RESERVE BANK RETURN

New Zealand Herald, Volume LXXVI, Issue 23488, 27 October 1939, Page 5

RESERVE BANK RETURN

STERLING- £59,833 HIGHER LIABILITIES £394,700 UP. RATIO DOWN TO 25.162 [BIT TELEGRAPH —PRESS ASSOCIATION*] WELLINGTON, Thursday Tfie Reserve Bank return for the week •ended Monday, October 23, was gazetted to-night. The statement is balanced at £35,-166,716, or £.(16,009 more than at the close of the previous week. Sterling exchange, at £5,605,045, is £59,833 higher in value than on the previous Monday. Notes have increased by £130,714, the deposits of the trading banks by £272,243 and other demand liabilities by £41,737. Government deposits are £49,953 lower. On balance these liabilities arc £394,741 greater than a week previously. The ratio has declined from 25.279 per cent to 25.162 per cent. Advances to the Primary Products Marketing .Department have increased by £516,502. Other advances are £IOO,OOO lower. , The statement with variations compared with the week before is as follows:

LIABILITIES Variation .c .c General rcscrvo .. 1,500,000 Same Bank notes . . . . 17,33-1,530 +130,714 Demand liabilities— State .. .. 1,010,888 --10,053 Banks .. .. 13,783,120 +272,2-13 Other .. .. 302,323 +-11,737 Other currencies .. 11,002 -873 Other liabilities .. 588,535 +22.111

Total .. . . 35,106,710 +1.1.0,000 ASSETS Reserve— Gold .. r. . 2,801,830 Same Sterling exchange. . 5.005,0-l5 +50.83.'$ Subsidiary coin .. 221,-128 -2,052 Advances-'— Marketing .. 5,78-1,208 +510,502 Other .... 17,325,000 -100.000 Investment ..- '.. 3,000,123 -1.10,820 Other assets .. 110,083 +O2/155 Total . . .. 35,-166,716 +110,009 Proportion of reserve to notes and other demand liabilities, 25.162 per cent (25.279 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'e omitted) 1030 1038 Variation £ £ £ Notes . . K . 17,335 14,350 +2,085 DepositsState -.. 1.017 2,878 -031 Bunks .. 13.783 5.301 +8,422 Exchange .. 5,005 8,31-l -2,700 Advances — Produce .. 5,781 3,850 +1,025 Other . . 17,325 0,-150 +10,875 Ratio (per cent) 25.102 48.451 -23.280

ROTOITI TIMBER YEAR INCREASE IN PROFITS CONSERVING CASH RESOURCES Earnings of the Rotoiti Timber Company, Limited, Wellington, .for the year ended Juno 30 totalled £BBO3, compared with £3395 in the previous year and £2958 in 1937. Total turnover at £55,199. compares with £41,844 a year ago and is a record for the company. After paying the dividend for 1938. absorbing £1585, and providing £2280 for income tax and £382 for social security tax. £10,751 remains in the profit and loss appropriation account. The directors recommend unchanged dividends, the preference payment of 6 2-5 per cent requiring £246, and the ordinary payment of 4 per cent absorbing £2032, "while £SOOO is transferred to general reserve, leaving £3472 to be carried forward. The directors' report states that the mills have been working satisfactorily, and plant and machinery are all in good condition. Although tho company's liquid position lias substantially improved the directors consider it necessary to conserve cash resources. It is noted that taxation takes 37 per cent of the net profit. The company's paid capital is unchanged at £48,459.

CEREAL PLANTING NEXT SEASON'S ACREAGE MORE POTATOES EXPECTED [by telegrafh —PRESS association] WELLINGTON, Thursday Figures giving the estimated areas under wheat, oats, barley and potatoes for the 1939-40 season are given in tonight's Gazette. The final areas in 1938-39 and the areas estimated as sown or to be sown in 1939-40 in wheat, oats and barley are as follows: Acres for threshing, wheat, 189,281; oats, 54.422; barley, 26,898; for chaffing, wheat, 1336; oats, 174.527; barlev, 071; total harvested, wheat, 190,617; oats, 225,949; barley, 27,569; not harvested (fed ofr, etc.), wheat, 2715; oats, 50.847; barley, 4959. Totals, wheat, 193,332; oats, 279,796; barley, 32,525. Estimated areas for 1939-40:—North Island: Wheat. 4500; oats, 13,000; barley, 2700; South Island, wheat, 251,500; oats, 211,000; barley, 28,800; totals, wheat, 259.000; oats, 254,000; barley, 31,500. Figures for potatoes show that the final area in acres in 1938-39 was: — North Island, 4528; South Island, 13,504; totals for Dominion, 18.032. The estimate for 1939-40 is:—North Island, 5000; South Island, 11,800; total. 19.800. SHORT LOANS AND BILLS LONDON DISCOUNT RATES LONDON, Oct. an Discount and short loan rates ou the London market, compared with those of October 18, arc as follows: Oct. IS Oct. 25 p.c. p. 0.. Da.v-10-dny loans . . 1 % i'/j Fine trade bills (3 mos.) Ito-l'/a 2% lu 3'A Bank bills (3 months) . l"'io ;[% Bank bills (6 months).. 2 1 / i 2 Treasury bills (2 nios.) 1% l"/ ln Treasury bills t3 mos.) l»/ in New York call money is unchanged at 1 per cent. FOREIGN EXCHANGE RULING LONDON LEVELS LONDON, Oct. 25 Foreign exchange quotations are: — New York (dollar), .4.003; Paris (franc), 1761; Amsterdam (gr.), 7.55; Brussels (belga), 24.00; Milan (lire), 79.00; Hongkong (dollar), Is 2 63-01 d; Shanghai (dollar), I 13-16(1; Stockholm (kr.), 16.80; Copenhagen (kr.), 20.75. PRICES FOR METALS LONDON, Oct. 25 Tin is quoted at £230 per ton, both for spot and forward delivery. Prices for copper, lead and spelter arc unchanged. SAME BYCROFT DIVIDEND llyeroft, Limited, i!nadvised th. j Stock Fxehango Association that the directors have declared an interim dividend of 4 per cent, unchanged. Payment will bo made ou November l(i.