RESERVE BANK

Dominion, Volume 38, Issue 278, 23 August 1945, Page 8

RESERVE BANK

Note Circulation Increases The Reserve Bank statement fot , August 13 shows an increase in the note issue of £137.639 in : the previous seven days to £40,643,109. Sterling exchange increased by £1,633,019, which is slightly more than the amount by which it decreased in the -previous week after a long period of rising. ' The statement as at Monday, August 13,.is as follows: — LIABILITIES. £ s. d.

Proportion of reserve to rates and other demand liabilities, 67.625 per cent., compared with 67.204 per cent, ou August «. The reserve ou August 13 was £69,395,803, an increase of £1,633,494. A year ago the reserve was £34,808,133, Sterling exchange on August 13 £66,610,416, an increase of £1,633,010. Liabilities in currencies other than New Zealand currency were £16,490 (a decrease of £475), thus making the bank’s net overseas assets £66,593,926, compared with £64,960,432 on August 6, an Increase of £1,633,494. A year ago these assets were £32.006,256. Advances to the State Marketing Department were £4,159,089, an increase of £206,732. Advances to the State for other purposes remained unchangeil at £17,000,000, against £35,885,000 a year ag The note issue on August 13 totalled £40,643,109, an increase of £137,539 (or the week. A year hgo it was £37,650,093, and two years ago - £33,086,034. Demand liabilities to the State amounted to £12,573.147, an increase of £2,130,616. The trading banks’ reserve balances total £48.267,815. a decrease of £476,825. Other liabilities at £1,135,187 have decreased by £11,441. The statement balances at £106,230,378, an increase of £1,814,093. London Stock Exchange (Bv Telegraph.—Press Assn.— Copyright., LONDON, August 31. On the Stock Exchange, quotations of bank shares and other corporation debentures and stocks compared with previous

Standard Insurance Co.

The accounts of the Standard Insurance Co. for the year ended June 30 show a net profit of £52,409. as compared with £47,712 in 1944 and £40.008 in 1943. With £25,520 brought forward, there was a total of £77,989 for disposal. The 12j per cent, dividend is to lie maintained, and after allocating £27,000 to reserves, there remains £25,989 to lie carried forward. Premium income totalled £209,579, as against £217.974 in 1944, and investments yielded £24.161, as against £22,770. Losses totalled £81.869. as compared with £82,376. Radio (1936), Ltd., Profit Hifher net profit of £7580 is reported by Radio (193:1). Ltd., for the year ended June 30. 1915. This compares with £6965 last year and £5861 in 1943. The recommended dividend of 9d. a share (tinehanged) will absorb £3BlO, and tiie usual addition of £647 nas been made to the building redemption fund. This leaves £13.098 to be carried forward, against £9975 brought in. The gross profit was £54.660, being a slight increase. Tin Shares React To Peace Activity in Eastern tin shares on Friday was the chief resuonse on the Sydney Stock Exchange, to the announcement of the Japanese surrender. The shares of 12 companies of this group appeared on the sales list, and those of five of them brought increased prices. Included among the sales were: Kuala Kiimpar. 15/3: Kuala Lampur. paid. 17/-: ditto, con.. 14/6: Hawaii", 7/1, 7/2: Tongkah Harb., 5/9.

General reserve fund . .f.. 1,500,000 0 0 Bank notes 40,643,109 0 0 Demand liabilities— (a) State 12,573,147 19 3 (b) Banks 48,267,815 10 3 (c) Other 1,135,187 16 5 Liabilities other than in N.Z. currency 16,490 1 4 Other liabilities 2,094,828 12 6 £ (N.Z.>106,230,578 13 9 ASSETS. Reserve— . £ 3. d. (a) Gold 2.801,877 10 0 (bj Sterling exchange .. 66,610,416 12 4 Subsidiary coin -.......'.... 18,439 14 11 Advances to tint State— (1) Marketing Dept 4,159,089 5 7 (2) For other purposes .. 17,000,000 0 0 Investments 14,345,745.19 Q Other assets 1,295,009 17 9 £(N.Z.) 106.230,578 19 9

quotations as follows Banks— A usti’fllasia . Aug. 7. Aug. 21. £ s. d. 6 12 0 6 s. d. 0 0 3 7 0 3 7 0 Union of Aust. «... 5 10 0 5 17 6 N.S.W oo 5 0 22 10 0 National of N.Z •/ •/ 0 2 10 1 10 0 1 10 0 Others— British Tobacco .... 1 16 0 1 10 3 Goldsbrough Mort .. 1 1 6 116 Q 15 0 5 15 0 P. and 0. def O 1 74 2 4 10. N.Z. Loan & Merc.. 4 p.c. dob ’.)(> 0 0 00 0 0 N.Z." Loan & Mere., ord 4(5 0 0 50 0 0