RISE IN DEPOSITS

New Zealand Herald, Volume LXXV, Issue 23060, 10 June 1938, Page 7

RISE IN DEPOSITS

LAST WEEK'S RETURN

FALL IN EXOHANGE PRIMARY ADVANCES HIGHER [bt telegraph—OWN correspondent] WELLINGTON. Thursday The Reserve Bank return for the week ended Monday, June 6, was gazetted to-night. The statement is balanced at £28,043,999, or £156,341 more than at the close of the previous week.

Both classes of deposits have again risen in value. The holdings of the trading banks are £174,527 higher, while Government deposits are greater by £124,254. The note issue has increased by £15,550. Other liabilities are £199,612 lower.

The sterling exchange reserve, after a series of successive increases, has now receded in value by £477,407. Advances to the Primary Produce Marketing Department are £187,525 higher. Advances to the State for other purposes, which have been absent from the return for some time, have reappeared, the amount being £300,000. The statement, with variations compared with the week before, is as follows: — LIABILITIES Variation £ £ 1. Gen. reserve .. 1,000,000 Same 2. Bunk notes .. 13,832,283 +15,550 3. Demand liabilities—(a) State . . 4,790,020 +124,254 (b) Banks .. 7,517,54(1 +174,527 (c) Other .. 305,785 +41,622 6. Other liabilities . 07.759 -190.612 Total .. .. 28,043,099 +150,341 ASSETS 7. Keserve—(a) Gold .. 2,801,791 Same (b) Sterling Ex. . 17,801,586 -477.407 8. Subsidiary coin . 226,987 -197 10. Advances — 1. Marketing Department .. 3.963,237 +187,525 2. For Other Purposes . • • • 300,000 +300,000 11. Investment .. 2,735,565 Same 13. Other assets 214,833 +146,420 Total .. .. 28,043,099 +156,341 Proportion of reserve to notes and other demand liabilities, 77.906 per cent (80.799 last week).

SYDNEY WOOL SALES WELL-GROWN SORTS FIRM OTHER KINDS IRREGULAR (Received Jnne 9, 9 p.m.) SYDNEY, June 9 At the wool sales in Sydney 9594 bales were offered and 6160 bales sold, 717 privately. The market closed firm at late rates for all well-grown wools. Other sorts were irregular and weaker. The average price of wool for the first three days of the week was £l2 4s 6d a bale and 9.6 d per lb. WORK OF SECRETARIAT INTERNATIONAL CONFERENCE f LONDON, June 8 The prominent Australian pastoralist Mr. G. Dalziel Kelly presided at the conference of the International Wool Secretariat, which reviewed an extensive programme of research and publicity. The conference examined data regarding the changing trends in international trade, with special reference to the possibility of exploiting European markets with a view to increasing wool consumption. The secretariat reported progress in research work at Torridon, where the staff was increased considerably, and also announced that the London. School of Hygiene was investigating < the hygienic properties of wool clothing.

NEW BROKEN HILL WORKING ARRANGEMENT The management of New Broken Hill Consolidated, Limited, Melbourne, reports that the general basis of the joint working arrangement with Zinc Corporation, Limited, has been agreed upon, and details are under discussion. In the meantime the general construction and development work for equipment and operation of the two mines aro proceeding satisfactorily.

DENHARD BAKERIES DIVIDEND RATE RAISED E * The directors of Denhard Bakeries, Limited, Wellington, recommend a final dividend of 2% per cent on ordinary shares, making 5 per cent for tho year. Payment will be made on June 17.

The company's year ended on April 30 and the dividend compares with 44 per cent for 1937 and 6 per cent for 1936.

STATE CONTROL OF INDUSTRY

DANGERS TO BE AVOIDED The need for a well-planned agreement to restore capital, which he described as "tho very life-blood of tho economic order," to its old position and utility and to revive confidence was urged at the annual meeting of the Nestlo and Anglo-Swiss Holding Company, in Switzerland, 'by the president, Mr. Edouard Muller. Referring to arbitrary government measures, Mr. Muller said that, while it might bo a good thing for the state in certain circumstances, to exercise a moderating and regulating influence, there were dangers iu having state control too deeply rooted. The real funo tion of the state was to establish as perfect a balance as possible between production and consumption, for if harmony between these two were broken, trouble was inevitable.

RABBITSKIN SALE

WINTER SORTS ADVANCE The Dnnedin Stock Agents and Woolbrokers" Association reports upon the auction ot rabbltskin sales held in Dunedin on Wednesday as follows: — Increased quantities were forward, compotition being exceptionally keen for all grades and descriptions, and practically all the offering was Hold under the hammor. Exporters and furriers operated freely, best grades of autumns, incomings and winters advancing 3d to 9d per lb; racks, Bummers, etc.. barely maintained last sale's values. Prime winter bucks sold to OOd, first winter bucks to 93y 3 d, prime winter does to G4d, first winter does to 0.3d.

The following is the range of prices:— Smalls, OVid to 7ds runnors, 15d to lGd; light racks, 21% dto 23V*d; summers, 9 a M to ll 3 /id; prime racks, 2iy a d to !23%d; dawny autumns, 23% dto 24V a d; first early, 31% dto 34% d; first late, G7d to 70d; first incomings, 71 Via to 80d; second, 52d to 5-ld; summer broken, lO'/d to lOVsd; autumn, 19% d to 20d; second wiuter broken, 25d to 25Vid; first, winter, 27d to 33% d; summer blacks, 9%d to 10% d; autumn, 21 d to 25V»d; second winter, 29d to 34 %d; first winter, dO'/id to 4Qd; milky, 10 3 /id to lid; first milky. 16% d to 17 l / a d; first early winter bucks. 80d to 8Id; does, 53d to 55d; winter bucks (spotted). 58d to OaVsd; second winter bucks, 74d to 7Gd; first winter bucks, OOVad to 93Vsd; prime winter bucks, t)3VSd to flGd; winter does (spotted), 41 %<1 to 42d; second winter does, 51d to SKiYzd; first winter, 61 %d to. 03d; prime winter, flld; outgoing bucks, 4tt I ,Jd to fifi'/jri; does, 29Vsd to 35% d; spring bucks, 2(fd to 27% d; does, 22d; hareskins, 26d to SQ'/gd; summer weevily, 7 J /id to By a d; winter weevily, 33r to 15Vad; summer fawns, to 12d; autumn, 28d to 29d; winter. 42d to 45 l /d; horsehair, 18% d to 26V 4 (l.