RESERVE BANK RETURN
STERLING EXCHANGE
FALLS
DROP IN DEPOSITS OF TRADING BANKS ,
(Special to The Times) WELLINGTON, September 12. For the second successive week, the holding ' f sterling exchange of the Reserve Bank of New Zealand has shown a substantial decrease, the fall during the week ended September 9 being £1,427,013. In the last fortnight transfers of funds have reduced the bank's holding of exchange Dy £2,460,387 to £9,756,282. The deposits of the trading banks fell last week by £1,652,102. Advances to the Marketing Department fell by £46,770 and advances to other State departments showed no variation. The note issue showed a slight drop of £6432. The return, with variations compared with the previous week, Is as follows:—
Proportion of reserve to notes and other demand liabilities, 31.486 (33.713 per cent, last week).
CLEARING SALE AT WENDONSIDE GOOD PRICES SECURED The clearing sale conducted by J. E. Watson and Company, Limited, at Wendonside on account of Mr T. E. Pollock was largely attended by district farmers, and was a most successful one. The sheep were brought forward in splendid condition and good prices were secured.
The following prices were realized:— Sheep: Two hundred and seventeen 2-th ewes at 37/4, 97 at 36/6, 70 f. and f. ewes at 22/2, 62 4-th ewes at 26/2, 300 ewe hoggets at 33/7, 200 at 35/7, 52 at 32/-, 135 s.m. ewes at 24/-, 63 at 26/-, 178 3-shear ewes at 32/7, 20 m.s, hoggets at 22/8, 4 E.L. rams at Ign, 6 Romney rams at Signs, 11 rams at 8/-. Cattle: Cows at £9, £7, £lO, £5/5/-. £5, £3/5/- and 3 yearlings at £4/1/-. Horses sold at £2O, £7, £B, £5, £l6, £lO, £l, £2/2/6. Implements: Topdresser at £25, tip dray at £3/10/-, dray and frame at £5/10/-, M.H. drill at £26, double scuffler at £2O, ridger at £2O, 5 L. harrows at £5, disk harrows at £l4, D.F. plough at £l2, disk plough at £6/10/-, cultivator at £l5/10/-, grass harrows at £5/10/-, reaper and binder at £9 and £6, windmill at £5/10/-, windmill "stand at £7, wagon at £l5. A large quantity of harness and sundries sold at full market rates
During the sale a sack of crested dogstail seed contributed by Mr J. B. C. Watt to the Patriotic Fund 1 realized £5/5/- and a wether contributed by Mr Pollock to the fund brought £lO.
SALE OF DAIRY COWS AT OTAHUTI
An average price of 14 guineas for Friesian cows and 10j guineas for two-year-old heifers was realized at a sale of dairy stock and implements on Mr Frederick Ridder’s farm at Otahuti on Wednesday. There was a good attendance of dairy farmers at the sale, which was conducted by Wright, Stephenson and Company Ltd. The principal prices were:— Dairy Cattle.—Cows £l3 (3), £l4 (3), £ll, £l5 (2), £l3/15/-, £l7 (2), £l3/5/-, £l5/10/- (2), £l2 (3), £l5/15/. (2), £l6/10/- (2). £l3/10/(2), £lB, £l7/5/-, £l4/10/-, £l5/5/-, £l6 (2), £l4/15/-; two-year heifers £lO/10/-, £ll/10/-, £lO, £ll/5/-, £ll, £lO, £9; yearling heifers £5/10/(2); bulls (registered) 17gns, 14gns, bull calf 2gns. Pigs.—Breeding sows £l3, £9, £9/5/-, £7/10/-. £ll/10/-. £5; boar £6/5/-. Implements and Sundries.—Cooler £7, Dodge truck £47/10/-, a spring cart £9/10/-, spring cart harness £7. SYDNEY PRODUCE MARKETS (Received September 12, 9.30 p.m.) SYDNEY, September 12. The wheat market is dull. Quotations: — Wheat. —Silo grain, 3/11J a bushel; bagged, 4/2s. Flour—£l2/10/- a ton. Bran and pollard.—£s/10/- a ton. Potatoes.—Tasmanian, £l4/10/- a ton; New Zealand, £l2/10/-. Onions.—Victorian Brown, £9 a ton Maize.—Yellow, 4/8 a bushel; white, 5/-.
LIABILITIES £ Variations £ General reserve 1,500,000 same Bank notes 19,998,630 —6,432 Demand liabilities— State 4,784,578 —12,619 Banks 14,775,448 —1,652,102 Other 288,448 + 27,518 Other currencies 12,000 —304 Other liabilities 853,713 + 73,631 TOTAL 42,212,818 —1,526,307 ASSETS £ Variations £ Reserve— Gold 2,801,852 same Sterling exchange 9,756,282 —1,427,013 Subsidiary coin 114,348 —2,172 Advances— Marketing Dept. 3,219,512 —46,770 Other 23,540,000 same Investments 2,533,220 —4,238 Other assets 247,604 —46,113 TOTAL 42,212,818 —1,526,307
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Southland Times, Issue 24230, 13 September 1940, Page 2
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646RESERVE BANK RETURN Southland Times, Issue 24230, 13 September 1940, Page 2
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