RESERVE BANK RETURN

New Zealand Herald, Volume 78, Issue 24104, 24 October 1941, Page 3

RESERVE BANK RETURN

STERLING £23,708 HIGHER BANKS' DEPOSITS INCREASE [BY TELEGRAPH I'HKSS ASSOCIATION] WELLINGTON*. Thursday A rise of £176,008 in the deposits of the trading hunks, shown in the Reserve Hank return for the week ended Monday, October 20, follows successive falls in the two preceding weeks. The statement with variations compared with tiie week before is as follows: LIABILITIES Variation £ £ General reserve .. 1,500,000 Same Bank notes .. 22,210,387 +77,215 Demand liabilities— Slate .. .. 7,764,440 -138,515 Hanks .. .. 9,382,109 +470,558 Oilier .. ~i 857,820 -306,602 Other currencies .'., 16,303 +I,OO-1 Other liabilities .. 1,003,758 -270 Total .. .. 42,735,213 +49,300 ASSETS Reserve— Gold .. 2,801,874 Same Sterling Ex. .. M,.591,989 +23,708 Subsidiary coin hN: 59,086 +16,501 Advances— Marketing .-, 6,399,871 -2,829 Other . . ;.H 13,,500,000 Same Investment . ,& 3,842,379 Same Other assets ;.<•'. 1,536,114 +11,950 Total .. .. 42,735,213 +49,390 Proportion of reserve to notes and other demand liabilities, 43.219 per cent (43.214 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) lot t 1910 Variation i: i £ Xotea ..■ 22,210 20,229 +1,981 DepositsStale -.-.- 7.76-1 5.561 +2,203 Banks ,-v 9.382 13.053 -4.276 Exchange .. 1-1,595 8,821 +5,77-1 Advances Marketing .. 6,400 2.847 +3,553 Other . . 1:1.500 25,140 -11,610 llatio (per cent) 43.219 27.904 +15.315 COMMONWEALTH WOOL BUYING BY UNITED STATES The United States Secretary of Commerce, Mr. Jesse Jones, announced reeentlv fhal the Defence Supplies Corporation in Washington had purchased 167.000,0001 h of British-owned Australian wool fur United States defence reserve supplies. The price was about 2G cents per lb, greasy, or about 10 per cent less than (he current commercial price, f.0.b., AusIralian ports. Mr. Jones also announced that America would buy about, 125,000,0001b of British-owned South African wool. "The purchase of more than 500,000 bales of Australian wool by the United States Government should be particularly welcome news to growers in this country," commented an authority in Sydney. "It will appreciably reduce stocks in Australia, and that is an important consideration at a time when the risk of accumulation is so great. Australian growers will share in any profit to the extent of 50 per cent. The outlet for Australian wool is so limited now that practically all our Continental customers are eliminated and wo are not shipping: any to Japan." PURCHASES BY BRITAIN The sale of the Australian wool clip to the British Government will extend until June 30, 1943, at the earliest, Winchcombe. Carson, Limited, reports. Four clips, representin? about 14,000,000 hales and worth about C 2-15.000.000. will have been sold by that date. With wools from New Zealand and South Africa, purchases by the United Kingdom will then total about 20.000.000 bales from the beginning of the war. AVool consumption in the United Kingdom at present is less than in 1914-18, when large quantities of fabrics were sent to France and Italy. The amount used in the United States, Canada and Australia, however, is greater. STOCK IN WAIKATO DEMAND REMAINS KEEN Unseasonable weather has again been experienced in the Waikato this week and although pastures are in good order, growth is slow and dairy production is not rising as riuirkly as usual at this time of the vear. In spite of ihe backward spring, the demand for all classes of store and dairy stock continues keen, and recent quotations have been fully maintained. In tho store cattle section, grown -leers and young station-bred cows and heifers elicited particularly keen competition at the To Anga spring cattle fair on Saturday, when from £lO to £lO 12s was paid for well-bred three and four-year-old steers. Wellgrown yearling steers also sold readily, best liens fetching from £8 to £0 10s. Similar values were also obtained at the Morrinsville and Ngongotaha sales. Although it is now late in the season, there is still a good inquiry for genuine cows and heifers, either in milk or close to profit. Two clearing sales have been held in this district this week, and at both fixtures very satisfactory clearances were effected, up to £l7 being paid for choice cows in milk. The market for yearling Jersey heifers, which showed signs of weakening a fortnight or three weeks ago, appears to have firmed. A lame yarding of this class was penned at (he last Te Awamutu sale to meet with a keen demand, and prices realised "ere fully equal to those ruling earlier in the season. Values in the store sheep market show liftlo alteration. Only small lines are being penned at local centres, and recent firm enntations are usually obtained. A well-grown line of good woolled ewe hoggets at the Te Anga sale sold at 30s Od, with smaller descriptions from 20s. At the same sale, woolly wether hoggets sold from 21s to 255. Beef. —Although average yardings of fat cattle have been penned at most of the main centres, values are holding up well, and prices have .shown a slight improvement. A heavyyarding for this time of the year was penned at Mafamata, and prices were fully equal to those ruling at the central yards. A full average yarding of steers, comprising mostly prime medium weights, was penned at the Frankton sale. Competition was keen from the start, and on the whole values were n. .-hade firmer. Cows and heifers were also keenly sought, and here again prices showed an improvement. Heavy prime steers made L'l3 10s (o £l4 18s; prime. £l2 to £l3; light. £lO 10s to £ll Ids; extra heavy prime young cows and heifers, ill 10s to £l2 17s ijd; prime, ClO to I'll; medium weights, £S lOs to 09 10s: light, to t'S. Mutton.—Values for fat sheen have shown little alteration during (he current week. Comparatively small entries are still coming forward at country sales, where values similar to those at the central yards are obtained. A heavy entry comprising practically all shorn descriptions was penned .at the Frankton sale. In spite of the large yarding, the demand was equal to the supply and values were steady. Ffeavv prime shorn welhers. 27s to 28s; prime "5s Od to 20s Od; light. 21s to 255; heavv prime woollv hoggets, 27s Od to 30s; shorn "Is to 2fis; heavv prime shorn ewes, i.-,s nd to 16s od: prime, lis to 15s; light, lOs (o 12s; fat lambs. 22s to 28s. Pigs. Larger yardings of fat pigs are now coming forward at most of the mam centre-. Buvers are operating freely for prime baconers and porkers and recent improved rates have been fully maintained, up to i'l :ts being realised for a well-finished pen at the central yards. Unfinished porkers and large stores 'also continue to meet a ready vile but small -lips and weaners are not as k'eenlv sought. Baconers sell from £3 5s to I | :i.s heavv porker-. 12 is; to £3 3s; medium 02 12s (~ 12 10<; light. £2 29 to 1.2 10-; ANNUAL BULL SALE Daleety and Company, Limited, reports having held its annual beef bill! sale at Frankton on Wednesday. There was a fair varding of Polled Angus bulls, but Herefords were varded onlv in -mall numbers. Prices wore keen at firs), but the demand slackened alter the middle of the sale. Top price of the vardinsf was obtained f,,r a choice two-year Polled An-us bull from Messrs. Van Houtte ■iml Xo'lelt which sold after keen competition at 28g'ns. These vendors' whole consignment averaged 2P,gns. Good quality Foiled Angus bull.- made 25-2Sgns, with medium from £ls 15s to 23gi»s. BUSY WOOLLEN MILLS RAPID RLSF. IN OUTPUT Xew record high levels for the number of persons engaged in the woollen industry, salaries and wages paid and the amount and value of output have been established m New /.calami dtirinsr the year ended March 31, showing a continuance of the rapid expansion which marked the previous year. The number of persons engaged in 10 10-11 totalled 3-IS9. an increase of over 17 per cent while salaries and wascs ro-e by almost 38 per cent The cost of materials used and the value id' output advanced by almost 13 per cent and 51 per cent respectively. Ihe quantitv of greasy wool used by local mills rose by' over 28 per cent, while the cost rose by 15 per cent. From the 13,108.7931b of greasy wool used, mainly Merino and halfbred ' the quantity of scoured wool amounted lo 7 155,5121b. With the exception of shawls and runs all the chief products recorded increases in volume. Tweeds and cloths increased bv 28.7 per cent; flannel, 1.0 per cent; blankets,'liil per cent; and yarn, 2 1 per cent. SYDNEY PRODUCE VALUES (Heed. 8.15 p.m.' SYDNEY, Oct. 23 Wheat, bulk, is quoted at 3s ll'id a bushel, and bagued at Is ;',',d. I lour. CI2 13s; bran and pollard. CO: potatoes, llrownelks, £11; onion-, 130; maize. 3s Sd to 3s lod.