RESERVE BANK RETURN

New Zealand Herald, Volume LXXVII, Issue 23718, 26 July 1940, Page 3

RESERVE BANK RETURN

STEELING £194,000 IOWER FALL IN STATE DEPOSITS HIGHER LEVEL OF . ADVANCES [by telegkafh—pbess association] WELLINGTON, Thursday The Reserve Bank return for the . week ended Monday, July 22, was gazetted to-night. The statement is balanced at £44,115,807, or £276,806 more than on the previous Monday, Sterling exchange reserve shows adecline of £194,000 over the week. The note issue has increased by £417,156. Among the demand liabilities there has been a fall of £440,439 in Government deposits, while those from hanks "are £329,549 higher. The ratio is 37.695 per cent, against 38.259 per cent a-week before. Advances show a fairly substantial increase. Those to the Primary Products Marketing Department are £318,712 higher, while other advances have risen by £200,000. The statement with variations compared with the week before is as follows: LIABILITIES Variation £ £ Gen. reserve .. 1,500,000 Same Bank notes .. 19,492,362 +417,136 Demand liabilities— State .. 5,441,491 -446,439 Banks .. 16,605,913 +32€i,549 other .. 200,285 -182,399 Other' currencies . 9,138 -3,468 Other liabilities .. 860,013 4-162,407 Total .. 44,115,807 +276,806 ASSETS ,V . ' -v Reserve — . Gold .. 2,801,840 +1 Sterling Ex. . 12,941,185 -194,000 Snbsidiairy coin .. 154,106 _^-3,519 Ad van ceil — Marketing .. 3,972,284 +318,712 * Other .. 21,510,000 +200,000 Investment .. 2,543,804 Same Other assets .. 192,558 —44,388 Total .. *44,115,807 +276,806 Proportion of reserve to notes and other demand liabilities, 37.695 per cent (33.259 last week). The principal items in this week's return are compared with those at the corresponding date last year in the following table:— (OOO's omitted). . ■ ■ 1910 1939 Varfation £ £ £ Notes .. 19,492 15,575 +3,917 Deposits— 5 4 41 2,200 +3,235 Banks .. 1G.G06 10,905 +5,641 Exchange .. 12,941 5,590 +7,345 Advances— • „ ■_ Marketing 3,972 5,5/5 -1,603 Other .. 21,510 12,650 +8,860 Ratio (p.c.) . 37.695 28.552 +8.843 RECORD MEAT SEASON STRAIN ON COOL STORAGE BO ARID EXPRESSES CONCERN NEED TO MAINTAIN QUALITY Concern at the position regarding cool storage which has arisen as a L result of the war is expressed in the [ annual report of thd New Zealand Meat . Producers' Board for the year ended [ June 30. It is considered that the addi- , tional irtorage which has been provided [ is not yet commensurate with the in- > -creased killing. The report states that a great deal - had been done to remedy the deficiency > in cool storage as a result of conferl ences called by the Government, in » which the board, had co-operated. After 5 the experience of-the last war, how- \ ever, it was imperative that the "Dominion should possess ample cool storage to meet any position which,might arise. Nothing could be more disastrous to the farming community than the inability to kill their fat stock, owing to congestion at the cool stores of freezing works. Dealing with killings, the report states that up to June 1 the total weight of all classes of meat killed for export showed an increase of 16 per cent. Records were established in beef, mutton and lamb. In connection with the lamb kill, it is pointed out that if an increased kill of, say, 650,000 carcases, iis maintained to the end of the season, the percentage of export killings to tailings for the season would be 61 per cent, the highest figure yet recorded. Emphasis is placed on the necessity. ■ for maintaining the reputation of New Zealand meat on the British market and the premium it enjoys. Tbig must be retained at all costs, so that when the present crisis is' over the Dominion ' will be in a position to at once resume the wide distribution of meat through--1 out the United Kingdom. Breeders of ; chiller cattle are particularly requested • not to relax their efforts to improve their herds, so that they-' can resume this valuable and increasing phase of production, which showed such great potentialities before the war. With regard to shipments to Canada, which Ihad met with so much success in the previous season, the hoard considered that, in view of the potentialities of I;he market, it was essential that > eyen small shipments should be,; con- ; tinued. Special provision was made in j the meat purchase agreement with the . United Kingdom that New Zealand t could retain the right to supplv a small quantity of meat to its regular trade . outside Britain. * - > THE FINANCIAL SIDE ' i 1 DETAILS OF YEAR'S ACCOUNTS* 7 '• , . i ... ■ ■ Income of the New Zealand Meat Producers' Board for the year ended June 30 was £45,703, comprising levy on meat exported, net, £25,741, interest on investments, £IBOS, payments from Marketing Department, £17,500, shipments to Canada, £656. ' . From December 1, 1939,. the funds " of the board were, provided by the Marketing Department, in connection with ' the arrangements for the United Kingdom purchase, and the board discontinued the collection of its usual levy. Expenditure totalled £29,998, leaving i an excess of income of £15,705. The - accumulated fund is £66,130. Manage- , ment expenses totalled £10.575. Supervision of grading and of loading and ) unloading vessels required £4453, and - advertising £3822. Exchange on remittances to London totalled £2501. Research grants cost £1096. •" PROPERTY AUCTIONS l Samuel Vaile and Sons. Limited, will offer . at auction at its rooms. 83 Queen Street, at ' 2 p.m. to-day, bungalow at 22 Symonds Street, Onehunga. 5 C. F. Bennett, Limited, will offer at • auction at its rooms, corner of Queen and ' Shortland Streets, at noon to-day, house of Rve rooms and property of -54 acres at Carters Road, Oratia.