1772
THE NEW ZEALAND GAZETTE
No. 49

telegraphic transfer. The following range of rates, for the main
currencies used by New Zealand traders in settling foreign
exchange transactions, will remain in force until replaced by
a new schedule issued by the Reserve Bank. These rates do
not apply to transactions for settlement after the expiration
of two business days (forward transactions) or to transactions
in which instruments are purchased which do not entitle the
buyer to foreign currency balances in the foreign centre until
the instruments have been delivered at the foreign centre. In
the latter case interest at foreign centre rates may be deducted
from the telegraphic transfer rate to compensate the purchaser
for his loss during the transit period.

Country and Currency Range of Rates
Australia (Dollar) 0.9196– 0.9668
Austria (Schilling) 14.3713– 15.1083
Belgium (Franc) 30.8506– 34.0000
Canada (Dollar) 1.1792– 1.2396
China (Renminbi) 1.6057– 1.6880
Denmark (Kroner) 5.5896– 5.8763
Fiji (Dollar) 0.8592– 0.9032
France (Franc) 4.5048– 4.7358
Hong Kong (Dollar) 5.1703– 5.4354
India (Rupee) 8.3376– 8.7652
Italy (Lira) 869.4065–913.9905
Japan (Yen) 224.1167–235.6095
Malaysia (Ringgit) 2.2633– 2.3793
Netherlands (Guilder) 2.1293– 2.2385
New Caledonia and Tahiti (Franc) 82.0307– 86.2373
Norway (Kroner) 5.2770– 5.5476
Pakistan (Rupee) 9.9967– 10.5094
Portugal (Escudo) 50.6794– 53.2783
Singapore (Dollar) 2.2423– 2.3573
South Africa (Rand) 0.8569– 0.9009
Spain (Peseta) 67.2806– 70.7309
Sri Lanka (Rupee) 15.1705– 17.5000
Sweden (Krona) 4.4672– 4.6963
Switzerland (Franc) 1.7649– 1.8555
United Kingdom (Pound) 0.4934– 0.5187
United States of America (Dollar) 1.0155– 1.0675
West Germany (Deutschmark) 1.9462– 2.0460

Date: 1 June 1979.
Time: 9 a.m.

A. TULLOCH,
Assistant Chief Cashier,
Reserve Bank of New Zealand, Wellington.

Trading Bank Reserve Asset Ratios

PURSUANT to section 33 of the Reserve Bank of New Zealand
Act 1964, the Reserve Bank, acting with the approval of the
Minister of Finance, hereby gives notice that as from the close
of business on 1st June 1979, and until further notice each
trading bank shall maintain, during each calendar month,
balances at the Reserve Bank plus holdings of Reserve Bank
notes, and of New Zealand Government securities, such that
the aggregate of the averages of those balances and holdings
during that calendar month (determined in accordance with
clauses 1, 2, 3, and 4 of this notice) equals or exceeds the
aggregate of:

20 percent of that trading bank’s average demand deposit
liabilities in New Zealand in the immediately preceding
calendar month (determined in accordance with the
provisions of clause 5 of this notice); plus

20 percent of that trading bank’s average time deposit
liabilities in New Zealand in the immediately preceding
calendar month (determined in accordance with the
provisions of clause 5 of this notice);

Provided that a trading bank may make up its balances
and holdings as aforesaid for a calendar month to the amount
hereinbefore required for that calendar month by way of
borrowings from the Reserve Bank made during that calendar
month or during the first 10 business days of the next
following calendar month, and on terms and conditions to be
determined by the Reserve Bank and the proceeds of all such
borrowings shall be credited to the account of that trading
bank with the Reserve Bank.

For the purposes of this notice:

(1) Balances held by a trading bank at the Reserve Bank
shall (subject to clause 6 of this notice) include both
demand deposit balances and time deposit balances
of that trading bank.

(2) The average of a trading bank’s balances at the Reserve
Bank for a calendar month shall be the average of
the figures shown in all weekly returns of Banking
Statistics that trading bank under the Statistics
Act 1975 received during that calendar month.

(3) The average of a trading bank’s balances at the Reserve
Bank and holdings of New Zealand Government
securities for a calendar month shall in each case
be the average of the figures for balances and
such securities held by that trading bank on each
day during that calendar month.

(4) Government securities held by a trading bank shall
consist of Government stock and Treasury bills (all
at nominal value) held by that trading bank.

(5) The average demand deposit liabilities and the average
time deposit liabilities of a trading bank in a calendar
month shall in each case be the average of the
figures for days within that calendar month, as shown
in that trading bank’s weekly returns of Banking
Statistics under the Statistics Act 1975.

(6) The proceeds of any borrowings made by a trading
bank pursuant to the proviso to this notice shall:
(a) in the case of a borrowing made during a
calendar month to make up balances and holdings
for that calendar month, be included in the balances
held by that trading bank at the Reserve Bank
during the calendar month for which that borrowing
is made; and
(b) that in the case of a borrowing made during
the first 10 business days of a calendar month to
make up balances and holdings for the preceding
calendar month, be deemed to be a part of and be
included in the balance held by that trading bank
at the Reserve Bank on the last day of the preceding
calendar month;
and the proceeds of any such borrowing shall not be
included in the balances held by that trading bank at
the Reserve Bank during any other calendar month.

D. L. WILKS, Deputy-Governor.

New Zealand Forest Service—Schedule of Contracts for Sale of Wood $6,000 or More in Value

Conservancy Forest Purchaser Species Type Price Volume Value
per m³a m³b $
$
STANDING TREE (CLEARFELLING)
Auckland Puketi .. Rowell and Rowell Ltd. P. radiata Sawlogs and 5.60} 4000 18,500
.. P. elliottii smallwood 4.10}
.. P. patula
.. P. nigra
Wellington Waitarere .. Oxnarn Timber and Hardware P. radiata Sawlogs 16.60 2311 40,000
.. Macrocarpa Sawlogs 4.23 200
.. Sawlogs 4.23 200
STANDING TREE (PARTIAL LOGGING)
Westland Wanganui .. Harihari Sawmills Ltd. .. Rimu/Miro Sawlogs 9.03 9354 84,460
STANDING TREE (SELECTION LOGGING)
Westland Saltwater .. Harihari Sawmills Ltd. .. Rimu/Miro Sawlogs 8.52 4276 36,430
LOG SALE (ON TRUCK)
Auckland Waipoua .. Smith and Smith Ltd. .. P. radiata Sawlogs 16.08 16 000 257,280
.. Carter Merchants Ltd. .. P. radiata Sawlogs 17.50 8000 140,000
.. Rosvall Sawmill Ltd. .. P. radiata Sawlogs 15.50 4000 62,000
Nelson Golden Downs .. W. E. Wilkes Ltd. .. P. nigra Poles 25.60 800 20,480