RESERVE BANK

Timaru Herald, Volume CXXXIX, Issue 20104, 10 May 1935, Page 8

RESERVE BANK

ASSETS AND LIABILITIES By Telegraph—Press Association WELLINGTON, May 9. A Gazette issued to-night contains a statement of assets and liabilities of the Reserve Bank of New Zealand as at the close of business on May 6. Liabilities

NEW BUILDINGS FOR STATE

AUCKLAND AND WELLINGTON By Telegraph—Press Association WELLINGTON, May 9. It was announced by the Hon. J. Bitchener to-day that the Government intends to proceed immediately with the erection of new buildings in Wellington and Auckland to hopse Government Departments. The Auckland building will occupy the site of the old Post Office between Shortland and Fort Streets. In Wellington the building will be of eight storeys on an area fronting Stout and Maginnity Streets. The scheme includes the demolition of the subsidiary buildings adjacent to the present Government buildings and the creating of an open space of grass, shrubs, etc. “The necessity for extra Government accommodation in Wellington been apparent for years, but the building programme has been held up by the depression,” said Mr Bitchener. The Government felt that with the trend for the better in the country’s finance, the time was opportune to undertake this work.

Paid lip capital £ 500,000 0 d. 0 General reserve fund 1.000,000 0 0 Bank notes .. 0 0 State 12,470,121 15 5 Banks 3,969,748 18 4 Other 7,194 1 6 Other liabilities 87,134 12 3 Total .. .. 27,441,616 7 6 Gold Assets 2,801,731 0 0 Sterling exchange .. 22,336,730 16 11 Subsidiary coin 170,453 16 6 Investments .. 2,095;807 3 0 Other assets .. 36,893 11 1 Total .. .. 27,441,616 7 6 Proportion of reserve to notes and other demand liabilities 97.23 per cent.