B—l6

TRADING BANKS The following combined figures are compiled from the monthly returns furnished by the trading banks to the Reserve Bank in accordance with statutory requirements :

Assets (£000)

Liabilities in New Zealand (£000)

Net overseas assets held by the trading banks increased during the year by £885,000, notwithstanding the adjustment in the rate of exchange on the 19th August, 1948. The actual increase for the year in terms of sterling was £(stg.)3-955 millions. The reduction during the year of £4-160 millions in the trading banks' holdings of Government securities was due to the repayment of 2|-per-cent. and 4-per-cent. stock on maturity. Consonant with the policy of the Government, the Reserve Bank has continued the supervision of certain classes of trading-bank advances, full co-operation in respeot of its administration being received from the trading banks. A decrease of £3-775 millions is recorded for trading-bank advances during the year under review, the total outstanding under this heading on the last balance day of March being £BB-745 millions.

8

Last Wednesday in Month. Deposits at Reserve Reserve Bank Total Cash in New Net Overseas Securities. Advances and Bank. Notes. Zealand.* Assets. Government. Other. Discounts. 1948 March 46,995 7,801 56,316 15,864 18,593 1,972 93,788 April 51,943 7,992 61,463 15,039 18,593 1,966 92,964 May 58,847 8,046 68,405 14,662 16,378 1,954 89,110 June .. 62,030 7,251 70,797 16,170 16,377 1,950 86,850 July .. 63,584 7,419 72,515 14,839f 16,377 1,931 83,799 August 66,948 7,532 75,984 8,863 16,377 1,916 83,859 September 62,123 7,373 70,946 9,715 16,377 1,914 86,724 October 62,434 8,025 71,853 9,886 16,377 1,910 84,931 November 61,778 8,281 71,466 12,273 16,377 1,901 82,166 December 1949 January 65,663 8,126 74,952 13,203 14,431 1,898 80,097 74,015 9,523 85,150 14,038 14,431 ],869 80,042 February 77,159 8,806 87,520 15,536 14,431 1,855 80,010 March .. 59,350 7,170 68,155 16,749 14,432 1,850 89,606 * Includes deposits at Reserve ] 3ank, notes and coin. t On and after the 20th August , 1948, overse as assets and liabilities converted to New Zealand currency at rate £(stg.)100 = £(N.Z.)100.

Last Wednesday in Month. Demand Liabilities. Time Liabilities. Total Demand and Time Liabilities. 1948 March 142,348 39,098 181,446 April 139,244 39,054 178,298 May 143,242 39,883 183,125 June 137,907 41,646 179,553 July 134,992 41,849 176,841 August 137,623 41,841 179,464 September 132,498 41,995 174,493 October 133,300 41,301 174,601 November 137,063 40,889 177,952 December 144,033 39,872 183,905 1949 January 147,395 38,834 186,229 February 151,037 38,607 189,644 March 145,501 37,512 183,013