NEW STERLING RECORD

New Zealand Herald, Volume 82, Issue 25288, 23 August 1945, Page 6

NEW STERLING RECORD

- - • TOTAL AT £66,610,417 RESERVE BANK RETURN (0.C.) WELLINGTON, Wednesday Sterling funds held in LcTndon by the Reserve Bank of New Zealand have reached another record figure at £66,610,417, the recent fall of £1,578,243 being more than offset in the latest return. The fund is now more than double the total held at the Vsame date a year ago. The bank's return for the week ended Monday, August 13, with variations in the figures compared with those in the previous week's statement, is as follows: — LIABILITIES * Variation £ £ General reserve . 1,500,000 Same Bank notes . . 40,643,109 +137,539 Demand liabilitiesState . . . 12,573,148 +2,130,610 Banks .. 48,267,810 -476,824 Other . . 1,135,188 -11,441 Other currencies 16,490 -475 Other liabilities . 2,094,828 +26,281 Total .. 106,230,579 +1,814,696 ASSETS Reserve —- Gold . .. 2,801,877 Same Sterling ex. . 66,610,417 +1,633,020 Subsidiary coin . 18,440 -2,050 Advances— Marketing .. 4,159,089 +206.732 Other .. 17,000,000 Same Investment .. 14,345,746 Same Other assets .. 1,295,010 -23,006 Total . . 106,230,579 +1,814,696 Proportion of reserve to notes and other demand liabilities, 67.025 per cent (67.204 last week). The principal items In this week's return are compared with those at the corresponding date last year in the following table:— (000's Omitted) 1915 1944 Variation £ £ £ Notes '. .. 40,043 37,690 +2,953 Deposits— State .. 12,573 10,164 +2,409 Banks .. 48,268 37,166 +11,102 Exchange .. 66,610 32,075 +35,535 Advances— Marketing .. 4,159 4,474 -315 Other .. 17,000 35,885 -18,885 Ratio (per cent) 67.625 40.385 +27.240 JAPANESE ISLANDS MR FRASER'S STATEMENT A statement that New Zealand would support the conclusion of a trusteeship arrangement by which the Pacific islands formerly under Japanese mandate would be placed under the United States is credited to the Prime Minister, Mr Fraser, by the Labour newspaper Standard. Mr Fraser had no comment to make-about the reported American claims for bases in the Pacific. Mr Fraser said the Government fully expected that the peace with Japan would be settled at a general peace conference, at which all the Powers which fought against Japan would be. represented. There had been no indication yet whether this would be a separate conference, or whether it would be held in conjunction with the settlement of the peace with Gormajiy. PRESENTATION MADE (0.C.) HAMILTON, Wednesday A presentation of a silver tea set was made to Mr F. E. Hughes, of YVardville, who is retiring after 21 years' service as a director of the New Zealand Co-operative Dairy Co., Ltd., by the directors and chief executive ofliccrs of Ihe company.