RESERVE BANK

Dominion, Volume 28, Issue 87, 7 January 1935, Page 10

RESERVE BANK

Assets and Liabilities

STERLING EXCHANGE LOWER

The 22nd weekly statement of assets and liabilities of the Reserve Bank of New Zealand as at the close of business on Monday, December 31, 1934, is as follows :—

Proportion of reserve (No. S less No. C) to notes and other demand liabilities, 98.24 per cent., compared with 98.38 per cent, on December 24, and 98.39 per cent, on December 17. The principal change in the figures this week is a decrease of £1,212,449 8/10 in sterling exchange, which has been reduced to £22,092,020/9/10. Gold is still unchanged at £3,001,731. Subsidiary coin at £93,699/15/3, shows an increase of £919/16/1. Investments at £1.872.111/5/10 have increased by £3187 3/1. Other assets have increased by £IL--106/16/4, and now stand at £23,318/19/5. On the liabilities side the note issuejit £9,772,279 shows a decrease of £35,776. Government deposits at £6.693,086/17/3 have decreased by £562,497/8/10. and trading banks’ deposits at £9,071,699/3/4 are lower by £598,391/10/9. Other demand liabilities have increased by £605 16/2 to £5898/5/8. Other liabilities stand at £39,918/4/1, a decrease of £1176/9/11. The statement balances at £27,082,881 10/4, a reduction of £1,197,235/13/4. FROZEN MEAT TRADE Lamb Market Very Firm MUTTON PRICES ADVANCE Lamb market: Very firm with "good trade; all arrivals of new season’s lamb going immediately into consumption. Slutton market: Wethers and ewes, prices again higher owing to short spot stocks. Beef market: Firmer with slightly higher prices. N.Z. porker pigs: Fair trade with prices slightly higher. N.Z. baconer pigs: Market steady and unchanged. The above report was received on Saturday by the Meat Board from its London office, which advises that the following are the approximate average prices realised for the week ended January 4, based on actual transactions of wholesale quantities of the descriptions of meat mentioned, and are for representative parcels of the goods offering during the week, being for business done on the basis of delivered to Smithfield market and/or ex London stores. Prices for the two previous weeks are also shown: — New Zealand sheep: Canterbury and ■North Island selected crossbred wethers and maiden ewes, 481 b. to 561 b., 5 5-Bd. (s}d., 4 7-Sd.) ; 571 b. to 641 b., 5 3-Bd. (5 l-Bd., 4 7-Bd.) ; 651 b. to 721 b., s}d. (5d., 4fd.) ; North Island, 481 b. to 561 b., 5 5-8(1. (s}d., 4 7-Sd.) ; 571 b. to 641 b.. 5 3-Sd. (5 1-Sd., 4 7-Bd.) ; 651 b. to 721 b., s}d. (5d., 4Jd.) ; ewes. 4Slb. and under, 4 3-8(1. (4 ; }d„ 4(1.) ; 481 b. to 641 b.. 4d. 3 7-Bd., 34(1.) ; 651 b. to 721 b., 3}(l. (3jd., 3 5-Sd.). New Zealand lambs: New season’s, selected North Island brands, including Downs, 361 b. and under, 7 7-Bd. (7 7-Sd., 75d.) ; 371 b. to 421 b„ 8 1-Sd. (8 l-Bd., 7 7-Bd.) ; second quality, average 321 b., 7d. (same) ; other North Island brands, first quality, 361 b. and under, 7 5-Sd. (7 5-Bd., 7}d.) ; 371 b. to 421 b., 7 7-Sd. (7 7-8 d„ 7}d.) ; second quality, average 32 lb., 6|d. (same). Australian lambs: Victorian, first quality, 361 b. and under. 7d. (6 7-Sd.. 6 7-Sd.) ; 371 b. to 421 b., 7 1-Sd. (7d., 6 7-Sd.). Argentine lambs: 361 b. and under, 6J(I. (Gid., 6}d.) ; 371 b. to 421 b„ 7d. (7d., 6}d.). New Zealand beef: Ox fores, 2}d. (2 3-Sd., 2 3-Sd.) ; ox hinds, 3}d. (same). Argentine chilled beef: Ox fores, 3d. (3 3-Bd., 3d.); ox hinds, 5 3-Bd. (6 1-8(1., 5Jd.). Australian frozen beef: Ox crops, over 1001 b., 2 7-Sd. (2Jd., 2jd.): ox hinds, over 1601 b.. 3 5-Sd. (3Jd., 3}d.). New Zealand prime porker pigs: 601 b. to 801 b.. 6}d. (6 1-Sd., 6d.); 811 b. to 1001 b., sfd. (5 5-8 d„ 5 5-Bd.) ; 1011 b. to 1201 b. 5 5-8 (s}, 54). New Zealand baconer pigs: 1201 b. to 1601 b., sfd. (same). By Telegraph.—Press Assn.—Copyright. (Received January 6, 6.30 p.m.) London, January 5. Australia sheep: First quality crossbred and/or merino wethers, 401 b. to 65 lb., 4 3-Bd.; second quality, 301 b. to 551 b., 4}d.; ewes, 301 b. to 551 b., 4}d. Argentine sheep: First quality crossbred wethers. 4Slb. to 641 b.. 5d.; 651 b. to 721 b„ 4}d. Australian lambs: Victorian, first quality, 361 b. and under, 7d.; 371 b. to 421 b., 7 l-Bd.; other States, first quality, 361 b. and undgr, 6Jd.; 371 b. to 421 b., 7d.; Victorian, second quality, 361 b. and under, 6}d.; other States, second quality, 361 b. and under, 61(1.; nil States, third quality, average about 261 b.. 6d. Argentine lambs: First quality, 361 b. and under, Gid.; 371 b. to 421 b., 7d.; second quality, average about 281 b., Gid. Market Very Firm. The market is very firm all round, says a cable message received by Levin and Co., Ltd., from their London agents. Compared with the previous week's quotations, Down lamb and best crossbred lamb, l-Bd. per lb. higher. Wethers, }d. per lb. higher. Ewes, l-Bd. per lb. higher. Others unchanged. Smithfield “delivered” prices are quoted as follow: — North Island Down lambs, 28lb. to 36ib.. Bd. per lb.; 361 b. to 421 b., 8 l-Bd.; best North Island crossbred lambs, 2Slb. to 361 b., 7 7-Sd.; 361 b. to 421 b., Bd.; North Island, second quality lambs, average 301 b. to 311 b., 7d.; best North Island wether sheep, under 481 b.. 5 7-Sd.; 481 b. to 561 b„ 5 5-Sd.: 561 b. to 641 b., 5 3-8(1.; 641 b. to 721 b., 5Jd.; North Island ewes, under 481 b., 4 3-Bd.; 4Slb. to ;>6lb., 4 l-Bd.; 561 b. to 641 b.. 3 7-8(1.; 641 b. to 721 b. 33d. New Zealand prime ox beef, 1601 b. to 2201 b., 2Jd. The Bank of New Zealand, produce department, has received the following advice from its London office ns at close of business last Week :—The market is short of supplies of wethers, and prices are nominal. The market for ewes is firm. Smaller supplies have caused prices for lambs to harden. The market for beef is firm. Wethers, light. s}(l. to 5Jd. per lb.; heavy, 4d. to 5d.; ewes. 3fd. to 4jd.: lambs, 2's 7 5-Sd., S's 7 7-Sd. to 5 l-Bd., 4's not. quoted, seconds 7d. to 74d. Beet: Ox hinds, 3 1-Sd. to 3 3-Sd.; fores, 2-}d. to 2}d.

LIABILITIES- £ s. d. 1. Paid-up capital 500.000 0 0 2. General reserve fund . 1,000,000 0 0 3. Bank notes 4. Demand liabilities— 9,772,279 6,693,086 0 0 17 3 (bj Banks (p) Other 9,071,699 5.898 3 4 8 5. Time deposits 6. Liabilities in currcn- — cies other than N.Z. 7. Other liabilities 39,918 4 1 £27,0S2,S81 10 4 ASSETS— 8. Reserve— 3,001,731 (a) Gold 0 0 (bj Sterling exchange 22,092,020 9 10 (c) Gold exchange ... 93,699 •— 9. Subsidiary coin 10. Discounts— 13 (a) Commercial and agricultural bills . (b) Treasury and local body bills •— 11. Advances— (a) To the State or State undertakings —- (b) To other public — __ 12. Investments 1,872,111 5 10 —.- 23,318 19 a £27,082,881 10 4