THE MONEY MARKET.

Auckland Star, Volume LXI, Issue 66, 19 March 1930, Page 4

THE MONEY MARKET.

EXCHANGE ON LONDON.

FURTHER INCREASE IN CHARGES,

REBATE FOR ORDINARY TRADE

Alterations in the New Zealand rates of exchange on both London and Australia will be brought into operation to-day. The quotations for London exchange have been increased 10/ per cent all round, whereas the latest alterations in Australia, made on March 10, were 20/ per cent.

Following are the revised rates of exchange on London, the quotations being the amounts now respectively offered for £100 bills and charged for £100 drafts:— NEW ZEALAND OX LONDON. Guying. Selling. £ s. d. £ s. d. On demand .... 101 12 0 103 0 0 23 davs 101 10 (i 30 days 101 2 0 102 12 <3 CO days 100 12 fi 102 a 0 !10 days 100 2 8 101 1< 6 120 days 99 12 6 — Telegraphic transfer — 103 1- 6 The rate for telegraphic transfers to London is 72/6 per cent, as against the Australian quotations of 82/6. New Zealand on Australia. As there is now a margin between the Australian and the New Zealand rates for exchange on London, the rates for exchange with Australia have been revised. The principal feature is the special quotations for buying bills which represent only exchange transactions; these rates are pot to apply to ordinary trade requirements. Details are as follow: — Buying. Selling. Disc. I'reni. Victoria, New South Wales, Tasmania. South Australia .. . 30/ 10/ Queensland 32/0 p.c. 12/0 p. c. Queensland (North of IlockUampton) 37/Gp.c. 17/Gp.c. Western Australia — Perth & Fremnntle 37/0 p.e. 17/6 p.c. All Other Plaeus .. 42/0 p.e. 22/0 p.c. A concession of up to 20/ per cent in the buying rates will be allowed for ordinary trade requirements other than Exchange transactions. AUSTRALIAN BANK DEPOSITS. , SYDNEY, March 18. Depositors in the Commonwealth Bank had £49,000,000 at their credit at the close of last month. This sum represented ail increase of £968,000 for the year. WELLINGTON MORTGAGE RATES. Speaking at the annual meeting of the Metropolitan Permanent Building and Investment Society in Wellington yesterday, Mr. W. McKay, chairman, said that the past' year had been a difficult one for all private lending institutions, but although rates of interest on mortgage moneys had been very competitive the society had been fortunate in finding suitable investments for all available funds at 7 per cent. In regard to the future, it behoved them to face the new year with caution, and to recognise that they might have some difficulty in finding suitable investments. Personajly he was not pessimistic. He had confidence that the troubles mentioned were only temporary and that Wellington would continue to expand and progress.

THE CANADIAN DOLLAR. (Received 10 a.m.) MONTREAL, March 18. The Canadian dollar is quoted to-day at 4dol 86% cents to the pound sterling.