PRODUCE & MARKET REPORTS FROM DAY TO DAY

Evening Post, Volume CXXVI, Issue 153, 2 December 1938, Page 14

PRODUCE & MARKET REPORTS FROM DAY TO DAY

RESERVE BANK RETURN

STERLING EXCHANGE

STILL RUNNING OUT

DAIRY ADVANCES INCREASING

Movements in the weekly statement ■ of assets and liabilities of the Reserve ' Bank of New Zealand, as at the close of busines of Monday, November 28, 1938, compared with returns for November 21, show sterling exchange in New Zealand' currency how £4,828,301, compared with £5.029,137 for last week, and £16,586,526 a year ago. The statement of the assets and liabilities, all in New Zealand currency, including sterling exchange, is as follows: — LIABILITIES. £NZ s. d. £NZ General Reserve Fund 1,500.000 0 0 Unchanged Bank notes .. 14.557.3C4 0 0 *!)],002 Demand liabilities — (a) State ... 2.997.756 11 0 *7«'.),428 (b) Banks ... 5,131,087 0 7 t411,75)4 (c) Other ... 5G3.3(i5 11 5 1321.208 Liabilities in currencies other than N. 2. currency I'J.SSO 2 0 |1!,0U9 Other liabilities. '173,153 1110 *9,059 £\Z24,076,207 C 10 *15.4.503 ASSETS. £NZ s. d. £NZ Reserve— (a) Gold .... 2.801.791 0 0 Uncharged (b) Sterling exchange ... 4,828,801 17 0 1200,835 ' Subsidiary coin . 205.739 18 8 13,573 Advances to State for Primary Products Marketing Dept. . 5,022,44114 1 *323.408 t For other purposes 8.500,000 0 0 Unchanged Investments ... 3,509,474 17 5 *8,604 Other assets .. 168,437 1«J 8 *7,09S £NZ24.976,207 C 10 •134.503 tllecrease. 'Increase. Proportion of reserve (reserve less liability in currencies other than New Zealand currency), to notes and other demand liabilities, 32.685 per cent., compared with 33.723 per cent, for the week ended November 21, 1938. The proportion of reserve as at the beginning of each month for the past year has been as follows: — • 1937: * I'er cent. November 1 -76.083 December. 6 -73.89 1938. January 3 70.088 February 7 .-. 07.039 March 7 60.019 April 4 75.542 May 2 79.569 June 6 77.906 July 4 76.181 August 1 69.249 September 5 65.847 October 3 57.259 November 7 39.733 November 14 36.825 November 21 33.723 November 28 32.685 The statutory limit is 25 per cent. . ADVANCES TO THE STATE. Advances to the State for purposes other than for the Primary Products Marketing Department on September 20, 1937, were £500,000. By October 17, 1938, they had increased to £5.550,000, and on November 21 they had reached £8,500,000, at which they stand. Adyances to the State other than for primary products since September, 1937, have been shown as follows: — . 1937. £NZ September 20 500,000 November 1 700.000 December 13 UOO.OOO 1938. January 31 i.um.ooo February 28 1.300,000 March 14 Nil June 6 i 300,000 June 27 600.000 July 25 1,900.000 August 1 2,600,000 September 5 3,050,000 October 3 4,575,000 October 31 6,850,000 November 7 8.050.000 November 14 8,300.000 November 21 8.500.000 LONDON FUNDS SHRINKING. Sterling exchange held as assets by the Reserve Bank of New Zealand for the past fifteen months as at the first weejc of the month showed the following variations: — 1937. £NZ August 2 20.876,822 September 13 18,836,037 October 4 17,462,300 November 1 17,148,967 December 6 16.184.928 1938 January S 16,414,909 February 7 15,700,699 March 7 15,617,116 April 4- 16,169,496 May 2 .■ 17,627,443 June 6 17,801,586 July 4 15.941,567 August 1 15,322,308 September 5 12,638.656 October 3 10.594.978 November 7 6.633.031 November 14 5,662.977 November 21 5.029.137 November 28 4,828,302 LAST YEAR'S RETURN. The return as at November 29, 1937, showed the following:— £NZ General reserve 1,500.000 Bank-notes 13,319,411 Demand Liabilities — State 5,188,812 Banks 6,729,343 Other 610,379 Liabilities in currencies other than N.Z. currency 62,21!) Other liabilities 156,965 Reserve — ■ , Gold I 2,801,791 Sterling exchange 16,586,526 Subsidiary coin ...../........ 121,039 Advances to State— For dairy purposes 4,590,671 For other purposes 700,000 Investments 2.058,325 Other assets 108,775 Reserve to notes . and other demand liabilities 74.768