BOARD OF TRADE.

Star (Christchurch), Volume LXVI, Issue 20540, 15 February 1935, Page 9

BOARD OF TRADE.

Returns for Month of January. BRITISH FIGURES. United Press Assn.—By Electric Telegraph—Copyright. (Received February 15, 1.50 p.m.") LONDON, February 14. The Board of Trade returns for January show Imports—£sl,93l,ooo. Exports—£3s,4Bl,ooo. Re-exports—£s,o34.ooo. The principal increases, compared with January of last year, arc; — Imports. R u bber—£9o4,ooo. Non-ferrous metals and manufactures thereof—£4ss,ooo. Experts. Coal—£3oß,ooo. Iron and steel and manufactures thereof—£4os,(MX). Non-ferrous metals and manufactures thereof—£3lo,ooo. Machinery—£sßS,ooo. Cotton yarns and manufactures — £342,000. Woollen and worsted manufactures—£2l4.ooo. Chemicals, drugs—£3s3,ooo. The principal decreases are: Imports. Other f00d—£1,653,000. W001—£2.653,000. Hides and skins—£34s.ooo. Oils, fats, resin and manufactures—£29s,ooo.

QUILL, MORRIS, LTD.

Reconstruction Proposals Mooted. It is understood that a meeting of shareholders of Quill, Morris, Ltd. (in liquidation) will be held within the next few weeks, when the report of the liquidators will be submitted for the year. It will be remembered that in their half-yearly report for the period ended July 25, 1934, the liquidators recorded an increased profit, and were hopeful that at some early date in 1935 they would be in a position to put forward some scheme of reconstruction which would enable creditors to realise on their claims and give shareholders a definite interest in the company’s affairs. It is believed that proposals along these lines may be submitted to the forthcoming meeting, when it is also understood that returns will reveal a satisfactory year's trading.

BANK NOTES.

Exchange for Reserve Issue. The Associated Banks report that there has been a good response to the recent notification in the newspapers that the notes of the trading banks have been superseded by notes of the Reserve Bank. There are still, however, a fair number of the trading banks’ notes in circulation. and it is desired that these should be exchanged by the holders for Reserve Bank notes, in to complete this important change as soon as ’possible.

BANK OF ENGLAND.

Weekly Returns. (Received February 15, H a .m.) LONDON, February 14. Returns of the Bank of England for the week ended February 13 are as fol--1 lows:— Gold and silver coin, £194,879,792, compared with £194,882,004 a week ago, and £194,445,339 a year ago. The reserve in notes and coin is £78,076,139, compared with £76,034,186 last week, and £93,562,634 last year. The proportion of reserves to liabilities is 4 8.60, compared with 4 7.50 a week ago, and 53.90 a year ago. The circulation is £374,945,595, compared with £376,987,922 last week. Xssno Department. Notes issued—■ £

Money Market. The Bank of England rate of discount is 2 per cent (June 29, 1932). Short loans are emoted at & per cent, unchanged from last week, and the market rate of discount for the best threemonth bill is 5-16 per cent, unchanged from a week ago. The Discount Rate. A record has been established by the Bank of England in the unchangreability of the discount rate. This rate is the guiding standard of money market transactions, and fluctuations are always disturbing. On January 29, 1932, the rate was reduced to 2 per cent, and it has remained at tha.t level for more than 81 months. The previous record was established about 40 years ago, from February 22, 1894, to September 10, 1596. and the rate for that period, which covered 30 months and three weeks, was also 2 per cent. The Bank of England rate jumped to 10 per cent when the Great War was imminent in 1914. The highest rate in recent years was 6 ner cent in 1931. since when it has gradually fallen to the present level. The record is the more remarkable when the unstable conditions in many countries are considered. Discount rates in New York, Paris and elsewhere have been altered from time to time, but the Bank of England rate has withstood all stresses. MACKY, LOGAN, CALDWELL ThO flotation of Maeky, Logan, Caldwell, Ltd-, has been completed by the New Zealand Brokerage Corporation, Ltd. The new company has a nominal capita! of £IOO,OOO, and the issued capital of £85,000 has been oversubscribed.

Tn circulation 374,1*45,595 In banking; department . . 77,488,531 £452,434,126 Government debt 11,015,100 Other Government securities 245,638,421 Other securities 900.813 Silver coin 2,4 45,666 Fiduciary issue 260,000,000 Gold coin and bullion 192,434,126 £452,434,126 Banking Department. Capital 14,553,000 Best 3.625.036 Public deposits 18,3 40,176 Other deposits— Bankers 101.S19.644 Other accounts 40,426,696 Seven-day and other bills . . — £178,764,552 Government securities .... 82,766,413 Other securities— Discounts and advances . . 7,942,597 Securities 9,979,403 Notes 77.4S8.531 Golden and silver coin .... 587,608 £178,764,552