U.K. RESERVES SHOW LARGE UNDERLYING RISE IN MARCH

  Britain's gold and currency reserves
  showed an underlying rise of 1.785 billion dlrs in March after
  a 287 mln dlr rise in January, the Treasury said.
      This was considerably above market expectations for a 650
  mln dlr rise.
      The underlying trend, which is a guide to Bank of England
  operations to support the pound on foreign exchanges, is net of
  borrowings and repayments.
      The Treasury declined comment on the figures. Last month it
  said the Bank of England took the opportunity of strong demand
  to rebuild reserves after losses last autumn.
      Actual reserves rose by 1.89 billion dlrs, after rising 305
  mln in February, to 22.26 billion. Total reserves were revalued
  to 27.04 billion dlrs, but would have totalled 24.15 billion
  under the previous valuation, the Treasury said. Gold reserves
  were revalued by 895 mln dlrs, while SDRs, ECU and convertible
  currency holdings were revalued by 1.995 billion.
      Accruals of borrowings under the exchange cover scheme were
  361 mln dlrs last month, after 36 mln in February. Repayments
  were 240 mln dlrs after the previous 16 mln. Capital repayments
  totalled 14 mln dlrs, after February's two mln dlrs repayment.
  

