STOCK EXCHANGE VALUES

Otago Daily Times, Issue 23897, 26 August 1939, Page 8

STOCK EXCHANGE VALUES

DUNEDIN MARKETS WHEAT, OATS. ETC FEW CHANGES The weather conditions continue unfavourable for the preparation of the ground for spring sowing, and if there is no improvement shortly the area to be planted in the spring will necessarily be reduced. There is practically nothing fresh to report in the milling and fowl wheat markets. Most of the business in fowl wheat is confined to small lots, ex the store, the current quotation being 6s to 6s 3d per bushel, sacks extra. The fowl wheat market, it may be added, has an easier tendency. Flour Prices Wholesale prices are as follows: Flour.—2oo’s, £l3 15s 6d; 100’s, £l4 2s 6d; 50’s, £l4 17s 6d; 25’s, £ls 7s 6d. Bran, £5 5s per ton. Pollard, £6 15s per ton. Oatmeal. —2001 b sacks, £23 10s per ton; 25’s. £25 10s per ton. Inquiry for Seed The local market for oats remains unchanged. The bulk of the business with the North Island is being transacted from the Bluff, where stocks.are considerably greater than those held at the other South Island ports. In Dunedin stocks are on the light side, with offerir.gs from the country practically nil. There has been an inquiry during the week for seed oats for spring sowing, and this demand should develop rapidly if the weather improves. The shipping value for A Cartons is 3s Id, f.0.b., s.i., and for B’s 2s lOd f.0.b., s.i. These figures are equivalent to 2s 3d and 2s respectively, on trucks, country sidings, sacks extra. Weak Demand for Chaff Only small stocks of chaff are held in the stores, but they are quite sufficient to meet the demand. The sales which take place are for small lots ex the store at £4 15s per ton. sacks extra. High Prices for Potatoes It is announced in the Gazette that business in potatoes will now be under the supervision of the Internal Marketing Division, and that the Government has agreed to the importation of quantities of potatoes to augment the supply between the end of the old season and the harvesting of the new crop. It does not appear, however, that the importations referred to can cause any reduction in the prices now ruling in the Dominion. In the meantime the market remains firm, with stocks not over Plentiful. Values can be named at up to ±.19 for,-Arran Chiefs, with higher values still for Edwards. A keen inquiry is now being experienced for seed potatoes. Stocks held in,the stores are low for this time of the year. BHghter Tone in Seeds A brighter tone has been noticeable in the seed markets during the week due no doubt to the proximity of spring sowing and to the fact that merchants who have refrained from buying certain varieties of seed owing to the high values ruling, now realise that they will have to replenish their stocks. There is a better demand for ryegrass. but lines of weight and high germination are difficult to secure. Merchants have in the past been accustomed to deal in seed with a minimum germination of 90 per cent., but this season a considerably lower test will have to be accepted. 'Farmers can. of course, overcome the position by planting a greater quantity of lower grade ryegrass to the acre. White clover is in demand, and there is still an overseas outlet, particularly for Government certified lines. There is also more inquiry for cow grass. The market for Montgomery red clover is firmer, following on orders having been received from overseas. The cocksfoot market remains firm, and the same can be said of the market for Chewings’s fescue and brown top. The bulk of the offerings of the two latter seeds has now been taken up from Overseas-

DUNEDIN RATES, AUGUST 2S, 1939 FORMER LEVELS COMPARED

Miscellaneous Produce Wholesale prices are as follows: — Chaff.—Good, bright oaten sheaf, £4 5s per ton, ex truck; £4 15s, ex store. Potatoes. —Arran Chief, to £l9 per ton, ex store; King Edwards, scarce. with higher prices ruling. Dairy Bytter.—Milled bulk. Is per lb; separator, Is per lb; supplies wanted. Bacon, Is 3d per lb. Hams. Is 2d per lb; boneless. Is 4d Onions. —Picked-over lines, 23s to 25s per cental bag. Honey, Bid per lb. Eggs.—Stamped. Is 9d per dozen; storekeepers’. Is Bd. Eggs were reduced 6d per dozen at the week-end. FRUIT AND VEGETABLES SHIPMENT OF AUSTRALIAN ORANGES . The Waitaki, which arrived yesterday from Melbourne, brought a further shipment of Australian navel oranges. A third of the shipment—looo cases— Was unloaded, and it is expected that the remaining 2000 cases will be available to the trade on Monday. This will be the last shipment for the next three weeks. The following shipment will probably be composed mostly of Valencias. A small shipment of Australian grapefruit was also on the Waitaki. Poorman oranges are still on the market. Bananas have been unobtainable during the past week. A further shipment is due to arrive on Tuesday, transhipped ex the Maui Pomare at Lyttelton. Full supplies are not yet available from the Islands, but it is understood that the present shipment will be a little larger than the previous one. A small shipment of pineapples is expected next week from Sydney, eif the Waipori. New Zealand-grown lemons are In good supply, with sales rather on the slow side. Only New Zealand grown are on the market at present. _ Pears ex cool store are available m the marts. . , , Dessert and cooking apples are not so plentiful, and supplies are taken up immediately on arrival. Cauliflowers are in short supply, with high prices ruling. Cabbages are plentiful. Heavy supplies of swedes are on the market, which is easier. Carrots and parsnips continue to realise good values. , ' Wholesale prices are as follows: Apples.—Delicious. Stunners, and Jonathans—extra fancy 8s to 10s per case fancy 6s to 8s 6d; cookers, large, 5s 6d to 7s. small 3s to 4s. Oi’anges.—Australian navels. 16s to 225. according to count. Poorman oranges, 12s to 14s per case. Bananas.—Ripe unobtainable. Pineapples, to 20s per case. Lemons.—New Zealand. 10s to 17s 6d per case, according to count. Pears. —Dessert, 4s to 6s per halfcase; cookers, 3s to 4s. Cauliflowers. —Choice. 8s to 12s per sack; others, 2s to 3s. Swedes. Is 6d to 2s per bag. Cabbages. 2s 6d to 3s 6d per sack. Brussels sprouts, to 4d per lb. Beet, to Is 6d per dozen bundles. Potatoes—Whites, 18s to 20s per cwt. Leeks. 4d to 5d per bundle. Celery. 3s to 6s per dozen heads. Parsnips, to 7s per sugar bag. Lettuce.—Choice. 3s to 4s; others. Is to 2s per dozen. Carrots. 5s to 6s per sugar bag. BRADFORD MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, Aug. 24. The Bradford tops market is very unsettled. Merino, 70’s, 28d; 64’s, 26Jd; 60’s, 25Jd. Crossbreds. 58’s, 23d; others not quoted.

TRADING BANKS JULY STATEMENTS ADVANCES £920,000 LOWER DEPOSITS AT HIGH LEVEL (Special to Daily Times) WELLINGTON, Aug. 25. The monthly statements of assets and liabilities of the six trading banks at the close of business on Monday, July 31, have been gazetted. A comparison of the principal items with the corresponding figures in the June return is as follows: —

London assets held on account of New Zealand business have changed little in value since last month’s statement, the total being £76,815 lower at £4,592,140. After a decrease of £1,037,995 at the end of June compared with the May level, advances have fallen again in July by a further £920,932. Variations in the levels of deposits of both classes have been minor in character. Notes In Circulation Notes of the Reserve Bank held as till money on July 31 were valued at £3,555,344, compared with £3,935,795 the month before. The July 31 issue totalled £15,693,364, making an active circulation of £12,138,020, an Increase of £606,225 compared with the June total. The issue and circulation at the end of July in the past three years have been:— Issue Circulation

Free deposits, or current account balances, are £2,259,475 higher than they were in the July return last year. The present is substantially the largest July ■ total since returns were first issued in their present form in 1934, the difference over that period being an increase of £12,423,000. Fixed deposits continue their fall, but in this year the difference, just over £1,000,000, is the smallest decrease between Julys since 1934. The sum of free and fixed deposits is the second largest in that period, having been exceeded only -in 1937. The levels of the two classes of deposits and their totals in the July returns from 1934 onward are as xol-

Advances and Deposits Advances at the end of July were some £500,000 lower in value than at the corresponding date last year. The doubts and uncertainties over import, trade have not yet influenced bank lending seriously, .so far as this is an indication. The total of advances is. in fact, the second highest for July since 1934, that of last year being the only one to have exceeded it The high level of aggregate deposits ’eaves their excess over advances at £12,500,000, not much less than £2,000,000 higher than at the end of July last year.

The position at the end of July In the past six years is shown in the following table:- Excessof

Fluctuations in the value of assets held abroad on account of New. Zealand business, shown in the July returns since 1934, have been as follows:

Subsidiary coin held at July 31 was valued at £719,600, compared with £752,492 in the June return. The banks also held gold valued at £204 at the end of July. TIMBER INDUSTRY ONEROUS CONDITIONS WAGES AND TAXATION Reference to the onerous conditions under which the company operated was made by Mr J. H. P. Strang, man of the Taupo Totara Timber Company. Ltd., at the annual meeting in Wellington. He pointed out that with the social security levy and the increase of 5d in the pound in income tax, the company now paid 8s lid in the pound as taxation. ,■ • t . “It has previously been pointed out to you that the timber industry has been hard hit in increased wages, as this item forms so large a proportion of our costs of production, hence it is difficult to obtain a reasonable return on the capital,” added the chairman. “Last year the acting chainnan referred to proposals to substitute the present preference capital by debentures. Owing to the fact that it is proposed to bring in amendments to the income tax law, and also owing to legal difficulties, it has not been possible to place a scheme before the shareholders, and the board is still considering the matter.” BANKING POSITION STATE OF OVERSEAS FUNDS A decrease in the overseas funds of the New Zealand trading banks as at July 31 is shown in the latest returns. Their net overseas assets at that date totalled £3.417.824, a decrease of £126,413 since June 26. On Monday last the sterling funds of the Reserve Bank stood at £5,452,895. an increase for the week of £21,777. Deducting overseas liabilities, the bank’s net overseas assets at the beginning of this week amounted to £5,442,587, an increase since August 14 of £17,898. The returns of the six trading banks as at July 31 show their total overseas funds to have been £6,065,975. as compared with £6,136.062 on June 26, a decrease of £70,087. Deducting liabilities in respect of New Zealand business totalling £2,648,151, the net overseas assets of the banks on July 31 amounted to £3,417,824, a decrease since June 26 of £126,413. At July 31. the net overseas assets of the Reserve Bank amounted to £5,504,625. making, with those of the trading banks, a total of £8,922,449. MILBURN LIME HALF-YEARLY DIVIDEND At a meeting of the board of directors of the Milburn Lime and Cement Company. Ltd., held on Thursday, the payment of a dividend of 5 per cent, for the half-year ended July 31. making 8£ per cent, for the year, was recommended. BEET SUGAR (United Press Association) (By Electric Telegraph—Copyright) LONDON, Aug. 24. Beet sugar, 7s.

KAIAPOI WOOLLEN COMPANY PAST YEAR’S TRADING MET .PROFIT OF £I3,SW (Special to Daily Times) CHRISTCHURCH. Aug. 25, A net profit of £13,569,: against £12,643 last year and £18,417 in 1937, is shown in the accounts of the Kaiapoi Woollen Manufacturing Company, Ltd., for the year ended July 19, 1939. The gross earnings .were £86,370, against £86,631 last year and £93,094 in 1937. Dividend recommendation, on ordinary shares is maintained at 4 per cent., to which it was reduced last year from 5 per cent., and requires £9692. The preference dividend of 5 per cent, (unchanged) requires £3260. The sum of £648 goes to provide the Social Security payment on dividends, leaving £670 to'he carried forward, against £ 701 brought into the accounts. /The depreciation this year takes £7OOO, compared with £SOOO last year-and £7OOO in 1937. . The directors state that the trading conditions were poor"in the first half of the year, but improved consider-, ably in the Second half. The animated demand for the company’s productions in the second half was somewhat handicapped by the shortage of skilled operatives. The working costs, the directors continue, have again increased, with the new awards providing for increased wages and extended holidays on full pay. The stocks at £252,741 are £41,484 lower than last year. The properties and plant are in excellent condition. Plant to the value fo £2872 was added during the year. The land and income tax and social security tax reached the large figure of £8682. BALCLUTHA STOCK SALE (Special io Daily Times) BALCLUTHA, Aug. 23. There was a good attendance of farmers and dealers at the fortnightly sale at the corporation yards to-day, when 500 fat sheep and 2758 stores were yarded. Several Southland buyers were present, and they gave a fillip to the bidding for store ewes particularly. Prices for young breeding ewes were higher than for some time past. Fat Sheep.—Fat wethers sold up to 355, light wethers to 275, prime heavy young ewes 23s to 255, medium ewes 17s 6d to 20s, light from 14s. Store Sheep.—The yarding included a proportion of hoggets of both sexes, the bulk being breeding ewes, full and failing and full-mouthed. Best ewe hoggets sold at 26s to 30s 3d, according to quality, small to 21s, wether hoggets 10s to 17s. full-mouthed ewes 24s to 24s 9d, best full and fadingmouthed ewes 16s to 20s 7d, fadingmouthed ewes 12s to 16s. Fat Cattle. —Only a few fat cattle were forward, and these were keenly competed for, a fat cow realising £lO 2s 6(£ a light heifer £5, and a medium cow £B. There were no store cattle, and a small yarding of dairy cows sold at full market rate? for cows close to profit. ‘ , Pigs—The yarding of young pigs was a good one. A keen demand was manifested, and prices ruled high. Quite small suckers sold at 255, bettergrown 27s to 30s. One store pig sold at £2 Is. BANK OF ENGLAND RETURN (United Press Association) (By Electric Telegraph—Copyright) LONDON, Aug. 24. The following is the Bank of Eng- 1 land return:—

Ratio of reserve to liabilities is 26,00 per cent. The Bank of England dis* count rate is 4 per cent

BRAN AND mimt r ■r, T.' ■ •■. ; -H •< -01 ?. ; - ■ ■‘rt'H ;••■■ v ■■ ■ PRICE TRIBUNAL’S Hh|)lfslG u . f .•v? •*. . *• H •.»*) IMPORTS FROM AUSTRALIA (Pn United Press Association/. , Aik'Sk The Minister of Industries andiCcmmerce (Mr. D. G; Sullivan/ stated: today that the "Price Investigation Tribunal had submitted its report On the subject of prices of Australian bran .and) pollard, and: that subsequently consultations had been .held 1 between the tribunal and officers of the Wheat Committee for the purpose’of discussing the tribunal’s findings and recommendations., ' -.v- *■■■: ■■ •; “As a result of such discussions,” the Minister said, “ the, Government decided that, in order to ensure as full supplies as possible being made available to the poultry industry, the Wheat Committee may, import quantities of pollard from time: to time, and may build up stocks for emergency purposes. : ' : "in regard to prides,” the Minister said, “the tribunal found that in certain Instances im the pdst ’merchants’ margins were on the high side, but since the inquiry was held; there has been a modification of prices, and both the tribunal and the "Wheat Committee will closely watch the position to see that margins are maintained at a reasonable level. The fact of the Wheat Committee making purchases from time to time will tend to keep the margins as low as possible, m addition, to helping the supply position.” , ■’ ... v A ;; CHRISTCHURCH MARKETS POTATO PRICES AGAIN EASIER DETAILS OF IMPORTS (Per United Press Association) CHRISTCHURCH, Aug. ». The local potato market is still quiet, with quotations, which are largely nominal, again easier on those, ruling earlier in the week. Quotations in the city yesterday varied up to £l6 a ton on trucks, but the maximum price mentioned by most, merchants was £35. 1 . ■. < It is reported locally that the first shipment to be brought into New Zealand this season,-landing at Auckland on September 1. will consist of 80 tons, of which 20 tons have been purchased by a Christchurch merchant. A further 1000 tons have been booked to land at Auckland on September 19, with other shipments of 120 tons landing on September 29 and 200 tons on October 16. „ Business in chaff Is still very small, with quotations at £4 on trucks. MINING NEWS MOUNT MORGAN PRODUCTION (Per United Press Association) WELLINGTON, Aug. -25. i The Mount Morgan report states that production for the four weeks ended on August 23 was: Ore mined, 68,279 tons: ore treated—sulphide 40,400 tons, oxide 29,590 tons. Estimated production of gold, 5001 oz; copper, 258 tons. NEMONA DREDGE RETURN (Per United Press Association) GREYMOUTH, Aug. 28. r The Nemona dredge return wa? 30or for 121 hours' from;9soo yards. BIG RIVER GOLD The report for the fortnight ended August 18 for Big River Mines, Ltd., states:—No. 5 level—north stope, stoning stone 6ft wide. Ndrthlevelr'Am vafaced 14 feet, , Total ,54 feet, .Lom formation throughout. No. 6 level— Level advanced 17ft. Total 34 feet. Face passed through some leaders. Winze; Sunk 7ft, Total, 67ft. Reef broken here. Gold visible. Battery: 81 tons of stone sent to the battery. WAITAHU RETURN ,'^V, '■ The Waitahu Company -reports rihat a further partial washup in No, 19 paddock resulted in a return of 240 z 9dwt for 30 shifts of eight hours each. This makes, a total of 50oz Ildwt so far won from'this paddock." ‘

Return Approx. Approx. upon market market InvestApprox. price price Dlv. Dlv. ment at per sh’e. market a month a year p.c. or approx. Companies price. ago ago. amt. t payable. market value. £ £ s. d. £ s. d. & f. d. £ s d. N.Z. curr. GOVT. LOANS 31 Stock. Sep., 99 in 0 100 0 0 . Mar.-Sep. 4 0 11 3 Stock, 1939-41 4 Stock, 1952-55 4 Stock, 1954-58 97 97 97 10 0 0 0 0 0 96 0 96 0 0 0 101 102 S 0 0 0 “ Jan.-July June-Dee. May-Nov. 4 10 0 4 7 8 4 5 9 BANKING Qtrly. Dee.-June Feb.-Aug. Jan.-July July-Jan. New South Wales New Zealand .. Commercial National of N.Z. Union 20 1 10s 24 5 30 1 0 2 7 10 19 15 7 16 0 3 9 0 6 30 10 1 19 0 16 2 5 8 0 0 9 6 0 0 31 2 0 2 8 8 3 16 13 12 0 0 9 0 0 61 10 6SI 5 61 3 18 8 5 1 11 4 4 8 5 6 5 3 16 8 INSURANCE National .. .. 7s 0 16 8 0 16 10 1 0 17 5 Oil May-Nov. 3 19 9 South British .. 10s 2 2 3 2 4 0 2 6 6 14JI Apl.-Oct. 3 7 0 Standard .. .. 1 2 15 6 2 14 6 2 16 0 , 12JI Mar.-Sep. 4 10 1 SHIPPING Huddart, Parker Sep.-Mar. 4 14 11 (ord.) .. .. 1 2 19 0 2 15 6 2 7 0 14 U.S.S. (pref.) .. 1 1 4 9 1 5 0 1 6 3 5i May-Dec. 4 8 11 MEAT PRESERVING N.Z. Refrig, (pd.) 1 0 10 3 0 16 0 0 18 3 54 Feb. 6 14 0 N.Z. Refrig, (ct.) 10s 0 8 0 0 8 3 0 8 3 54 Feb. 6 17 6 Southland Frozen Sep.-Mar. 4 16 11 Meat (ord.) .. 1 1 T s 1 T 6 1 10 0 71 South Otago Oct. 8 14 8 Freezing .. .. S 4 7 « — 8 7 0 8 LOAN AND AGENCY 1 1 7 9 6 1 T 8 44 Dec.-June S 6 8 Natl. Mortgage.. 2 1 17 6 1 18 0 a 4 0 8 July-Mar. 8 6 8 Trus. Executor* 3 4 7 6 4 5 0 4 0 0 7 Oct.-May 4 16 0 Wright, Stephenson (ord.) 1 1 0 0 - 1 3 0 8 Feb.-Aug. 8 0 9 COAL ' Kaitangata 16s 1 8 0 1 8 6 1 8 0 IBg April 8 18 7 Westport .. .. 10s 1 0 0 1 0 9 1 4 9 101 May-Nov. 4 IS 8 WOOLLEN Bruce (ord.) 1 0 10 6 0 11 0 0 7 B Nov. — Kalapol (pref.) 17s 0 14 6 0 14 6 0 16 3 4 Sept. 5 13 4 Mosgiel .. .. 4 9 10 0 9 4 0 9 15 0 81 May-Nov. 3 7 7 MISCELLANEOUS Aust. Consold. Nov.-June Industries 1 1 18 0 2 0 0 4 17 0 6.86 3 16 2 British Tobacco X 2 9 6 2 12 3 2 8 6 81 Qtrly. 3 4 8 Broken Hill Pty. 1 3 4 6 3 9 0 3 0 0 121 Nov.-May 3 17 6 Brown, Ewing (pref.) .. .. 1 1 1 0 1 1 0 1 1 3 5 Mar.-Oct 4 15 3 Colonial Sugar.. 20 48 10 0 49 10 0 48 10 0 71 May-Nov. 3 0 7 Crystal Ice 1 2 0 0 2 0 0 15 June 7 10 0 D.I.C. (pref.) .. 1 1 1 6 1 1 9 1 3 6 51 May-Oct. 4 13 0 Dom. Fertiliser 1 1 4 6 1 4 0 1 5 0 6 June 5 0 0 Dom. Rubber .. 1 0 17 0 0 16 0 1 3 6 — Sep.-Mar. — Donaghy’s Rope 1 3 8 6 2 8 6 2 6 0 10 Nov.-May 4 2 5 Stock Exchange 1 19 Nov.-May 3 16 11 Pty 1 1 19 0 0 3 2 0 7| Dunlop Perdrlau 9 Apl.-Oct. 7 10 8 Rubber .. .. 1 0 19 9 1 1 1 S 1 71 G. J. Coles .. .. 1 3 17 0 3 19 9 4 1 6 18J Jan.-July 4 17 5 I.C.I. (pref.) .. 1 1 4 9 1 4 6 51 Jan.-July 4 0 9 Milburn Lime .. 1 1 16 3 1 16 0 1 16 0 711 Mar.-Sep. 4 2 9 McLeod Bros. .. 10 28 0 0 — 28 15 0 8 May-Nov. 2 16 4 N.Z. Drug Co. .. 2 3 9 0 3 9 0 3 10 0 8 Sep.-Apl. 4 12 8 N.Z. Newspapers 16/8 1 12 6 1 12 9 1 14 0 8 Oct.-May 4 2 2 N.Z. Paper Mills 1 1 6 3 1 6 0 1 2 0 7 Nov.-May 5 6 8 Otago D. Times 1 1 19 6 2 0 0 2 6 0 81 Aug.-Feb. 4 8 7 Wilsons Cement 10s 0 17 0 0 17 3 0 18 0 71 Nov.-June 4 8 2 Woolworths Oct.-Apl. 3 11 5 (Syd.; ord.) . Ss 1 4 6 1 4 1 1 1 9 174 BREWERIES 4 1$ 9 N.Z. Breweries 1 1 IB 8 1 17 9 2 3 0 81 Dec.-June Dunedin .. .. 1 1 2 0 1 2 6 1 5 0 61 Nov.-May 5 15 6 AUST. MINING Broken Hill S... 5s 1 7 0 1 8 0 40 — 7 18 1 Elec. Zinc (ord.) 1 2 13 0 2 13 3 2 8 6 15 Mar.-Sep. 6 13 2 Mount Lyell 1 1 7 6 1 8 0 71 8 6 1 [ Interim dividend.

July June £ £ Circulation .. 12.138,020 11,531,795 Free deposits .. 37,044,635 37.276,032 Fixed deposits .. 29,702,084 29,426,384 Advances .. 54,169,320 55,090,252 London assets .. 4.592,140 4,668,955

July £ £ 1937 .. 12.590,827 8,645,774 1938 .. 13,583,872 9.575.365 1939 .. 15,693,364 12,138,020

lows: — Free Fixed Total July 1934 .. £ 24,621,606 £ 40.592.374 £ 65.213.980 1935 .. 25,196.141 35,990,554 61,186.695 1936 30.268,298 35,613.794 65.882,092 1937 .. 34,824,604 33,304.091 68,128,695 1938 34.785,160 30.796,441 65.581,601 1939 .. 37.044,635 29,702,084 66,746,719

1 Deposits Advances Deposits July 1934 £ .. 65,213,980 £ 44,085,605 21,128,375 1935 .. 61,186.695 45.899,615 15,287,080 1936 ,. 65,882.092 45,184,964 20,697,128 1937 .. 68,128.695 48,170,541 19.958,15.4 1938 .. 65.581.601 54.707.482 10,874,119 1939 .. 66,746,719 54,169,320 12,577,399

London Elsewhere Total July £ £ £ 1934 8,821,538 8,359,977 17,181,515 1935 .. 18,034,034 5,807,953 23,841,987 1936 .. 16,729,219 5£76,674 22,605,893 1937 .. .11,225,913 4,729,405 15,955.318 1938 .. 7,261,211 2,895,459 10,156.670 1939 .. 4,592,140 1,473,835 6,065,975

Issue Department Note issue in circulation £508,100,000 Bank department .. .. 38,300,000 Government securities • • 284,200,000 Other securities . • • • 4,100,000 Silver coin .. • • • • 700,000

Banking Department Rest . 3,600,00ft Public deposits .. .. Bankers’ deposits .. .. 22,400.000 92,100,000 Other amounts .. .. 36,200,000 Government securities .. 99.700,000 Discounts and advances , 5,700,000 Other securities • • • • 24,300,000 Notes and coins .. . • 39,100,000