STERLING RECORD

New Zealand Herald, Volume 82, Issue 25215, 30 May 1945, Page 4

STERLING RECORD

TOTAL NOW £54,171,341 FURTHER LARGE GAIN (0.C.) WELLINGTON, Tuesday With a further gain of £1,818,657 over a week, the value of sterling exchange held by the Reserve Bank of New Zealand at May 21 moved up to a new peak total of £54,171,341. Ihis amount is £23,480,000 more than was held at the same date last year. The bank return for the week ended Monday, May 21, with variations in the figures compared with those in the previous week's statement, is as follows: — LIABILITIES Variation £ £ General reserve .. 1,600,000 * Same Bank notes .. 40,743,287 +160,051 Demand liabilities State . .. 12,521,586 -1,128,357 Banks . .. 42,383,023 -181,311 Other . .. 1,285,724 -122,072 Other currencies . 7,094 -105,988 Other liabilities . 2,480,705 +23,410 Total .. 100,021,419 -1,353,601 ASSETS Reserve— Gold .. .. 2,801,877 Same Sterling ex. .. 54,171,341 • +1,818,0"* Subsidiary coin .. 31,517 -1,482 Advances — Marketing .. 4,203,192 -221,848 Other .. 24,000,000 -3,000,000 Investment .. 14,340,488 +15,411 Other assets .. 1,373,004 +35,001 Total ..100,921,419 -1,353,661 Proportion of reserve to notes and other demand liabilities, 58.7(58 per cent (57.518 ! 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) 1045 1944 Variation £ £ £ Notes .. .. 40,743 37,143 +3,000 Deposits— State .. 12,422 10,936 +1,486 Banks .. 42,383 30,832 +5,551 Exchange .. 54,171 30,091 +23,480 Advances— Marketing 4,203 5,853 -1,050 Other . . 24,000 35,885 -11,885 Ratio (per cent) 58.768 39.088 +19.080 HIGHER WAGE RATES EFFECT ON OUTPUT FEARED (0.C.) DTJNEDIN, Tuesday At the annual meeting of Donaghy's Rope and Twine Company held yesterday, Mr J. iH. Meek, chairman, said that the recent 3'/ 2 d an hour increase in wages amounting to approximately lie an adult each week, could not bo borne by the company and had to be passed on to the consumer. This latest increase in wages might have a detrimental effect on output as already in sortie industries men were refusing to work overtime because the present rate of wages was sufficient for their needs. DOMINION FERTILISER YEAR (0.C.) DUNEDIN, Tuesday A net profit of £7349, compared with £7441 last year, and £9833 in 1943 is reported by the Dominion Fertiliser Company, Ltd. Dividend Is maintained at last years reduced payment of 8 per cent. The net profit is atrnck after providing for depreciation amounting to £8216, against £8640 last year, while taxation provision is £2lO lower at £17,560.