RESERVE BANK.

Manawatu Standard, Volume LX, Issue 114, 12 April 1940, Page 10

RESERVE BANK.

DECREASE IN STERLING EXCHANGE NOTE ISSUE LOWER. A decrease of £108.697 brings the sterli mg exchange funds of the Reserve Bank ]of New Zealand down to £12.599,193. The i note issue at £18.074,976 shows a further | decrease of £175.118. Dairy advances are down by £123.316, while advances to the State for other purposes arc unchanged. The statement of assets and liabilities of the Reserve Bank as at the close of business on Monday, April 8, is as follow :

“Expressed in N.Z. currenev. Proportion of reserve (No. 7 less No. 5), to notes and other demand liabilities, 39.2 per cent., compared with 39.224 per cent, on April 1. The reserve on Monday amounted to £15,392,295, compared with £15,502,615 on April 1, a decrease of £110,320. A year ago the reserve was £7,356.354, and on April 11, 1938, it totalled £19,871.865. Sterling exchange, expressed in New Zealand currency, on Monday amounted to £12.599,193, compared with £12,707.890 on April 1, a decrease of £108,697. Liabilities ill currencies other than New Zealand currency on Monday totalled £8737 (an increase of £1624), thus making the hank’s net overseas assets £12,590,456, compared with £12,700,776 on April 1, a decrease of £110,320. A year ago the bank’s net overseas assets were £4,554,564. and on April 11, 1938, they totalled £17,070,074. Gold reserve remains unchanged at £2,801,839. Subsidiary coin totals £160,964, an increase of £715. Advances to the State Marketing Department on Monday totalled £3,528.398, compared with £3.651,713 on April 1, a decrease of £123.316. A year ago these advances ainounled to £7.497,177. Advances to the State for other purposes remain unchanged at £19,310.000. A year ago those advances were £11.975,000. Investments total £3.063.643, a. decrease of £8275. Ollier assets total £241,075, a decrease of £11.501. The note issue on Monday stood at £18.074,976, a decrease of £175.118. A year ago the note issue was £15,457.625. Demand liabilities to the State amounted to £6.333.810, a further decrease of £63,899. The trading banks’ reserve balances show a decrease of £113,324. and now total £14.541,771. Other demand liabilities amount to £314.999, an increase of £94,902. Other liabilities total £930,817, a further increase of £4743. The statement, balances at £41,705,111, a decrease of £251,072.

LIABILITIES. E s d 1. General reserve fund .. 1,500,000 0 0 2. Rank notes 18,074,976 10 0 6. Demand liabilities- — (a) State 6,333,810 0 8 (b) Banks 14,541,771 10 8 (e) Other 314.998 14 3 4. 5. Time deposits — Liabilities i in currencies other than N.Z. currency 8.736 19 2 6. Other liabilities 930,817 1 3 EN.Z.41.705,110 16 0 7. ASSETS. Reserve— £ s d M Oolrl 2.801.839 0 0 (b) Sterling exchange *12,599,193 0 8 8. ■ ■ i exchange — Subsidiary coin 160,964 5 0 y. 10. Discounts— ta) Commercial and agricultural bills .... —* (b) Treasury and local body bills — Advances— (a) To the State or State undertakings: (1) Marketing Dept,. 3.528,397 15 4 (2) For other purposes 19,310,000 0 0 11 (b) 'io other public authorities — (c) Other — Investments 3,063,643 7 9 12. 13. Rank buildings — Other assets 241,073 7 3 EX.Z.41,705,110 16 0