RESERVE BANK
OVERSEAS FUNDS SHOW FURTHER DROP. EXTENSION OF BORROWING BY THE STATE. (By Telegraph—Press Association.) ' . ' WELLINGTON, This Day. The weekly statement of the Reserve Bank of New Zealand shows that on Monday the sterling exchange funds were down to £4,074.954, a decline for the week of £58,632. The net overseas funds of the Reserve Bank amount to £4,063,984. The bank’s reserve is now £6,865,775, a decrease on the week of £45,354. The note issue at £15,206,254 is lower by £159,603, but there is a fairly substantial net increase in the other demand liabilities of the bank. Thus, the proportion of the reserve to notes and other demand liabilities is down this week to 25.047 per cent, the lowest level yet touched. The statutory limit is 25 per cent. A year ago the proportion was 67.039 per cent.
The statement reveals further borrowing by the State. Dairy produce 'advances total •£6,474,431, an increase of £316,262, and advances to the State for “other purposes” total £11,950,000, an increase of £850,000. Thus the total advances to the State amount to £18,424,431. The £500,000 of Treasury bills discounted does not appear in the latest statement.
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Wairarapa Times-Age, 10 February 1939, Page 3
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192RESERVE BANK Wairarapa Times-Age, 10 February 1939, Page 3
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