THE MONEY MARKET

New Zealand Herald, Volume LXXVI, Issue 23269, 11 February 1939, Page 9

THE MONEY MARKET

BANK OF ENGLAND RETURN DEPOSITS FALL SLIGHTLY NOTE CIRCULATION HIGHER LONDON, Fob. f) The Bank of England return for {he week ended February 8 is as follows: ISSUE DEPARTMENT Notes issued: — Govt, debt £11,000,000 In cireu- Other Govt. lation *175,000,000 securities 388,000,000 In bank- Other seeuin« dept. 51,.100,000 ritics . . 100,000 Silver coin 300,000 *£■loo,ooo,ooo Gold coin & bullion 120,400,000 £520,400,000 £520,400,000 •Amount of fiduciary issuo. BANKING DEPARTMENT Capital .. £14,500,000 Govt, secuRest .. 3,000,000 rities £77,600,000 Deposits— Advances Public . . 15,400,000 and other Bankers & securities 43,000,000 other acs. 130,400,000 Notes . . 51,400,000 Gold and silver coin 000,OOC £172,000,000 £172,000,000 Tho principal items of the above return compare as follows with those for last week, tho proportion of tfhe reserve being shown in the last line:— Deposits— Feb. 1 Feb. 8 Public .. £12,300,000 £15,400,000 Bankers .. 108,300,000 103,000,000 Other Accounts 37,100,000 35,500,000 £157,700,000 £154,800,000 Securities— Government . . 77,000,000 77,000,000 Advances, etc. 21,300,000 20,(500,000 Other .. 21,300,000 22,100,000 Reserve . . 55,300,000 52,300,000 Note circulation 471,000,000 475,000,000 Coin and bullion 127,200,000 127,300,000 Proportion .. 35.03 33.70RATE OF DISCOUNT The Bank of England rate of discount is 2 per cent, to which it was reduced on Juno .'3O, 1932, from 2.} per cent. CONSOLS AND STOCKS NEW ZEALAND'S IMPROVE The following table gives quotations for consols and colonial inscribed stocks, compared with those of February 2:— Price Variation ,C s d s d Consols. 2Vi per cent. . 70 5 0 -3 0 Fund. Loan, 1, 19(50-00 107 IS 9 +5 0 War Loan, 3 1 / 2 , 1952 . . 97 12 (5 -3 9 Con. Loan, !t%, 10(51 . 9,8 3 9 Same Victory Bonds, 1 .. 107 10 0 +S 9 Com'wealth, 5, 1915-75 102 13 9 +8 9 Com'wealth, 4, 1913-48 100 7 (5 4-10 0 Coin'woaitll, 3%, 1918-53 91 13 9 4-11 3 Com'wealth, 3%, 1950-61 84 13 9 4-17 6 Com'wealth, 3, 1055-58 83 8 0 ,*4-15 0 N.S.W., 3%, 1930-50. 92 3 9 4-8 9 Victorian, A, 1029-19 . . 90 7 6 -7 (5 Victorian, 4'/ <p 1910-60 . 99 7 6 -10 0 Victorian, 5, 1015-75 .. 102 12 0 4-12 6 Queensland, 3, 1022-17 01 5 0 Same Queensland. 5, 1040-60 102 5 0 4-11 3 S'. Aus.. 3, 1016, or after 71 15 0 Samo S Australia, 5. 1945-75 102 10 0 4-7 6 W. Australia, 4, 1042-62 07 7 6 4-5 0 Tasmania, 3J4 1020-40 100 7 0 Samo Tasmania, 4, 1940-50. 08 0 0 4-6 3 NX, 4 Vj, 1918-5S .. 93 10 0 4-20 0 N.Z., 3Vs, 1910 .. 00 11 3 4-13 0 N.Z., 3, 1015 .. 80 5 0 4-2 6 LOWER BUTTER PRICE NEW ZEALAND AT 122/MARKET REPORTED FIRM CHEESE VALUES ALSO DOWN A decline of Is per ewt. in the price ; of New Zealand butter has occurred on ! the London market over the past j week, the latest price for choicest ; salted being 122s per cwt. Unsalted is I now quoted from 12.1s to 1265, coin- | pared with 126s at the end of last I week. | The new price for salted is 2s 3d i below the guaranteed price equivalent ! of 124s 3d per cwt. and is also below the price being given a month ago, 1235, but it is still well above values at the beginning of last year, when, on February 11, a price of Ills 6d was quoted. New Zealand cheese has also declined in value, tho latest price being between 66s and 66s 6(1 per cwt. for both white and coloured, compared with 67s last week. Australian white is the same at 62s 6(1 and coloured is 6-1 s to 655, compared with 65s per cwt. last week. According to a Press Association cablegram sent from London on Thursday the market for butter is firm. New Zealand choicest salted is selling at 122s per cwt. and unsalted from 125s to 1265. Australian salted was quoted at 119s and unsalted at 121s. New Zealand cheese is firm and tho market for Australian is steady. Recent quotations and those of u year ago compare as follows: Feb. 10 Feb. 2 Jan. 13 Feb. 11 11(30 1030 1030 1038 Butter: New Zealand 122/- 123/- 123/- 111/0 Australian 110/- 110/6 122/- 111/Cheose New Zealand: White . . 6(5/3 (57/- 70/- 08/Coloured . 6(5/3 <i~/- 70/- 68/6 Australian: White .. 62/6 02/0 04/0 65/0 Coloured .. 6-1/0 05/- ' 05/9 00/0 The present price of 122s is equal to approximately 14.61 cl per lb., f.0.b., New Zealand ports, compared with tho guaranteed price of 14.89 d per lb., f.o.b. The London equivalent of the guaranteed price is 124s 3d per cwt. Tho equivalent price, of cheese is about 7.51 d per lb., f.0.b., compared with the guaranteed price of 8.42 d. BRADFORD MARKET MORE BUSINESS DONE LONDON, Feb. 9 Tho Bradford tops market is fully steady and there is rather moro business. Following are to-day's quotations and those of recent weeks: — .Tail. 10 Jan..26 Feb. 2 Feb. 9 per lb. per lb. per lb. per lb. d d d d Seventies .. 26 2(5 20% 2(5 Sixty-fours .. 25 25 25 25 Sixties . . .. 21 24 21 24 Fifty-eights .. 21 21 21 21 Fifty-sixes .. 19 10 19 10 Forty-sixes .. *lO *l6 *lO *l6 Forties .. .. *lO *lO *lO *lO ♦Nominal. WHEAT, FLOUR AND SUGAR LONDON, Feb. 9 Wheat. —Cargoes are unchanged but parcels are barely steady. Futures: London, March, 23s 3£d a quarter; May, 23s 4Jd. Liverpool: Old contract, March, 4s 7id a cental; May, 4s 7ijd. New contract: March, 4s 4d; May, 4s s.\d: July, 4s 6Jd. Spot trade quiet. Australian ex ship, 25s 3d. Flour steady. Australian ox store, 19s to 20s. Raw sugar, beetroot basis, 6s 3d a cwt. LONDON MINING MARKET On the mining market to-day Mount Lye 11 sold at 19s 6(1 and New Guinea at 2s. Other quotations were Clutha River, buyers, Is 3d; sellers, Is 6d. Molyneaux Dredging, 4Jd, 7Jd.