RESERVE BANK RETURN

Southland Times, Issue 23693, 16 December 1938, Page 3

RESERVE BANK RETURN

RISE IN LONDON FUNDS INCREASE IN ADVANCES TO STATE (Special to The Times) WELLINGTON, December 15. The downward movement of the sterling exchange held as assets by the Reserve Bank of New Zealand has been checked, the return for the week ended December 12 showing a rise of £371,175 compared with the previous week. The total is how £4,572,031; a year ago it was £16,444,000. Advances to the Primary Products Marketing Department show a reduction of £474,284, but advances to the Government for other purposes are £680,000 higher. The proportion of reserve to notes and other demand liabilities has risen from 29.834 per cent, last week to 30.333 per cent. The statement, with variations compared with the previous week, is as follows: —

Proportion of reserve to notes and other demand liabilities, 30.333 per cent. (29.834 per cent, last week). Sterling exchange is expressed in New Zealand currency. The principal items in this week’s return are compared with those at the corresponding date last year in the following table:—

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 re - serve liabilities in currencies other than New Zealand currency) as at the beginning of each month for the last year has been as follows: —

BOARD OF TRADE RETURNS FIGURES FOR NOVEMBER (United Press Assn.—Telegraph Copyright) LONDON, December 14. The Board of Trade returns for Nov-

COLOMBO TEA AUCTION J. Rattray and Son Ltd., Invercargill, has received the following cabled report of the tea auction held in Columbo on Tuesday, December 13:— “Good quality teas were offered, with full supplies. The market for medium and fine grades was weaker, with a decline of P er lb- Common grades enjoyed a good demand, with an advance of Jd.” The quantity was 2,250,0001 b. The quantity for the next sale will be 2,500,0001 b.” THE PRICE OF GOLD (Received December 15, 6.30 p.m.) LONDON, December 14. The price of gold is £7 9/- an ounce.

MINING

MOSSY CREEK (United Press Association) GREYMOUTH, December 15. The Mossy Creek dredge return was 28oz 6dwt for 7845 yards and 126 hours. SYDNEY PRODUCE MARKETS (Received December 15, 10.40 p.m.) SYDNEY, December 15. The wheat market is easier but the buying interest is increasing, with sellers not disposed to trade at the present low levels. Quotations: Wheat.—Silo parcels, 2/6J a bushel; bagged, 2/6J. Flour.—£l3 5/- a ton, including the tax of £5 15/-. Bran and Pollard.—£s a ton. Potatoes.—Tasmanian, to £l6 a ton; others, £l2. Onions.—Brown, £l4 a ton; white, £l5. Maize.—Yellow, 4/8 a bushel; white, 4/6.

LIABILITIES £ Variation. £ General reserve 1,500,000 Same Bank notes 15,195,672 + 500,689 Demand liabilities — State 3,033,624 + 345,954 Banks 5,715,629 —30,749 Other 330,752 + 67,697 Other currencies 10,099 —13,620 Other liabilities 179,798 + 7,322 TOTAL 25,965,664 +877,383 ASSETS £ £ Reserve— Gold 2,801,791 Same Sterling exchange 4,572,031 +371,175 Subsidiary coin 200,315 —2,337 Treasury and local body bills 300,000 + 300,000 Advances— Marketing Dept. 5,012,588 —474,284 Other 9,360,000 + 680,000 Investments 3,605,022 Same Other assets 113,917 + 2,830 TOTAL 25,965,664 + 877,383

(OOO’s omitted) Variation. £ 1938 £ 1937 £ Notes 15,197 14,374 + 882 Deposits— State 3,034 4,902 —1,868 Banks 5,716 6,486 —770 Exchange 4,572 16,444 —11,872 Advances— Marketing Dept. 5,013 5,041 —28 Other 9,360 100 + 9,260 Ratio (p.c.) 30.333 72.563 —42.230

1937 £ (N.Z.) December 6 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 4 November 14 5,662,977 November 21 5,029,137 November 28 4.828,302 December 5 4,200,856 December 12 4,572,031

1937 Per cent. 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 November 28 32.685 December 5 29.834 December 12 30.333

ember were as follows:— £ Imports 78,028,000 Exports 42,934,000 Re-exports 5,113,000 The principal decreases ► compared with November last year, were:— IMPORTS Grain and flour 3,110,000 Beverages 1,285,000 Tobacco 559,000 Iron ore and scrap 900,000 Non-ferrous metals 871,000 Wood and timber 2,585,COO Raw cotton waste 3,202,000 Seeds and nuts 1,061,000 Rubber 475,000 Iron and steel manufactures 1,892,000 Non-ferrous manufactures 1,373,000 Manufactures of oils 678,000 EXPORTS Iron and steel 599,000 Cotton yarns 1,264,000 Wool, worsteds and manufactures 492,000 Other textiles * 357,000 RE-EXPORTS Non-ferrous manufactures 417,000 The principal increases were:— IMPORTS Meat 412,000 Dairy produce 261,000 Wool 277,000 EXPORTS Machinery 311,000 Vehicles 593,000