RESERVE BANK RETURN

Southland Times, Issue 23675, 25 November 1938, Page 3

RESERVE BANK RETURN

DROP IN STERLING EXCHANGE INCREASE SHOWN IN ADVANCES (Special to The Times) WELLINGTON, November 24. The Reserve Bank statement for the week ended November 21 shows that the sterling exchange held as assets by the bank has fallen to £5,029,137, a reduction of £633,840 compared with the week before. A year ago the total was £16,552,344. State deposits are down by £364,210, but those of the trading banks are £683,021 higher. Advances to the Marketing Department show an increase of £630,468 and to the Government for other purposes a rise of £200,000. The proportion of reserve to demand liabilities has fallen from 36.825 per cent, to 33.723 per cent. Twelve months ago it was 74.943 per cent. The statement is as follows:—

Proportion of reserve to notes and other demand liabilities, 33.723 per cent. (36.825 per cent, last week). The principal items in this week’s I return are compared with those at the corresponding date last year in the fol-

Sterling exchange held by the Reserve Bank for the past 12 months as at the first week of the month showed the following variations: —

The proportion of reserve (less reserve liabilities in currencies other than New Zealand currency) as at the beginning of each month for the last year has been as follows: —

THE METAL MARKET (Received November 24, 6.30 p.m.) LONDON, November 23.

LIABILITIES Varia- £ tion £ General reserve 1,500,000 Same Bank notes 14,436,272 +75,020 Demand liabilitiesstate 2,228,333 —364,210 Banks 5,546,481 + 683,021 Other 884,574 —168,611 Other currencies 21,949 + 1,464 Other liabilities 164,094 + 2,064 .TOTAL 24,841,704 +228,749 ASSETS £ £ Reserve— Gold 2,801,791 Same Sterling exchange 5,029,137 —633,840 Subsidiary coin 209,512 —6,914 Advances— Marketing Dept. 4,699,033 + 630,463 Other 8,500,000 +200,000 Investments 3,500,871 + 18,806 Other assets 101,360 +20,228 TOTAL 24,841,704 +228,749

lowing table:— 000’s omitted 1938 1937 £ Variation £ » £ Notes 14,496 13,263 + 1,233 Deposits— State 2,228 4,487 —2,259 Banks 5,546 7,439 —1,893 Exchange 5,029 16,552 —11,523 Advances— ■ Marketing 4,699 4,585 +114 Other 8,500 700 + 7,800 Ratio (per cent.) 33.723 74.943 —41.220

1937. £ (N.Z.) November 1 17,148,967 December 9 16,184,928 1938. January 3 16,414,909 February 7 15,700,699 March 7 15,617,116 April 4 16,169,496 May 2 17,627,443 June 6 17,801,586 July 4 15,941,567 August 1 15,322,308 September 5 12,638,656 October 3 10,594,978 November 7 6,633,031 November 14 5,662,977 November 21 5,029,137

1937. Per cent. November 1 76.083 December 6 73.89 1938. January 3 70.088 February 7 67.039 March 7 66.019 April 4 75.542 May 2 79.569 June 6 77.906 July 4 76.181 August 1 69.249 September 5 65.847 October 3 57.259 November 7 39.733 November 14 36.825 November 21 33.723 1 H —

Metals were quoted as follows:— 23 d Nov. 21 d Nov. £ s £ s Copper— Standard, spot 44 4 4>/ 2 44 19 4>/2 Forward 44 8 Ills 45 3 Electrolytic 49 15 0 51 5 0 to 50 15 0 51 10 0 Wire bars Lead— 50 15 0 51 10 0 Spot 15 18 114 16 8 1 ’*2 Forward 16 1 3 16 8 l‘,2 Spelter— Spot 14 1 10>,4 14 3 1'4 Forward 14 4 4‘,'2 14 5 7‘,'2 TinSpoti Forward 213 214 17 12 6 6 215/17 216 12 6 6 Silver— Fine, per oz 2C 116d 20 '/ad Standard, per oz 21 %d 21 ll-16d