RESERVE BANK.

Manawatu Standard, Volume LX, Issue 161, 7 June 1940, Page 10

RESERVE BANK.

INCREASE IN STERLING EXCHANGE. NOTE ISSUE GROWS. The sterling exchange funds of the Reserve Bank of Now Zealand show a substantial increase of £954.368. bringing Monday’s total up to £14,673,730. The bank’s not overseas funds now stand at the highest level touched since August,, 1938. Dairy advances at £3,564,973 show an increase of £48,566. Advances to the Stale for other purposes show no change at £19,660,000. A substantial increase of £313,014 brings the total of the note issue up to £18,264,272. _ The statement of assets and liabilities of the Reserve Bank as at the close of business on Monday, June 3, is as follows : LIABILITIES. . £ s d

'Expressed in N.Z. currency. Proportion of reserve (No. 7 less No. 5) to notes and other demand liabilities, 42.429 per cent., compared with 41.097 per cent, on May 27. A year ago the proportion was 29.655 per cent. Sterling exchange on Monday totalled £14,673,730, compared with £13,719,362 on May 27, an increase of £954,368. Liabilities in currencies other than New Zealand currency on Monday were £13,052 (an increase of £861), thus making die bank’s net overseas assets £14.660,679, compared with £13,707,173 on May 27, an increase of £953,506. A year ago the bank’s net overseas assets were £6,859,286, and on June 6, 1938. they totalled £17,801,586 Advances to the State Marketing Department total £3,564,974, an increase of £48,566. A year ago these advances totalled £5,937,695. Advances to die State for other purposes remain unchanged at £19,660,000. \ year ago these advances totalled £12,125.000 A substantial increase of £313,014 in the note issue brings the total up to £18,264,272, compared with £17,951.257 on May 27. A vear ago the note issue totalled £15.597,365.

1. General reserve fund ... 1,500.000 0 U 2. Bank notes 18,264,272 0 (1 3. Demand liabilities — (ft) State 6,763,076 10 2 (I.) Banks 16,023.041 2 1 (c) Other 106,605 2 5 4. Time deposits -- 5. Liabilities in currencies other than N.Z. currency r. 13,051 13 8 6. Other liabilities 1,035,948 13 11 £N.Z.43,705,995 2 ASSETS. 3 7. Reserve — , £ s d (a) Gold 2.801,839 10 0 (b) Sterling exchange *14,673,730 7 fe) Gold exchange — 0 8. Subsidiary coin JhU,59U y 2 9. Discounts — (a) Commercial a n d agricultural bills ... — (b) Treasury and local body -bills — 10. Advances — (a) To the State or State undertakings: (1) Marketing Dept. 3,564,973 11 (2) For other pur3 poses 19,660,000 0 (b) To other public authorities — * fe) Other — 0 11. Investments , 2,538.456 14 7 12, Bank buildings — 13. Other assets 306,604 10 3 £N.Z.43,705,995 2 3