THE MONEY MARKET.

Auckland Star, Volume LIX, Issue 77, 31 March 1928, Page 4

THE MONEY MARKET.

FOREIGN EXCHANGES. LONDON, March 29. Foreign exchanges on London to-day. compared with rates previously quoted :— Mnr. 29. Mar. 20. Par. Montreal (dol. to f) 4.87 11 / i« 4.87J 4.86 C New York (dol. to £) 4.88 V is 4.881 4.860 Brussels (belga to £) 34.97 34.99 35 Paris (fr. to £) .. 124.02 124.02 25.225 Stockholm (kr. to £) 18.19 18.18 18.159 Oslo (kr. to £) .. 18.29 18.28 18.139 Copenhagen (kr. to £) 18.22 18.22 18.159 Berlin (r.m. to £) 20.41 20.42 25.225 Rome (lire to £) 82.40 92.40 25.225 Amsterdam (fl. to £) 12.12 12.11} 12.107 Batavla (fl. to £) 12.13 12.13 12.107 Calcutta (pence to rupee) 18.00 18.00 +24 Yokohama (pence to yen) 231 23Vi« 24.58 Hongkong (pence to dol.) 248 243 * All quotations are tor cable transfers. •Petermlned on the price of silver. fOn the basis of 10 rupees to one sovereign (gold). CONSOLS AND COLONIAL STOCKS. LONDON, March 29. The following table gives quotations for consols and colonial inscribed stocks, compared with those of March 22: — Price. Variation. Consols, 2J per cent .. 55 10 0 Same. British 3J War Loan. . 102 5 0 2 6t Conversion Loan, 3J .. 76 17 6 7 6f Com'w'lth, SJ, 1922-27 99 7 6 7 6t Com'w'lth, 6, 1931-41 101 10 0 Same. New Zealand, 4, 1929 99 17 6 Same. New Zealand, 31, 1940 88 2 6 3 6f New Zealand, 3, 1945 78 12 6 1 3t New Zeal'd, 6, 1936-51 107 15 0 Same. tHiglier. NEW YORK CONDITIONS. Writing on February 20 the National Bank of Commerce of New York reviews monetary conditions as follows: — Money rates are higher, in response to action of the Federal reserve banks designed to bring about that result. Holdings by the reserve banks of United States securities were reduced about $220,000,000 between January 4 and February 15. Meanwhile, on February 3, the New York Federal Reserve Bank raised ite discount rate from to 4 per cent, two other reserve banks having already taken this step. On February 15, the 4 per cent rate was in effect in ten of the twelve districts. While loans and discounts of reporting member banks other than those on stocks and bonds increased somewhat from February 1 to February 8 there is no marked commercial demand for funds, the advances of the discount rate having anticipated rather than resulted from the usual increase in spring requirements.