FINANCE & COMMERCE

Dominion, Volume 35, Issue 285, 31 August 1942, Page 3

FINANCE & COMMERCE

RESERVE BANK Note Issue Higher The sterling exchange f ll ' l ' l , 4 ! ■ f ! c serve Bank on August 24 totalled ~-.>.-43, 275, an Increase for tlie week olt-■>,•«>»• The note Issue at £2(>,M-_1, 10l shows a u flier Increase' of £201,M1,. I lie statani-iit, as at Monday, August 24, is aS follows.

£ (N.Z.)C3,339,704 19_ 3 Proportion of reserve to notes and ot, J c ‘ r demand liabilities, 46.249 per cent;, cotu--pared with 45.694 per cent, on August J*• The reesrve oii August 24 amounted i- 0 £28.005,104, compared with £28.011.484 August 17. a decrease A year ago the reserve totalled . £ 17,884.362. Sterling exchange on August 24 ed to £25.243,275. compared with £2.j r n,015 on August 17. an increase oi t £2u.obu. Liabilities in currencies other tuan New Zealand currency were £40,046 (an in* crease of £31,741}. thut? making Um bank s net- overseas assert £25,203,229, a oecrease for the wdek of £G-‘kSl. A year ago these assets totalled £ 15,082,488. Advances to the State Marketing l>0" nartment total £7,242,815, a further decrease of £1M>5,243. A year ago. they-stood at £6,306,857. Advances to the State tor other purposes remain unchanged at £22,300,000, compared with £18,000.000 a. J The AJote issue °n August 24 totalled £26.621,454, an increase for* the week oi £201,607. A year ago. it stood at £22,118,541. Demand liabilities to the State amount, to £11,216,604. a decrease of £1.430,819. The trading banks’ reserve balances total £21.437.600. an increase of £230.411. Other demand liabilities at £1,276.601 have increased’by £255,127, ... non - n - The statement balances :r. C»».u09,<0.«. a decrease of £6'17,930. Government Stock Prices (Bv Telegraph.—Press Assu. —Copyright.) LONDON, August 2<. British Government stocks are more active and llrrner, with Australian and New Zealand prices well maintained. The following table gives the mean Stock Exchange quotations for consols and colonial inscribed stocks, compared with

Elder, Smith Profit

Elder, Smith and Co., Ltd.. Sydney, report a profit of £176,653 after transferring £lO.OOO to provident fund ter year ended June 30, compared with £190.276 in 1940-41. Lnchnnged dividend of 6* p.c. requires £175,500. leaving £124.820 to-be carried forward, against £123,667- brought" in. , Broken Hill Pty. Profit Not profit ot tha Broken Hill Proprietary Co.. Ltd., and its subsidiary companies is £811,139. a decrease of £. >3,209 It Is reached after providing an increase of £298.240 for depreciation and a of £05,053 for taxation. The parent company's net proiit is £275,508 lower at £087,711. It is £133.392 short of tlie dividend amount of £821,103. despite a cut in the rate from 7* per cent, to 6J. per cent. As a result tlie carry forward Is reduced bv this sum to £72,872. The .directors attribute the fall in profit to difficult trading conditions and the fact that, despite steeply rising eosts. selling prices of the company’s products have remained stationary. 'The consolidated balance-sheet total is £.’>0,298,755 against £27,043.09’a year earlier. Dunedin Rabbitskin Sale Dominion Special Service. DUNEDIN, August 29. . The Dunedin Stock Agents and Woolbrokers’ Association reports that at the rabbitskin sale yesterday approximately b< tons were offered. All grades of winters met a good demand and values for these, compared with previous auction rates, can be quoted on an average 6d. a lb, lirnicr. All grades of incomings and autumns were neglected and values for these generallywere 9d. to 1/- a lb. easier. Lo.v grades. were from par to slightly lower. N.Z. Exchange Rates Telegraphic rates ot exchange. New Zealand on the overseas centres mentioned,, are quoted by tlie Bank of New -oulu

Doiv Jones Averages (Bv Telegraph Press Asra.—i’i>pvri'.'‘n. • NEW YORK. August 28. Dow Jones averages 11923 equals I<W,L and turnover on. ‘,he New York Stock Ex-

Stock And Share Indices (Bv Telegraph.—Press Assn.- I’npyriglc.) LONDON. August 29. “Financial Times’’ stuck mid share m-di.,-v.<, with prcvhiiie qimtmlons, lire (October 15. 192 U, equals IWI : — Govt. Bum". Indus luilil-

Empire Economic Conference E orecast .Received August 3D. 8 pm 1 LONDON*. August 2* AvvlLinformed city circles foreesist an early Empire financial and ccononuc conference. Shrewd judges visualize measures destined to effect Empire free-trade and currency. Banking opinion is doubttul or tills possibility, but wonlrl not be surprised if tlie closer \'o-operation of Allie i mint:iry strategy were soon paralleled throughout the Empire by trade and finance consultations. Better news from Russia and tlie Solomons, has given the marketa fresh opportunity to doinciistrate tlie underlying streiigtli of gilt-edceds.

MIAI.’EN AND DF.BEN I HAYSII, LONGLE'I and FKETIiE* Stock and Share Brokers. Members of the Wellington biouk Exchange. NATIONAL BANK t 11 A.\l l» E Ui>

Bank Of England Return LONDON,- August 27. The Bank of England return for the week ended August 26 in as follows ISHtie ’Department.

KILBIRNIE CRICKET CLUB

The annual report of the Kllblrme Cricket Club records ’that the 1941-42 financial statement is the soundest since tno club obtained an overdraft in. 1938 to build the pavilion 1 and clubroom. The bank overdraft of £35/18/9. at- the stare of the season had- been completely paid off. aud, in addition, a’credit balance ot £l9 had been-built up. Donations of £4B. 16/6 showed the keen .interest taken in, the club by its vice-presidents, honorary members, and supporters. • There were now well over 5() members ot the club serving in the armed forces overseas* and in New Zealand. The report refers with regret to the impending departure from the district of the club’s senior scorers, Mr. and Mrs. L. P. Dumbleton. They had officiated for the club siuce 1926, and their departure will be a great loss.

LIABILITIES. __ d. General reserve fund J,’;!??’?-? n Bank notes -'*>'■->• t '’ 1 ” U,;I A i, ) I ‘st^ bllitle .r. .■ 'i b) Banks 21 437,909 5 0 0 4 (c) Other :: 1,970, W1 1 Liabilities, oilier, titan' in ... N.Z. currently , Other liabilities •' l.'-17,3S7 .10 9 G <• (N’.Z.)CT,339.701 19 Re u"«<;i<i Sterling exchange is d. 0 I 0 Advances— (a) To the State: _ (1) Marketing Dept. . (2) For other purposes- u investments S Other assel<s -to 4 0 n it

those of August 20: — 1’i'iCe. £ s. d. Variation. £ 8. dConsols, 24 p.e S3 2 (> 0 5 Ot Fund, loans, 1900-00 115 17 G 0 <3 'Jt War Loan, 34. 1052 .. KMl 3 0 0 5 ot Conv. Loan. 3L 11X51 . 107 10 Ox 0 1G Victorj- bonds. 4 p.c.'114 U 0 0 3 u-f C’wealth, 4, 1945-75 .. 101 0 0, same C’wealth, 4. 1943-49 .. 99 (> 0 2 C’wealth, 3J, 1948-53 . 95 0 0 0 1 C’wealth, 8f, 1950-C.l . SS 0 0 O 1 13* C’wealth, 3, 1955-58 . 8C> 0 0 5 N.S.W. 34, 1930-50 . 93 0 0 0 1 Victoria, 3, 1929-40 .. 02 t> 0 0 5 Victoria, 5. 1945-75 .. 1.01 0 0 same Q’Jand, 3. 1924-47 ... 93 0 0 same S. Aust., 3, .191(1 (opt.) 71 • ■ (» 0 2 t»T 8. Aust., 5, 1915-57 .. 101 0 0 same . W. Aust., 4, 1942-02 .. 980 0 same Tasm./ 4, 1942-02 ... 98 1 3 0 1 3N.Z., 44; 1948-55 .... SHI 15 0 0 1 N.Z.. 3. 1945 97 () 0 5 fHigher. ’Lower. xlfx interest.

Wales as follows:— Buying. Selling. Montreal, dol. to tl.WKW 3.5200 New York. do), to £N.Z. ■ 3.2542 3.2050 India, pence to rupee ... 22 3-1G 22-1 Ceylon, pence to rupee,.. 22 3-16 S. Africa, £N.Z. to £S.A. 123 t S JJ.» l-o London. £N.Z. to £ Stu'.100 121 3-S 125 Aust. £ N.Z. tn £100A. Fiji, £N.Z. to £1(M>F. .. 100.) no 100 SS 5-8

chan gc compareas follows: — 20 Kail .12 snares Industrials, sold.' 1041 iliigh) .. :i(i.ss ’ 133.50 394-1 (low) .... 24.-K» 1011.27 Aug. 24 27.00 20.77 107.25 370,(100 1011.51 315,000 Aug Aug 20 20.35 20.43 105..55 358.000 100.03 271,000

sec’tJ. railcs trials.. mines 19+1 (liiglil . JI MJ 54.3 105.0 1.83.3 1911 (low) . 112.0 11.5 83.0 i (;(>.+ Aug. •-’+' .... Aug. 25 .... 114.3 114.5 57.2 104.4 101.3 11+ 3 113.7 Aug. 20 .... 114.3 57.1 104.3 142.!) Aug.<28. .... 114.4 57.1 105.2 143.0

Note isue: Govt, debt 11,(XA>,000 In circu- Other Govt.. . •lation 828,600,000 securities 863,000,030 In bank- Oilier seenlug dept. 51,GOO,(MW titles 1,800,003 ■ — Silver coin 1,200,WO « £ sso, oiw.ooo Gold coin . ■ & bullion 200,000 £880,200,000 •Amount of liduciary issue. ’ Banking Department. Capital 14,500,000 , Govt. seen- _ Best 3,400,000 rities 139,t00,000 Deposits-.... , _ . J \icts.. adBankers 140,000,000 vances 6,<00,000 Public- 7.3(10,(WO Oilier seenOther aes. 40,700.01X1 titles 18,.00,0u0 £217,'.100,000 coin ~ 52,800,000 £217,000,000 Proportion uf reserve to liabilities; 20.43 per cent.; compared with 25.4S per cent. last week. - , , The principal items.of the above return compare as tollows with those o£ last week Aug. 10. Aug. 20. Tlnuosi tfc—- ** AD A. Publie 8,2W,OO3 7,300,OOj) Hankers .... 145,000,000 140,000.000 Other accounts •. 47,500,009 4b,700,000 £200,700,030 £200,000,000 Securities— ~ , Government .. 140,0tK),w0 159,<00,000 Di sets., advances 0,900,00'0 0,700,000 Other securities 20,<'>0O,000 18,700,000 Reserve 51,100,000 52,800,000 Note circulation . 830,300.030 828,600,000 Gold coin & bullion 200,003 1 200,000