RESERVE BANK RETURN

New Zealand Herald, Volume LXXVI, Issue 23512, 24 November 1939, Page 3

RESERVE BANK RETURN

KISE IN STEELING TOTAL' £1,756,000. HIGHER ADVANCES £2,000,000 DOWN [BV TELEGRAPH —PRESS ASSOCIATION*] WELLINGTON, Thursday The Reserve Bank return for the week ended Monday, November 20, was gazetted to-night. The statement is balanced at £35,879,744, or £400,060 les§ than at the close of the previous week. An increase of £1,756,042 in. the value of the sterling exchange reserve brings the level to £7,543,770. aggregate of notes and other demand' liabilities is £413,400 lower than 011 the preceding Monday. The ratio has risen from 25.121 per cent to 30.634 per cent. Advances to the Primary Products Marketing Department have been reduced by £1,917,339 in tlie week since the last return. These for other purposes are £150,000 lower, making a decrease of £2,067,339 in the two combined. The statement with variations compared with the week before is as follows: LIABILITIES .Variation £ £ General Reserve .. 1,500.000 Same Bank notes .. Demand liabilities— •' State .. ...2,132,002 -734,803 Banks .. .. l-1.07n.nW +371,539 Other . . .. . 333.545 —47.988 Other currencies .. 12.700 +305 Other liabilities .. 030,572 - +12.950 Total ... ... 35.870,74-4 , -4C0.C60 ASSETS Reserve— Gold .. . 2,801,839 Same Sterling Ex. .. 7,51:5.770 +.1,750,042 Subsidiary coin .. 218,389 -6,291 Advances — Marketing . 5,231,000 -1,917.339 Other .' 1.. 10,725,000 -150,000 Investment i,3,28-1,993 -77,153 Other assets u. 73.093 —5,019 Total . 35,870.744 -400,060 Proportion of reserve to-notes and other demand liabilities, 30.634 per cent (25.121 last week). The principal items in this week's return are compared with those at the corresponding onte last, year in the following table: (OOO'e omitted* 3939 3938 Variation £ £ £ Notes .. .. 17.359 14,496 +2,893 Deposits— • State .. 2.132 2.228 -96 Banks .. 34.076 . 5,546 +8.530 Exchange i.. 7,544 5,922 +2,315 Advances — Marketing .. 5.235 4,699 +536 Other .. 10,725 ;> 5,500 +8.220 Ratio (per cent) 30.034 • 33.723 MOTUROA OIL FIELDS PROSPECTS ENHANCED WIDER SPREAD OF INTERESTS A net profit of £4lO, against £299 ill the previous year, is shown in the accounts of Moturoa Oil Fields, Lim-, ited, for the year ended August 31.Sales of oil showed a decrease of £355, due to the natural drop in of the wells: Earnings have been transferred to profit and loss appropriation account, which now totals £2099. Total oil production was 104,536 Imperial gallons, against 125,000 gallons in the .previous year. Total production is ncay - about 1,400.000 gallons. >--• . The company has direct royalty rights from oil won and sold from any wells drilled by the New Zealand Petroleum Company, Limited, on certain areas in Taranaki, and also, through its shareholding in Taranaki (X.Z.) Gil Fields, N.L.," similar rights on areas on the east coast, -as well as a share in its own royalty rights and those of Oil Search, Limited, for an area .at" Kotuku. The company also lias an indirect participating interest-in the capital and profits of New Zealand Petroleum Company, Limited, and the right of preserving this interest in respect of future capital issues. The company has the right to operate the existing Moturoa wells until June, 1942. The report states that the operations of the New Zealand Petroleum Company, Limited, cover a wide range, and 'active drilling has b'pert in operation for several months 011 the east coast. Further drilling is to take place in.that district, and a large modern drilling plant lias been ordered for deep drilling in Taranaki. The prospects of the Moturoa Company participating in large scale oil production are therefore, greatly enhanced by thp various transactions now completed. Several alterations have been made in the balance-sheet. Assets are £17.622 higher at £81,139. Investments are made up of 15,000 fully-paid shares of 30s each in Taranaki Oil Fields and 4063 fully-paid £1 shares in Taranaki (N.Z.'i Oil Development Company, X.L. Paid capital stands at £77,618.

E. S. AND A. BANK TAX LOWER NET RETURN. FOR YEAR The rate of English income tax applicable to the fiiuvl dividend of 3 J per cent of the English, .Scottish and Australian Bank, Limited, payable on December 7, is os -kl 111 the pound. The interim dividend of 3J per cent was subject to tax of 35.-7 din the pound. The net return on the full year's dividend to New Zealand shareholders is approximately £G 14s 9d. or 6.737 per cent, as against 7 per cent in the previous year. KAURI TIMBER YEAR SLIGHTLY" LOWStR PROFIT (Received November 23, 10.10 p.m.) MELBOURNE, Nor. 23 The net profit of the Kauri Timber Companv. Limited, for the year ended August 31 was £48,806. compared with £50,283 in the previous year. The dividend rate is unchanged at 6 per cent, made up of an interim payment of '2J per cent and a final of 3J per cent. The dividend <?f 6 per cent has been maintained for the past three years. Earnings in 1937 were £45,338. GOLD AND SILVER LONDON, Nov. 2i» Gold is unchanged at £8 8s a fine ounce. . Silver is quoted at 23Jd an ounce spot and 252 dan ounce forward. SYDNEY PRODUCE VALUES / __________ - (Received November 23", 10 p.m.) SYDNEY, Nov. 23 Wheat is selling fairly well, especially to millers. New silo grain is quoted at °s lOd and bagged at .'is. Potatoes. " a§nianian, £l2; local, north coast, ,to L 9;-: flour, £l2 losj hran and pollard. £3 15s; onions, Queensland, brown, £11; maize, white and yellow', 4s iu•

Further Commercial News appeal* Page 12. V;