THE MONEY MARKET.

Auckland Star, Volume LXVI, Issue 57, 8 March 1935, Page 4

THE MONEY MARKET.

RESERVE BANK RETURN. BANK DEPOSITS DOWN. STATE HOLDINGS INCREASE. (By Telegraph.—Press Association.) WELLINGTON, Thursday. The Reserve Bank return for the week ended March 4 was gazetted to-night. The statement is balanced at £27,098,714, or £22,176 more than the previous week. The chief features on the liabilities eide arc an increase of £864,154 in the State deposits, largely reflected by a fall of £097,573 in the level of the deposits held by the trading banks. The note issue shows a. fall of £145,855. The deposits of the banks arc substantially less than one-third of the total on October 1, the highest point they reached after the opening of the Reserve Bank. Government deposits at £11,110,813 have reached a new high level. On the assets side the chief change is in the item ''other assets," which has increased by £20,503. Sterling exchange at £21,810,211 shows little alteration. Tlio statement, with variations compared with the week before, is as follows:— LIABILITIES. Variation. £ £ 1. Capital 500,000 Same 2. General reserve . 1,000,000 Same 3. lunik notes ',),ISI,I-'O 143,858* 4. Demand liabilities— (a) State 11,110,813 8G4,15*t (l>) Banks 5,L'0(i,321 007,573* (c) Other 4,20!> US* 7. Other liabilities . 40,251 1.071f Total 22,008,71-1 22,170f ASSETS. 8. Reserve— (a) Gold rf,001.731 Same (b) Sterling Ex. 21,810,'J1l 413* 0. Subsidiary Coin 183..-.31 1,08(1* 12. Investment .... 2,0i(>,i)7l 3.i72f 14. Other assets . . . 30,270 'JO.r<o3 Total 27,008,714 21i,171if fHigher. 'Lower. Proportion of reserve to notes and other demand liabilities, 97.10 per cent (.97.18 last week). BANK OF ENGLAND RETURNS. COIN HOLDING STEADY. LOAN HATES UNCHANGED. (Received 10 a.m.) LONDON, March 7. The Bank of England returns for the week ended March <>, as compared with tbose for the week ended February '11, are as follow:— Mar. 7. Feb. 27. £ f Note circulation ... 3SO,OfSIS,OftO 377,437,000 Coin i!ir>,.")3s,()(Ki i0n.."07,000 Notes in reserve ... 72,454,000 75,0U1,000 Govt. deposits 11.201,000 111,353.00(1 Other deposits 144,808,0(10 13(!,2!3.0(i0 Govt. securities B."i.l4!i,fM>o 82.421.<:0(> Other securities 1(1,183,0(10 15,783,000 I'roporlinn of reserve to liabilities 40.70 4S.GO SHOUT LOANS AND BILLS. Short loans, 3 per cent, ami three months' bills 0-10 per cent, are the same as last week. The decrease in public deposits and the increase ill bankers' deposits is due to Government dividend payments. The Hank of England discount rule, is 2 per cont to which It wns reduced from 2J per cent on June 30, 108-.'

CONSOLS AND STOCKS. ALL-ROUND DECLINES. (Received 10 a.m.) LONDON, March 7. The following table gives quotations for consols and colonial inscribed smpks. compared with those; of February 2S : — VariaPrlce. tion. £ s. d. s. d.

GOLD AND STERLING. LATEST CHANGES. LONDON, March 7. Fine gold is quoted to-day at £7 8/10 an ounce. Silver is quoted at 27V4<1 per ounce for spot delivery, and 27% d for forward. Following is a summary of the fluctuations in the price per ounce cf One gold in 1035: — £ p. rt.

Consols. 21 nor cent ... SI 10 Of 87 0* Funding i-onn, 4. l!):o-!)O in <> <> ' W o* War Loan, ;», 1029-47 . 10."i 10 O Ug 0* Conversion Loan, 31 .. 103 15 l> "•> <>* Victory Bonds, 1 114 0 OJ IT (J* Com'wonltli, 5, 11)80-43 102 0 0 2 <i* Com'wcnitii, r>. i'.)4">-7."i no r> <> 20 o* Com'wcnltli, 3J, 1!);>(>-::T 102 12 <! 7 (i* Com'wealth, 4, 1043-48 103 17 0 27 o* Com'wealtb, •'>:.', 1948-58 .01 10 o . 15 o* N.S.W., 3. 1935 HV) io OJ- no. (>• N.S.W., ;!'.. 11)30-. r >0 0!) i> 0 I - - , C.* X.S.W., 41, 1033-45 101 7 (i •_" lit n.s.w., r>. io:sr>-r>."> 101 <• <>t 47 c>* Victoria, 3. l!) - Jft--t9 07 t'J « 1"> i!,i Victoria, 4ij, 1940-0O ... KM 10 O 12 <>• Victoria, r>. 1945-70 ... Hi' 7 i> Same Queensland, 3, 1822-47 -.' f>S 10 o Same Queensland, r>. iruouu . 105 r> oj ca <;♦ S. Australia, a, 1010, opt. !H) r> o Same S. Ausiralii). ."•. l!l-ir>-7r> ml) 1<; ■". 1 :;t \V. Ausrrnlla, :!. lillJi-Sn loi <> o Knixo W. Aiistiiilin, 4, 1942-02 1"li 7 (i J(i 3* Tasmania. ;1J, H'20-40 .. 101 10 o -J (I* Tasmania. 4, 1040-50 .. 102 1 r> i> 7 0* New Zealand, 41. 1948-r>8 108 12 0 17 (>• .New Zealand, 31, mio . lew io o 2 G* Now Zealand, 3, 104.-) ..100 r> OJ 27 <■• New Zealand, ti, 19.il! 51 JO.j 15 0 *_' 0* flliglier. *I.o\vor. $.Kx dividend.

Highest price, March 0 ... 7 9 4 Lowest price, January 2 . . 7 0 1OJ February US 7 4 1 March 1 7 5 1 March 2 7 G 10J March 4 7 8 10 March 5 7 7 101 March C 7 0 4 March 7 7 8 10 The American dollar is quoted at 4.73% to the pound sterling, and the franc at 70 15-16. Recent fluctuations have been: — Dollar. ' Franc. March 2 4.7!) 71 13-10 March 4 4.741 71 March 5 4.70* 71 5-ie March 8 4.72} 70 11-10 March 7 4,731 70 l.j-16