RESERVE BANK RETURN

Press, Volume XCV, Issue 28264, 30 April 1957, Page 20

RESERVE BANK RETURN

£l.7m Increase In Sterling Sterling and other exchange held by the Reserve Bank rose £l.7m to £ 36.8 m in the week ended April 3. With £27..8m invested overseas, the bank’s overseas assets at that date totalled £64.6m. an increase of £6.6m in 12 months. Marketing organisations reduced their indebtedness by £2.6m. A fall of £3m in State deposits and a rise of £2.6m in trading banks’ deposits reflect a recovery from income tax payments. Comparative weekly returns are as follows: Liabilities

I sterling securities. ; Australian Reserves Recover j (N.Z. Press Association Copyright) LONDON. April 29. Australia’s sterling holdings have been rising steadily for a full 12 months, “The Times” said today. They had gone up by £ All Im since ■) the beginning of 1957 and amounted 1 to £A439m on April 17. The newspaper’s city editor today s said this was’ an "encouraging f trend” against the figures of £A25lm v for the Commonwealth’s Bank’s gold b and balances held abroad just one year previously. - The recent relaxation of certain a import restrictions should serve to - offset some of the rising earnings ; from wool, “The Times” said. ; However, it seemed highly likely ; that the Australian reserves would j retain some permanent benefit from .. the recent expansion in view of the s Commonwealth Bank's efforts to neu- .. tralise a proportion of the deposits arising from the oig wool cheque—g £A2BOm for the first eight months ~ of the financial year, representing a il 50 per cent, increase on the figures : for the same period last year. = LAND VALUES IN I NEW ZEALAND Sharp Rise In Nine s. JU Years (New Zealand Press Association) WELLINGTON. April 29. The capital value of land and improvements in New Zealand has risen from a gross value of £710.4m in 1946 to a gross value in 1955 of £2068.3m. according to the latest Local Authorities Handbook. The handbook has been pub’s lished and prepared by the De1. partment of Statistics. In the same period the unimproved value of land has risen o from £ 279.2 m to £ 579.1 m. 0 Unimproved value is included in capital value. The rateable values 6 of the two types of land are 6 slightly less. The figures for gross values include unoccupied Crown lands, churches, and schools, together with other lands exempt from local ratings. N.Z. PIP FRUIT PRODUCTION e e (New Zealana Press Association) lt HASTINGS, April 29. ;t Fruit handled at the New Zeaie land Apple and Pear Board’s cool I® store in Hastings this season will total about one million cases. a This will be about 70.000 cases in excess of the estimate earlier h in the season, as mid-season •s varieties have yielded better than expected. , 8 To date this season 796.000 cases 18 of apples and pears have been e, received, made up of 624,000 cases of apples and 172,000 of pears. 1; Aluminium Foil Co.—A company to e. be known as Aluminium Foils (Aus;o tralia) Pty., Ltd., has been formed s; in Sydney to create an aluminium :o foil industry in Australia. The proprietary will operate the works ;: planned, and previously announced o by three overseas companies—Alum1. inium. Ltd., Canada, and British II Aluminium, Ltd., and Venesta, Ltd., d. England.

Mar. 27. Apl.3 £000 £000 General reserve 1,500 1.500 Bank notes 71,998 72,850 Demand Liabilities— State 43,243 40.204 Banks 43.234 45,870 Other 1,512 1,242 Other currensies 9 45 Other liabilities 9,791 10,273 Total 171,287 171,984 Assets Reserve— Gold 6,162 6.162 Sterling exchange 34,835 36,345 Other exchanges .. 249 457 Subsidiary coin 645 642 Advances to State Market Acc. 310 297 Other purposes 50,000 50,000 Advances to market organisations 34,883 33.282 Other advances 5,039 5,039 Investments 38.173 *38.173 Other assets 991 1,588 Total 171,287 171,984 •Includes £27,786,000 invested tn