 13 17 (1 14 4 4V a Spelter, forward .. 33 18 V/i 14 4 4Va Tin, stan., spot .. 173 5 0 182 li 3 Tin, stan., 3 mos. 173 7 0 183 2 0

AUSTRALIAN LOANS LARGE SUM FOR CONVERSION Australian consolidated stock and bonds maturing this year amounted on Juno 30 last to £72,738,550, although operations through the sinking fund may have slightly reduced tho total since that date. The total is made up of two issues, one of 4 per cent, amounting to £66,474.820, and another of 3 per cent, amounting to £6,263,730. Both arc duo for redemption on December 15 next, and will bo the subject of a great conversion loan before that date. They aro the first of the great conversion operations of 1931 to bo offered for reconversion. "There have been at times, and no doubt still aro, anxious thoughts concerning tho outcome of tho conversion," states tho Sydney Morning Herald, "but it should be remembered that were any considerable part left unconverted the holders of the Unconverted portion, on receiving their cash, would not desire it to lie idle. They would be searching round for investment, and where would they find it? It is that fact which will be the strongest argument in favour of the new conversion."

PROPERTY AUCTIONS C. F. Bennott, Limited, will offer at public auction at its rooms at the corner of Queen and Shortland Streets, at noon to-day, residential properties at 30 Cheltenham Road, Dovonport, and at 32 Shacklcton Road, Mount Eden. Samuel Vaile and Sons, Limited, will offer at auction at its rooms, 83 Queen Street, at 2 p.m. to-day, fonr-roomed bungalow at 29 Winslone Road, Mount Roskill. Noville Newcoinb, Limited, will offer at auction at its rooms, •! Wyndhatn Street, at noon to-day, freehold property at 130 Wellrsley Street anil 0-11 Sale Street, loirether with a Inrire factory; also freehold property at 331 Slundrinirham Road; Robert C. Carr and Son, Limited, will olTcr :it auction sit its rooms to-day. under instruction from the public trustee, properties nt lioval Oak, Mount Eden, Avondale. One Tree Mill, Eden Terrace, Ponsonby, Itemuera, Torbay and Newmarket. T. Mandeno Jackson will offer at auction at its rooms, 3 Swanson Street, at 11 o'clock this morning, six-roomed dwelling at 77-79 Gribble-Hirst Road, Mount Albert, and foarroomed bungalow at Rosebank Roarf, Avondale.