RESERVE BANK RETURN

Southland Times, Issue 23815, 12 May 1939, Page 3

RESERVE BANK RETURN

DECREASE SHOWN IN . EXCHANGE ADVANCES TO GOVERNMENT HIGHER (Special to The Times) WELLINGTON, May 11. . The Reserve Bank return for the week ended Monday, May 8, shows a reduction of £109,286 in the sterling exchange held by the bank compared with the previous week. The trading banks’ deposits are £325,605 lower. Advances to the Primary Products Marketing Department are £41,376 less than they were last week, but advances to the State for other purposes have risen by £lOO,OOO to £12,175,000. The proportion of reserve to notes and other demand liabilities, which a year ago stood at 80.90 per cent., has fallen slightly to 25.722 per cent. The statement, with variations compared with the previous week, is as follows: — ■ LIABILITIES I Varia- |

Proportion of reserve to notes and other demand liabilities, 25.722 per cent. (25.815 per cent, last week). . Sterling exchange is expressed in New Zealand currency. The principal items in this weeks 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:—

1933 £(N.Z.) I A p r il 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 December 5 4,200.856 1939 January 2 4,017,232 February 6 4 ’ 074,9 ~ March 6 4,70,1,897 April 3 - 4 -663.310 May 1 4,817,992 May 8 4,708,706 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:— 1938 per cent> April 4 75.542 May 2 ’9-569 June 6 ”-906 July 4 76.181 August 1 69.249 September 5 b&.o4i October 3 57.259 November 7 39.733 December 5 29.834 1939 January 2 26.13 February 6 25.047 March 6 25.017 April 3 25.942 May 1 25.815 May 8 25.722

STOCK SALES SMALL YARDING AT WAIKAKA MONTHLY OFFERING There was a small yarding of sheep and cattle at the monthly Waikaka stock sale. In the sheep section fat wethers brought up to 22/-, store twotooth wethers in forward condition made 17/4 and full and failing-mouth ewes made up to 9/-. Good young store cattle commanded a sound market. Eighteen-month steers and heifers brought from £4/5/- to £4/15/— and one choice pen of station calves brought £3/11/-.

Sales were:— Southland Fanners’ Co-operative Association Ltd. — One fat cow at £5, 3 18-month steers at £4/15/-, 3 18month heifers at £4/5/-. Passed in: Fifty-one f.m. ewes. Wright, Stephenson and Co. Ltd.— Seventy-seven f. and f.m. ewes at 9/-, 25 fat wethers at 22/-, 120 2-th wethers at 17/4. National Mortgage and Agency Company Ltd.—Six calves at £3/11/-. Passed in: Twenty-eight m.s. calves at £3 J. E. Watson and Co. Ltd.— One bull at £3/10/-.

MINING MOSSY CREEK (United Press Association) GREYMOUTH, May 11. The Mossy Creek return was 420 z for 131 hours and 7745 yards. boring FOR OIL (United Press Association) GISBORNE, May 11. The New Zealand Petroleum Company advises that the progress of the drilling on the Totangi bore during the week has been slow because of the nature of the rock being penetrated. The bore has now reached a depth of 4040 feet. WOOLWORTH’S PROPERTIES (United Press Association) WELLINGTON, May 11. The Stock Exchange Association of New Zealand advises that payments in connection with the new issue of Woolworths Properties Ltd., recently announced, must be made in Australian currency. This information has been obtained from the company because of the large number of inquires from Woolworths Properties Ltd. shareholders to know if payments could be made in New Zealand.

£ tion. £ General reserve 1,500,000 same Bank notes 15,698,366 —18,900 Demand liabilities— State 2,795,242 4-429 Banks 10,394,090 —325,605 Other 119,495 —53,302 Other currencies 49,299 +20,339 Other liabilities 576,926 + 8,844 TOTAL 31,133,348 —368,264 ASSETS Variation. £ £ Reserve — Gold 2,801,839 same Sterling exchange 4,708,706 —109,286 Subsidiary coin 226,080 + 80 Advances— Marketing Dept. 7,325,620 —41,376 Other 12,175,000 + 100,000 Investments 3,770,789 . —489 Other assets 125,313 —17,194 TOTAL 31,133,348 —368,264

(OOO’s omitted) Varia1939 1938 tion. £ £ £ Notes 15,698 14,069 + 1,629 Deposits— * State 2,795 4,392 —1,597 Banks 10,394 6,265 + 4,129 Exchange 4,709 17,461 —12,752 Advances— Marketing 7,326 3,633 + 3,693 Other 12,175 — + 12,175 Investments 3,771 2,651 + 1,120 Ratio (per cent.) 25.722 80.90 —55.178