Bank Notes Decline And Sterling Increases

Wanganui Chronicle, 31 May 1949, Page 7

Bank Notes Decline And Sterling Increases

A further contraction of £132,836 in the bank-note issue during the preceding seven days is shown by the Reserve Bank statement tor May 18. In the same period funds rose by a further £785,127. The assets and liabilities of the bank as at May IS,' with the weekly averages of 1939 and 1948 were as follows: Week.

Aver. Aver, ended (£N.Z. millions) 1939 1948 May 11 Liabilities— Reserve fund 1.50 1.50 1.50 Bank notes 16.08 48.93 50.24 Demand liabilities— State 2.77 13.23 11.63 Banks 10.75 57.71 70.56 Other 31 .38 .44 Other currencies 03 .07 .tin Other liabilities 47 3.54 4.25 Assets — Reserves— Gold .................... 2.80 2.80 2.90 Sterling 5.31 65.09 58.39 Subsidiary coin .. .22 .10 .24 Advances to State— Marketing 6.09 1.70 3.01 Other 13.59 35.18 34.00 Other advances (Mi 2.44 4.89 Investments 3.6'3 10.50 34.09 Other assets 17 7.55 1.14 *Ratio p.c 27.00 56.52 46.10 ♦ Proportion of reserve to notes and other demand liabilities.