STERLING FUNDS

New Zealand Herald, Volume LXXV, Issue 23192, 11 November 1938, Page 8

STERLING FUNDS

RESERVE BANK TOTAL i. HEAVY DECREASES VALUE NOW £6,633,000 WEEK'S EALL £1,074,000 A fall of £1,074,666 in the value of the sterling exchange reserve, compared with the level* a week before, is shown in the Reserve Bank return of assets and liabilities at the close of business on Monday last. The statement was published in the Gazette, issued in Wellington yesterday. The total reserve of sterling exchange now stands at £6,633,031 in New Zealand currency, or approximately £5,306,000 expressed in pounds sterling. Some 11 weeks ago the value in New Zealand currency was £14,506,110, this being the level in the return showing the position on Monday, August 22. The almost uninterrupted downward course since that date is shown by the following table:- —

Value Decrease Aug. 22 .. £14,506,110 Aug. 29 .. 13,694,010 £ 811,491 Sept. 5 12,038,656 1.°55,9f13 Sept. 12 12,681,343 . Sept. 10 mm 12,247,006 434,337 Sept. 26 >. 11,449,447 797,559 Oct. 3 r«.i 10,594,978 854,469 Oct. 10 >. 9,960,235 634,743 Oct. 17 .. 9,118,330 841,005 Oct. 24 .. 8,313,575 804,755 Oct. 31 .. 7,707,697 . ®00,878 Nov. 7 .. 6,033,031 1,0/4,666 •Increase. In the return last year corresponding to that compiled this week, the reserve of exchange was valued at £16,209,931, or £9,576,900 more than the latest figure. The lowest level in the OctoberDecember quarter was £16,184,927 on December 6. By the end of December there had been an increase to £16,992,748. Another marked movement in this week's return is an increase of £1,200,000 in the advances to the State, other than to the Primary Produce Marketing Department. This brings the total to the record figure of £8,050,000. Advances to the Marketing Department amount to £4,090,294.