RESERVE BANK RETURN

Southland Times, Issue 23947, 13 October 1939, Page 4

RESERVE BANK RETURN

RISE IN STERLING EXCHANGE INCREASE OF £526,233 IN ADVANCES (Special to The Times) WELLINGTON, October 12. An increase of £294,457 in the sterling exchange held by the Reserve Bank is shown in the return for the week ended October 9. Advances to the State are £526,233 higher than they were a week ago. On the liabilities side bank notes show a rise of £106,516, State deposits a rise of £193,105 and the trading banks’ deposits are up by £437,619. The return, with variations compared with the previous week, is as follows: — LIABILITIES Varia-

Proportion of reserve to notes and other demand liabilities, 25.847 per cent. (25,473 per cent, last week). MATAURA DAIRY FACTORY INCREASED PRODUCTION FOR SEPTEMBER

The Mataura dairy factory returns for the month of September show an increase of 34,487 pounds of milk compared with the same period last season, the figures being: September 1938, 317,905 pounds of milk, producing 10,390 pounds of butterfat; September 1939, 352,392 pounds of milk, producing 12,415 pounds of butterfat. The number of suppliers, 118, is about the same as last season. Many suppliers, however, have increased their herds, and this, coupled with a plentiful supply of feed, accounts for the increase. The general opinion is that should the season be at’ all favourable a record output of cheese will be established.

COLOMBO TEA AUCTION

J. Rattray and Son, Ltd., Invercargill, report having received the following cabled Colombo tea report:—

The weekly tea auction sales are being resumed next week following release by the British Government of portion of the commandeer. At.a private auction on Tuesday 750,0001bs was offered, prices showing substantial decline from recent very high level, export quota being increased by 10,000,0001bs from Ceylon and 20,000,0001bs from India, spread over the next five months.

MOSSY CREEK

GREYMOUTH, October 12. The Mossy Creek return was 51oz 7dwt from 9812 yards in 234 hours.

£ tion. £ General reserve 1,500,000 same Bank notes 16,997,543 + 106,516 Demand liabilities— State 1,994,815 +193,105 Banks 13,402,674 +437,619 Other 199,312 —37,645 Other currencies 10,298 —5,325 Other liabilities 558,786 + 6,678 TOTAL 34,663,428 +700,445 ASSETS Variation. £ £ Reserve— Gold 2,801,839 same Sterling exchange 5,633,160 +294,457 Subsidiary coin 231,106 —3,210 Advances Marketing Dept. 4,916,496 +51,233 Other 17,275,000 +475,000 Investments 3,713,644 —99,601 Other assets 92,183 —17,435 TOTAL 34,663,428 +700,445