RESERVE BANK RETURN

Southland Times, Issue 23953, 20 October 1939, Page 2

RESERVE BANK RETURN

INCREASE IN NOTE CIRCULATION ADVANCES RISE BY MORE THAN £500,000 (Special to The Times) WELLINGTON, October 19. A further Increase in the note circulation, bringing the total to £17,203,825. is shown In the Reserve Bank return for the week ended October 16. In the last four weeks it has risen by £781,292. There has been a irop of £87,947 in the sterling exchange, out advances show an aggregate increase of £501,300. State and trading banks' deposits are also higher. The statement is balanced at £35,050,707, the highest total yet recorded The statement, with variations compared with the previous week, is as follows: — LIABILITIES

TOTAL 35,050.707 +387,279 Proportion of reserve to notes and other demand liabilities, 25.279 per cent. (25.847 per cent, last week). Sterling exchange is expressed in New Zealand currency.

COMPANY NEWS

AUSTRALIAN INDUSTRIES (United Press Association) WELLINGTON, October 19. Cabled advice has been received that Australian Consolidated Industries is to declare a dividend of 4j per cent, on preference shares and an interim dividend of 3i per cent, on fully paid ordinary shares for the half year ended September 30. LONDON MONEY MARKET (Received October 19, 6.30 p.m.) LONDON, October 18. Discount and short loan interest rates, day-to-day loans, 1| per cent.; fine trade bills, three months, 4 to 4J per cent.; bank bills, three months, 1 15-16 per cent.; bank bills, six months, 2% per cent.; Treasury bills, two months, 1 5-8 per cent.; Treasury bills, three months, 1J per cent. i LOWER PRICES FOR EWES AND LAMBS FAT CATTLE SELL WELL AT WINTON . The yarding of about 700 sheep at the Winton stock sale yesterday was comprised mostly of ewes and lambs. These did not sell as well as at the previous sale, the poor demand being because of a lack of feed caused by the present dry spell. The prices secured for ewes and lambs ranged from 8/3 to 12/3, with a good line realizing 13/5. rew fat ewes were offered, a pen of four realizing 31/- and two other smaller lots 26/9 and 23/-. . Fat cattle sold well, two brmging £ll each, another £ll/5/- and another £l2/10/-. Dairy cattle sold up to recent rates and averaged £6. About 21 head of cattle were yarded.

The sales were: Wright, Stephenson and Co., Ltd.— Sixty-eight ewes and lambs at 12/3; one steer at £7; one empty cow at £3; one heifer at £5; one cow at £6; a quantity of timber at £7. Dalgety and Co., Ltd., sold.—Sixty ewes and lambs at 10/6; four fat ewes at 31/-- , Southland Farmers’ Co-operative Association, Ltd.—Seventy-five ewes and lambs at 9/9, 70 at 11/-, 112 at 10/6, 98 at 13/5; seven empty ewes at 7/9; one dairy cow at £6; two fat cows at £ll, one at £ll/5/-, one at £l2/10/-; one empty cow at £l/7/6; one dairy cow at £l/10/-; one dairy heifer at £7; four yearling heifers at £2/14/-; one dairy cow at £B/8/-; one at £6, one at £6, one at £5; one dairy heifer at £4/2/6. National Mortgage and Agency Co., Ltd. sold.—Eighty ewes and lambs at 10/10; six fat ewes at 26/9, four at 23/-; seven ewe hoggets at 25/-; 87 ewes and lambs at 8/3; one dairy cow at £5/5/two at £5.

COLOMBO TEA AUCTION J. Rattray and Son Ltd., Invercargill, report having received the following cabled report of the tea auction held in Colombo on Tuesday: Small supplies of good quality teas offered with strong demand and prices showing an advance of |d to gd per lb on the private sale quotations of last week. Quantity, 1,500,001 b; next sale, 1,000,0001 b. THE METAL MARKET (Received October 19, 5.30 p.m.) LONDON, October 18. Metals are quoted as follows:—

Varia- £ tlon. £ General reserve 1,500,000 same Bank notes 17,203,825 + 206,282 Demand liabilitiesstate 1,996,841 + 2,026 Banks 13,511,186 + 108,512 Other 260,586 + 61.274 Other currencies 11,875 + 1,577 Other liabilities 566,394 + 7,608 TOTAL 35,050,707 +387,279 ASSETS Reserve— Gold £ Variation. £ 2,801,839 same Sterling exchange 5,545,213 —87,947 Subsidiary coin 227,080 —4,026 Advances Marketing Dept. 5,267,796 +351,300 Other 17,425,000 + 150,000 Investments 3,725,952 + 12,308 Other assets 57,828 —34,355

Silver — per oz. d Fine 24% Standard 22 15-16 TinA Ton. £ s d Spot 230 0 0 Forward 230 0 0