STERLING BALANCE OF RESERVE BANK FALLS
The return toward normal trading within the Dominion after the Christmas period is shown by a contraction in the note issue of the Reserve Bank of £740,000 in the week ended January 7. In the same period sterling held by the bank in London fell by approximately £2,000,000. This may be due to the presentation of drafts for the heavy arrivals of imports in the last days of 1947, for an expansion might normally be expected In the middle of the export season. The assets and liabilities of the bank as at January 7, together with the weekly averages for 1945 and 1946 (1947 not yet available) were as follows:
Week Aver. Aver. ended (£N.Z. millions) • 1939. 1946. Jan. 7. LiabilitiesReserve fund 1.50 1.50 1.50 Bank notes . 16.08 45.17 51.24 Demand liabilities— State 2.77 17.30 12.34 Bank 10.75 59.73 47.35 Other ‘ . .31 ~ .36 Other currencies . .03 .07 .02 Other liabilities . .47 3.35 3.45 Assets— Reserves— Gold 2.80 2.80 2.80 Sterling 5.31 81.33 61.18 Subsidiary coin .. .22 .04 .03 Advances to State— Marketing 6.09 .96 4.89 Other 13.59 35.13 39.00 Investments 3.66 5.99 7.87 Other assets 17 1.40 .82 Ratio p.c. . .27 6S.56 57.22 ’Proportion of reserve to notes and other demand liabilities.
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https://paperspast.natlib.govt.nz/newspapers/WC19480117.2.102
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Wanganui Chronicle, 17 January 1948, Page 10
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208STERLING BALANCE OF RESERVE BANK FALLS Wanganui Chronicle, 17 January 1948, Page 10
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