RESERVE BANK RETURN

New Zealand Herald, Volume LXXVIII, Issue 24032, 1 August 1941, Page 3

RESERVE BANK RETURN

STERLING £619,780 HIGHER RISE IN BANKS' HOLDINGS fI!V TELEGRAPH —PUESB ASSOCIATION*] WELLINGTON, Thursday The rise of £611),7H0 in sterling exchange, shown in the Reserve Bank return for the week ended Monday, July 2H, is the. beginning of a recovery from the fall of £4,043,01)0 shown the week before. The statement with variations compared with the week before is as follows: — LIABILITIES Variation £ £ General reserve .. 1,5un,000 Same Bank notes . . 121,77+40,107 Demand liabilities —• Stale .. .. 0,210,r,07 - 1,050,75 I Banks .. .. 14,151 .Hi) 7 + 1,250,508 Other .. .. 530,430 +11,147 Other currencies .. 30,1X0 +21,814 oilier liabilities .. 071,105 + 11,212 Total ... .. 48,170,100 +314,124 ABSETS Reserve — Gold .. .. 'J,SO 1,874 Same Sterling Ex. .. 15,582,000 +0iw,730 (■Subsidiary coin .. 55,518 +((,000 Advances Marketing ... 5.407,046 -?»!.,703 Other .. .. 10,000,000 Same Investment .. 3.772.557 Snine Other assets .. 1,55 H,»» 11 + ;m.4BR Total .. .. 48,170,100 +814,124 Proportion of reserve to notes and other demand liabilities, 40.182 per cent (30.114 last week). The principal items in tin's week's return are compared with those at the corresponding date last year in the following table: (OOO'b omitted) 1041 1040 Variation £ £ £ Notes .. 21,770 10,023 +'2,153 Deposits— „ , „ State .. 0,211 5,156 +4,055 Banks .. 14,152 10,740 Exchange .. 15,583 13,027 +2, •>•><> Ad MarkeWg .. 5,408 3,010 +1,702 other 111,000 21,010 -2,010 Ratio (per cent) 40.182 37.856 +2.320 SALE OF CHEESE CRATES

CONTROL THROUGH POOL FIXED UNIVERSAL PRICE [BY TELEGRAPH FRKBB ASSOCIATION] WELLINGTON, Thursday The nale of cheese crates to dairy factories throughout the Dominion will he controlled from to-morrow through h central pool administered by the Dairy Hoard, as has been the case with butter boxes .since 10M. This is provided for by the Butter Box and ( heese ('rate Pool" Regulations, 1941, gazetted to-night. _ , The principal reason lor the application of the pool system to cheese crates is understood to bo that, with the continued depletion of supplies of suitable crate timber, the discrepancies between the price charged for crates in different dairying districts has become more marked. The effect of nool control will be that, whatever the prices paid hv the pool to the suppliers of crates,"these will be made available to cheese factories throughout the Dominion at a uniform rate. The regulations gazetted to-night do not state the prices which will be charged for butter boxes and cheese crates during the coming season. However, it is understood the Government has advised the Dairy Hoard of its preparedness to accept any loss incurred by maintaining the price of butter boxes at Is 11 hd„. which is the same as last year, and by fixing the price of cheese crates at the average charged last vear bv makers, which will be approximately 2s M. The prices are for supplies delivered at the factory in both cases. It is stated that without (his undertaking by the Government the board would have been compelled to fix charges at a higher level. NEWTON KING, LTD. PREFERENCE PAYMENT 0 A net trading profit of £20,286, against £25,571 in the previous year, was earned by Newton King, Limited, merchants and stock agents, New Plymouth, for the year ended April 30. Of this, £1 1,805 has been transferred to taxation reserve, against 1 l(i,010 in 1!>30-I0. After the payment in October. 10PK of a preference dividend, the sum of £28,754 is brought in. making £IB,OOO available. The directors recommend _ the payment of one. year's preference dividend. This is at the rate of £0 10s per cent, less the statutory reduction of 20 per cent, making £5 Is. which is subject to a further deduction of 10 per cent for national and social security taxes. Preference dividends are still nine years in arrears. The present payment will require £OO7I, leaving a carry-forward of i"_»S.un. The balancing total is £73,3-16 lower at £~.o.">,The amount, owing to the bank has again been reduced, now standing at £ 101.868, against £152,200 a year ago Sundry creditors are £7530 lower at £02,108, while debtors are down by £50,588 to £200,310. Taxation reserve now totals £12.517. Proposals for the rearrangement of the company's capital were considered during the vear, but the Minister of Finance did not give his consent and the scheme was abandoned.