RESERVE BANK

Wanganui Chronicle, Volume 85, Issue 9, 11 January 1941, Page 10

RESERVE BANK

OVERSEAS FUNDS LOWER The sterling exchange funds of the Reserve Bank on Monday totalled £11,885,068, a decrease of £615,530, while an increase in overseas currencies reduced the banks' net overseas assets to £10,488,380. The note issue at £22,462,497, shows a further reduction of £204,776. Advances to the State for purposes other than marketing were unchanged at £23,690,000. The statement of assets and liabilities of the Reserve Bank of New Zealand. as at the close of business on Monday, January 6, is as follows:

•Expressed in N.Z. Currency. Proportion of reserve (No. 7 less No. 5) to notes and other demand liabilities, 31.211 per cent., compared with 32.644 per cent, on December 30. The reserve on Monday amounted to £13,290,240, compared with £14,289,985 on December 30, a decrease of £999,745. A years ago the reserve was £9,653,828, and on January 9, 1939, it totalled £6,734,499. Sterling exchange on Monday amounted to £11,885,068, compared with £12,500,598, on December 30, a decrease o£ £615,530. Liabilities in currencies other than New Zealand on December 30 were £1,396,687 (an increase of £384,215), thus making the bank's net overseas assets £lO,488,380, a decrease for the week of £999,746. A year ago, net overseas assets were £6,831,898 and on January 9, 1939, they amounted to £3,932,708. The gold holding stands unchanged at £2,801,859. Subsidiary coin amounts to £49,739, an increase of £1422. Advances to the State Marketing Department total £3,140,571, a decrease of £189,322. Advances to the State for other purposes remain unchanged at £23,690,000. A year ago they totalled £20,725,000, and on January 9, 1839, they were £10,830,000. Investments remain unchanged at £3,770,596. Other assets total £1,134,023, an increase of £14,957. The note issue on Monday totalled £22,462,497, a further decrease of £204,776. A year ago it amounted to £18,903,534, and on January 9, 1939, it was £16,127,223. Demand liabilities to the State total £7,042,768, a decrease of £917,722. The trading banks' reserve balances amount to £12,825,947, an increase of £78,848. Other demand liabilities at £399,965, show an increase of £149,826. Other liabilities amount to £993,819, an increase of £20,788. The statement balances at £46,471,857, a decrease of £788,472.

Liabilities £ s. d. 1. General Res. fund 1,500,000 0 0 2. Bank notes 22,462,497 0 0 3. Demand liabilities— (a) State 7,042,768 12,825,946 5 0 (b) Banks 19 0 (e) Other 399,964 15 10 4. Time deposits 5. Liabilities in cur- — rencies other than N.Z. currency 1,396,687 9 0 6. Other liabilities ... 993,818 16 3 £(N.Z.)46,471,857 0 1 Assets 7. Reserve £ s. d. (a) Gold 2,801,859 10 0 *(b) Sterling Exchange 11,885,067 19 2 (cj Gold Exchange — 8. Subsidiary coin 9. Discounts— 49,739 0 11 (a) Commercial and agricultural bills <b> Treasury and local body bills ~— 10. Advances— (a) To the State or State undertakings: (1) Marketing dept 3,140,571 1 11 (2) For other purposes <b) To other 23,690,000 0 0 public authorities (c) Other — 11. Investments 3,770,595 18 J 12. Bank buildings .. — 13. Other assets 1,134,023 9 10 £(N.Z.)46,471.857 0 1