STERLING FUNDS
SUBSTANTIAL INCREASE SHOWN. NOTE ISSUE AT RECORD HEIGHT. (By Telegraph—Press Association.) WELLINGTON, This Day. There are several outstanding features in the latest weekly return of the Reserve Bank of New Zealand. An increase of more than £2,000,000 in sterling exchange funds brings the total up to £8,273.056, which is the highest level touched since October 24, 1938. The net overseas funds amounted to £8.258.594. A year ago they totalled £4.351.811 whereas on December 20. 1937. they amounted to £16.877,582. The increase in sterling funds is due to payments by the British Government for dairy produce, advances this week being down by rather more than £2,000.000. Advances to the State for "other purposes” now stand at the high level of £18.325,000 an increase for the week of £850,000. ji Currency demands for the Christmas holiday season have resulted in a further expansion of more than £1,000,000 in the note issue, which has reached the record high total of £18,976,716.
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Wairarapa Times-Age, 21 December 1939, Page 9
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160STERLING FUNDS Wairarapa Times-Age, 21 December 1939, Page 9
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