THE MONEY MARKET.

Auckland Star, Volume LIX, Issue 280, 26 November 1928, Page 4

THE MONEY MARKET.

ANOTHER WALL STREET RECORD. (Australian and N.Z. Press Association.; NEW YORK, November 23. On the New York Stock Exchange today all records for the volume of business done were broken. A total of 6,942,500 shares were sold. Prices rose rapidly, but later slumped and closed irregularly. The tickers were delayed, although they were not so late as usual. The governors of the Exchange have declared a holiday tomorrow, to enable the clocks to catch up with the work. A seat on the Exchange was sold to-day for £110,000. ■ LONDON AND NEW YORK. Despite the advantages obtained by New York financiers in the years immediately succeeding the Great War, there are no signs of London losing its position ae the world's chief financial centre. The relative positions of London and New York as -money lenders may be gathered from the columns of the ' "Financial Times/' On September 25 the state of the London money market was described as follows: '"One of the large lenders charged 4 per cent during the early hours for fresh advances over the night, but the general rate soon receded to 3% per cent to 3% per cent, whi'le conditions became very easy before the end of the day, as low a rate ae iVz per cent beinig mentioned in some instances for balances. In a good many cases 394 per cent was charged tor renewals of old day-to-day loans, while weekly fixtures were continued at 3V2 per cent." The discount rate for three months' bank bills was £4 3/9 per cent, and for tlnee months' fine trade bills £4 10/ per cent. Jn New York on the same date call money was renewed at IVz per cent, laut in the afternoon dropped to 7 per cent. Time money for thirty to ninety days was IV2 per cent, but it wa« stated that little money was available. The special correspondent of the paper reported that '"loans were being made at higher than the pub- ' lished rates. For example, it is known that a New Jersey trust company Viae just paid 8 per cent for l.ivio.oOO dollars (£200,000 ) for four month*" .JS.M