RESERVE BANK RETURN

New Zealand Herald, Volume LXXV, Issue 23048, 27 May 1938, Page 7

RESERVE BANK RETURN

STATE DEPOSITS LOWER RISE IN EXCHANGE VALUE INCREASE OF £293.000 SHOWN [BY TELEGHAPH —PRESS ASSOCIATION] "WELLINGTON, Thursday The Reserve Bank return for the week ended Monday, May 23, waii gazetted to-night. The statement is balanced at £27,241,440, or £474 lean than the previous week. An increase of £427,468 in the level of the banks' deposits is largely offset by a fall of £338,657 in Government deposits. There Jias been an increase of £59,593 in the value of the pote issue, while other demand liabilities have fallen by £150,785. A further increase, to the extent of £293,009, has taken place in the value of the sterling exohange reserve since the last previous return. Advances on account of exported produce are lower by £330,437. The statement with variations compared with the week before is as follows:

LIABILITIES £ £ Variation 1. General reserve 1,500,000 Same 2. Bank notes . . 14,001,121 +59,593 3. Demand liabilities — (a) State . . 4,080,657 -338,657 (b) Banks .. 7,128,1(54 +427,408 g) Other . . 224,906 -150,785 ther liabilities 297,232 +1,907 Total . .. 27,241,410 -474 ASSETS 7. Reserve—(a) Gold .. 2,801,791 Same (b) Sterling Ex. 18,121,014 +293,009 8. Subsidiary coin 227,010 -783 10. Advances — 1. Dairy Industry Account 3,253,920 - 330,437 11. Investment . . 2,735,565 Same 13. Other assots . 101,534 +37,737 Total . .. 27,241,410 -474 Proportion of reserve to notes and other demand liabilities, 82.232 per cent (81.073 last week).

PUKET TIN DIVIDEND 10 PER CENT FOR (YEAR WAIHI COMPANIES' INTEREST LARGE INCREASE IN PROFIT [from our own correspondent] LONDON, May 11 A final dividend of 5 per cent (less income tax of 5s 6d in the pound), making a total dividend of 10 per cent for the year, was declared at the annual meeting of Puket Tin Dredging, Limited, to-day. Over half of the shares of this company are held by the Waihi Investments and Exploration Company. The chairman, Mr. G. R. Mitchison. announced that the profit for the year was £37,647, compared with £10,551 in 1936. A balance of £lO6l is being; carried forward to the present year. A total of 2,711,440 cubic yards of ground was dredged, compared with 1,851,767 cubic yards in 1936, an increase of 859,673 cubic yards, producing 618 tons of tin ore, an increase of 212 tons over 1936. Sales of ore realised an average prico of £l3B 5s 2d a ton, against £ll9 7s 4d a ton in the previous year, amounting to £86,045. Tin duty totalled £17,637. Working costs were £35,155, against £28,854 in 1936. "The company's permissible output for the first half of the current year is 267 tons of tin ore, the Siamese quota being at the rate of 64 per cent of standard assessment," Mr. Mitchison continued. "For the three months to March 31, a total of 95 tons was produced, the estimated mine profit for the quarter, subject to amortisation and London expenses, being £2134. The relatively low output was caused by the dredge being closed down for February in order that the screen might be thoroughly overhauled and strengthened. Fifty-three tons of tin ore were produced in April. There is every reason to expect that the full quota will be obtained before the end of June. Of the total area held by the company, approximately 658' acres, 95 acres had been dredged up to December 31 last.''

Of the £250,000 capital issued by Puket Tin in shares of 5s each the Waihi Investments Company now holds 593,333 shares and the Waihi Grand Junction Gold Company 33,329 shares. Tho holding of Waihi Investments was reduced last year by 40,000 shares, which were placed on the market to obtain quotation on the London Stock Exchange.

SHORT LOANS AND BILLS LONDON DISCOUNT RATES LONDON, May 25 Discount and short loan rates on the London market are the same as those for last week, as follows: — May 18 May 25 Day-to-day loans . V* A Fine trade bills (3 mos.) 2to 2y a 2to 2V a Bank bills (3 months) . . "At %a Bank bills (0 months) . . % % Treasury bills (2 months) V 2 'A Treasury bills (3 months) °/,„ g / 10 SWAN BREWERY PROFITS DIVIDEND RATE UNCHANGED The accounts of the Swan Brewery Company, Limited, Perth, for the six months ended March 31, show a profit of £68,025 after providing for taxation, compared with £53,050 in the preceding half-year and £64.990 in the corresponding period of the last financial year. A dividend on the 6 per cent cumulative preference shares for the period absorbs £ISOO and the ordinary dividend for the half-year is 6d, pi us a bonus of 3d a share, requiring £76,570! With tho payment of 6d for the previous half-year the rate for tho full year is 25 per cent (unchanged) on the 5s ordinary shares. Profit for the full year is £121,975, compared with £117,140 for the preceding full year. NEW YORK CALL MONEY NEW YORK, May 25 Call money is still quoted at 1 per cent MARK FOYS, LIMITED A net profit of £61,564 for the yearended February 28, compared with £60,025 in the previous year and £54,341 for 1935-36, is shown in the accounts of Mark Foys, Limited, Sydney. Filial dividends at the rate of 6 per cent per annum on ordinary and preference shares are recommended, making 6 per cent (unchanged) for the year on both classes. The ordinary dividend for the year requires £32/122 and the preference-£16.374. It is proposed to transfer £IO.OOO to general reserve, increasing: it to £106,977. As against 5430 brought in, £BI9B will bo carried forward.