RESERVE BANK RETURN

Press, Volume XCV, Issue 28267, 3 May 1957, Page 13

RESERVE BANK RETURN

£s.lm Increase In

Sterling

Sterling and other exchange held by the Reserve Bank rose £s.lm to £ 41.7 m in the week ended April 17. This total is. the highest since mid-October last year and is £ 10.2 m above the figure a year earlier. Borrowings by the State for non-marketing purposes, after falling £3om the previous week, rose £5.6m. Deposits by the State rose £l.sm. Trading banks’ deposits rose £s.Bm to £ 50.6 m. Comparative weekly returns are as follows: Liabilities

TRADING BANKS RETURN

A £9.lm increase in the volume of money occurred in March this year, compared with the same month last year. , This year’s increase was the combined effect of a £ 29.3 m increase in demand deposits with the Reserve Bank and a fall of £ 20.0 m in demand deposits with the trading banks. The smaller rise in March this year is accounted for by the later Easter. The volume of money this March, £353.7m, was £l.9m below the figure a year earlier.

Overseas assets showed an increase on both the March, 1956, and February figures. The banks’ excess of deposits with the Reserve Bank over their statutory minimum deposits fell from £ 15.3 m to £ 12.2 m; the previous March, although their combined deposits exceeded the statutory figure by £ 11.0 m, individual banks had to borrow £3.2m to mmntain their minimum deposits.

Advances rose £ 15.0 m, com l pared with an increase of £ 17.5 m in March, 1956, and deposits fell £B.om (£ 14.1 m last year). Unexercised overdrafts fell £B.3m, compared with £ 13.2 m last year.

STOCK SALES

ST. ANDREWS “The Press” Special Service TIMARU, May 2. One hundred and twenty head of mixed quality fat cattle met a steady demand from butchers, with values unchanged at St. Andrews sale today. The offering of sheep was made up, for the most part, of fat ewes and lambs. Tail-end lots comprised the bulk of the store sheep entry. All sections met a keen inquiry. Values were:— Fat Cattle.—Steers: prime, £29 2s 6d to £32 12s 6d; medium, £22 2s 6d to £26 12s 6d; light, £lB 2s 6d to £2l 2s 6d. Heifers: prime, £2l 2s 6d to £25 12s 6d; medium, £l6 2s 6d to £2O 2s 6d. Cows: prime, £l7 2s 6d to £l9 2s 6d; light, £8 to £l4 2s 6d. Fat Sheep.—Lambs: prime, 75s Id to 80s Id; medium, 68s Id to 72s Id. Ewes: prime, 58s Id to 66s Id; medium, 48s Id to 52s lOd; light. 48s Id to 45s Id.

Store Sheep.—Rape ewes, 32s to 38s. Lambs: medium, 45s to 53s 6d; small, 45s to 355. Two-tooth ewes, 60s to 84s. Two, three and four-shear ewes, 60s to 675.

Overseas Companies* Prospectuses. —The Collector of Customs, Christchurch, advises that prospectuses, renunciation, and share transfer forms and other forms relating to the purchase, transfer, or disposal of shares in overseas companies not registered in New Zealand, may now be admitted as exempt from the requirements of an import licence under the exception for ‘‘bona fide” gifts, provided the forms Concerned are supplied by the overseas company free of charge, and the quantity is not regarded as excessive.

Apl. 10. Apl. 17 £000 £000 General reserve 1,500 1.500 Bank notes 73,748 74,079 Demand Liabilities — State 8,726 10,200 Banks 44.832 50,628 Other 1,830 2,191 Other currencies .. 50 52 Other liabilities 10,270 10,270 Total 140,956 149,620 Assets Reserve— Gold 6,162 6,162 Sterling exchange 36,174 41,069 Other exchanges .. 420 581 Subsidiary coin 639 629 Advances to State Market Acc. 297 297 Other purposes .. 20,000 25,626 Advances to market organisations 34,097 32,314 Other advances 3,764 3,774 Investments 38,173 •38,173 Other assets 1,231 996 Total ... 140,956 149,620 •Includes £27,786.000 invested tn sterling securities.

Principal items from the returns are:— 1956. 1957. Mar. Feb. Mar. £m. £m. £m. Dem. deposits 238.9 252.0 244.0 Time deposits 39.5 33.9 33.1 Bal’s, at R.B. 29.8 85.2 43.1 Stat. min. dep. .. 18.8 69.9 30.9 T.B. borrowing .. 3.2 — Vol. of money .. 355.6 344.1 353.7 Advances* 184.2 151.7 168.7 Unex. overdrafts 87.9 105.3 97.0 Net overseas ass. 26.1 24.7 26.4 •Including discounts.