RESERVE BANK RETURN

New Zealand Herald, Volume LXXV, Issue 23222, 16 December 1938, Page 7

RESERVE BANK RETURN

STERLING £371,000 HIGHER VALUE OVER £4,572,000 £3OO 000 IN BILLS DISCOUNTED [BY TELEGRAPH—I'II ESS association] WELLINGTON, Thursday The Reserve Bank return for the week ended Monday, December 12, was gazetted to-night. The statement is balanced at £*25,965,604, or £377,384 more than at the Close of the previous week. For the first time for many weeks the sterling exchange reserve shows an increase, tho value, £4,672,031, being £371,175 higher than in the previous return. A new figure, £300,000, for Treasury and local body bills discounted, is shown, this, being the first indication of bill business since tho bank started operations. Advances to the Primary Produce Marketing Department are £474,284 lower, while those for other purposes have increased by £680,000. The seasonal increase in the note issue continues, the total being £500,780 higher than it was a week earlier. Government deposits liavo increased by £345,954, while tho holdings of the trading banks are £30,749 lower. Tho statement, with variations compared with the week before, is as follows: — LIABILITIES Variation £ £ npn. reserve .. 1,500,000 fiamo Bank notes .. 15,11)5,702 +500.780 Demand liabilities— Stale .. . . 3.033,024 +3 15.054 Hanks .. .. 5.715,020 -30.71!) Other . . . . 330,752 +07.007 Other currencies .. lo.oou -13,020 Oilier liabilities .. 170,708 +7,3J'J Total .. 25.005,001 +877,381 ASSETS .Reserve— Gold .. .. 2,801,701 Samo Sterling Ex. .. 4,572,031 +371.175 Subsidiary coiu .. 200,315 --.337 Bills . . •. 300,000 +300.000 Advances — „ A _ A no . Marketing .. 5,012,588 "474.284 Other .. .. 0.300.000 +OBO.OOO Investment .. 3,605,022 Bamo Other assets .. 113,017 +-.830 Total .. 25,005,604 +877.384 Proportion of reserve to notes and other demand liabilities, 30.333 per cent (29.834 last week). The principal items in this week's return are compared with those at the corresponding date last year in the following table:— (000*8 omitted) 1038 1937 Variation Notes. .. 15.106 14,374 +822 D6 St°atl S "~ .. 3,034 4,002 -1.868 Banks .. 5,710 0.48(3 -7,0 Exchange .. 4,572 16,444 Advances — ... _og Other C ° :: SBS *!8 Ratio (per cent) 30.333 72.503 -42.230

MANUFACTURING TRADE PROBLEMS OF PAST YEAR TATTERSFIELD'S EXPERIENCE The difficulties encountered by those industries engaged in various branches of the woollen manufacturing trade were emphasised by Mr G. Tattersfield, chairman of Tattersfield, Limited, in his address to shareholders at tho annual meeting yesterday. Ihe section of the company's business engaged m tho manufacture of floor rugs had been no exception, Mr. Tattersfield. said While during tho year the pneo of overseas competitive lines fell sharpb, in some cases as much as -0 pei cent, increased costs of manufacture, in that department, not only prevented tho company reducing prices to meet competition-; but reduced net profit on those goods to less than 2 per cent. Mr Tattersfield added that it was gratifying from tho company s point of view that the Government was taking steps to assist New Zealand secondary industries, and it was hoped that its efforts would be successrul, particularly with regard to their own and other sections of New Zealand s gieat woollen industries. Meantime the directors were watching the position very closely. In those departments unaffected by overseas competition ,9 picturo was brighter. Turnover h ;u ' teen maintained at a higher level than recent years, and in spite of increased costs the directors considered tho results satisfactory. Tho accounts, details of which were published in tho Herald on December 8, were adopted. Tho retiring directors, Mrs. L. b. Tattersfield and Mr. 11. G. Clark, wero re-elected.

LARGE SHARE ISSUE LISTS CLOSE IN HALF HOUR LONDON, Dec. 14 The issue by the London Electric Supply Corporation of 1,250,000 ordinary shares of £1 each at 43s 6d closed in half an hour. GOLD AND SILVER QUOTATIONS IN LONDON LONDON, Dec. 14 Fine gold is quoted to-day at £7 9s an 07.., compared with £7 9s lid yesterday. Silver is quoted at an oz. spot, and 19 9-16 d forward, compared with 20 ,'3-lGd and 19} d yesterday. The quotation for silver at per fine oz. is 21 11-lGd, compared with 21 13-16 d yesterday. BRITISH TREASURY LATEST WEEKLY RETURNS (Received December 15, r,.r> p.m.) British Wireless LONDON, Dec. 14 The latest weekly Treasury returns show that the total ordinary revenue for the financial year to date amounts to £457,674,905, exclusive of selfbalancing revenue. At the corresponding date last year the total was £446,970,746. The total ordinary expondituro is £695,132,858, compared with £001,440,405 for tho same period last year. SHORT LOANS AND BILLS LONDON DISCOUNT RATES LONDON, Dec, 14 Discount and short loan rates on tho London market, compared with those for last week, are as follows: — Dec. 7 Doc. 14 p.c. p.c. Day-to-day loans . .. '/a '/a Fine trade bills (3 mos.) 2Va to 3 2'/a to 3 Bank bills (3 months) .. li Bank bills (O months) .. % Treasury bills months) % l % e Treasury bills (3 months) '/, ,6 / ln WALL STREET BUSINESS NEW YORK, Dec. 14 The turnover on tho New York Stock Exchange to-day totalled 1,970,000 shares. Call money is still quoted at 1 per cent.