THE MONEY MARKET

Dominion, Volume 23, Issue 75, 21 December 1929, Page 14

THE MONEY MARKET

BANK OF ENGLAND RETURN GOLD RESERVE MOUNTING (Rec. December 20, 5.5 p.m.) London, December 19. The Bank of England return for the week ended December 18 is as follows! ISSUE DEPARTMENT. Vn^circu” 611: £ Govt, debt 11,015,100 lation 371,698,128 Other Govt. In banking securities 233.233,429 dept. 28,806,717 Other jeSilver coin 4,822,101 t£ 260,000.000 Gold coin & bullion 140,504,845 £400,504,845 £400,504,845 fAmount of fiduciary issue, BANKING DEPARTMENT. ■Capital 14,553,000 Govt, seRest 3,378,182 curlties 65,143,618 Deposits: Dlscts. and Public 9,850,355 advances 10,029,732 Bankers 62,065,360 Other seOther curities 20,565,519 a/cs. 35,517,307 Notes 28,806,717 Seven-day. Gold and etc,, bills 1,876 silver coin 229,494 £125,375,080 £125,375,080 Proportion of reserve to liabilities, 27.00 per cent., compared with 31.20 per cent, on December 11, 31.80 per cent, on December 4, and 29.20 per cent, on December 19, 1!> T B )ie principal Items of the above return compare as follow with those for the week ended December 11: — Deposits: Dec. 11. Dec. 18. Government .. £8,859,520 £9,859,355 Bankers 58 072,562 62,065,360 Other a/cs 36,399,055 35,517,307 / £103,331,137 £107,442,022 Government .. £60,663,618 £65,143,618 Dl3C va U nce S s <ln(l . a . d ' 8,827,605. 10,629,732 Other securities 19,470,351 20,565,519 •Reserve 32,276,339 29,030,211 Note circulation 365,158,088 371,698,128 fColn and bullion 137,434,418 140,734,339 •Reserve on December 19, 1928, was £31,396,576. tDecember 19, 1928, £155,507,5(5. 1929: maximum, June 12, £164,211,400; minimum October 2, £130,343,588. SHORT LOANS AND BILLS. The Bank of England rate of discount Is now 5 per cent., to which it was lowered on December 12 from 5i per cent. Short loans are quoted at 4 per cent, as against 4J per cent, last week. The market rate of discount for best three months’ bills is 4 13-16 per cent., compared with 4 23-32 per cent, last week. NEW YORK CALL MONEY. New York, December 19. Call money remained at 4i per cent, all day. EXCHANGE RATES NEW ZEALAND ON LONDON j. The acting-ehairman of the Associated Banks announces that as from December 21 the rates of exchange on London will be as under:— Buying. Selling. Telegraph ‘ transfer .. — 42/6 p.c. prem. On demand 5/- p.c. prem. 30/- p.c. prem. 3 days .... 3/-p.c. prem. — 30 days .... 5/-p.c. disc. 22/6 p.c. prem. 60 days .... 15/-p. c. disc. 15/-p.c. prem. 90 days .... 25/-p.c. disc. 7/6p.c. prem. 120 days .... 35/- p.c. dise. — This is following on the recent alteration of rates in Australia. As from December 4, 1929, the selling rate for telegraphic transfers on London was increased by J per cent., making the rate 35/- per cent, premium. The rates were then as under:— Buying. Selling. Telegraphic transfer ... — 35/-p.c. prem. On demand 2/6 p.c. disc. 20/- p.c. prem. 3 days 4/6 p.c. disc. — ', 30 days .... 12/6 p.c. disc. 12/6 p.c. prem. 60 days .... 22/6 p.c. disc. 5/- p.c. prem. 90 days 32/6 p.c, disc. 2/6 p.c. prem. 120 days .... 42/6 p.c. disc. — The associated Australian banks announced that as from December 18 the rates of exchange on Australia will be as follow:— Buying. Selling. On demand 60/- disc. 40/- disc, 30 days 71/3 disc. — 60 days 82/6disc. — 90 days 93/9 dise. — i Telegraphic transfer — 32/6 disc. The previous tariff had been in force since October 11, and in comparison with it the new scale shows an increase in the discounts of 7/6 in each case. The previous alterations this year, in July, September, and October, were each of 5/-. Thus, up to the end of July the selling rate in London of cable transfers on Australia was 10/- per cent, discount; it is now 32/6 discount, FOREIGN EXCHANGES (British Official Wireless.) Rugby, December 19. The following rates on foreign exchanges are current to-day, as compared with the cabled quotations on December 17,-and par:— Dec. 19. Dec. 17. Par.

Silver. —Spot, 22 3-16 d. per ounce; forward, 22}d. GOVERNMENT STOCKS London, December 19. Quotations of Government stocks to-day compare with thdse of a week ago as follow:—

AUCTION SALES MONDAY. Quin Street, Palmerston North. - p.m. Sale of Education Leases (Dalgety & Co., Ltd.). , . 108 Cuba Street, 10.30.—Sale of Toys and Fancy Goods (Silverstone & Co.),

N. York, dol. to £ 4.88 3-16 4.88 5-32 4.806 Montreal, dol. to £ 4.91 4.91} 4.866 Paris, fr. to £ 123.92 123.94 124.21 Brussels, bel. to £ 34.86 34.865 35.00 Geneva, fr. to £ 25.095 25.Q95 25.32 Amst'dam, fl. to £ 12.10} 12.09} 12.10 Milan, lire to £ 03.25 93.24 92.46 Berlin, mks. to £ 20.38 2(1.385 20.43 . St’holm knr. to £ 18.09} 18.09} 18.159 C’liagen. knr. to £ 18.184 18.18} 18.159 Oslo, knr. to £ 18.20 18.205 18.159 Vienna, schgs. to £ 34.07 34.66 35.58} Prague, knr. to £ 164} 164} 24.02 Hel’fors. inks, to £ 194J 194} 192.23 Madrid, pes. to £ 35.35 . 35.20 25.22} Lisbon, esc., to £ 108.25 108.25 Athens, drac. to £ 375 375 375 Bucharest, lei to £ 817 818 813.0 Rio de Janeiro, pence to nillreis 5} 5 9-16 — B. Aires, p. to dol. 45 461-16 47.57 Calcutta, p. to rup. 17 29-32 17 29-32 18 Shanghai, p. to tael 26} 26* — H.-Kong, p. to dol. 20 20} —— Y’hama. p. to yen 24 3-32 24 3-32 24.58 Batavia, fl. to £ 12.13} 12.13} 12.10 GOLD AND SILVER. Gold. —84/11} per ounce.

Price. £ s. d. Variation. £ s. d. Consols, 24 p.c 52 10 0 same Fund.- Loan, 4, 1060-90 85 3 9 6 3’ War Loan, 5, 1929-47 . 99 15 O 5 0* Conversion Loan, 3| .. 74 0 0 10 O’ Victory Bonds, 4 .... 91 10 0 5 O’ Com'wealth, 54, 1922-47 91 7 6 5 0t Com’wealth, 6, 1931-41 99 5 0 10 ot Victoria, 3, 1929-49 .. 65 7 6 2 6* Victoria, 34, 1929-49 .. 70 15 0 5 Ot Victoria, 54, 1930-40 .. 97 3 9 1 3’ Victoria, 5, 1932-42 .. 90 15 0 3 9t Victoria, 4J, 1940-60 .. 84 0 0 10 O’ N.S.W., 4, 1933 91 6 same N.S.W., 3. 1935 84 3 9 11 3t N.S.W., 34, 1930-50 .... 70 V 6 5 Ot N.S.W., 51, 1922-32 .... 97 2 6 2 6t N.S.W., 64, 1930-40 .... 101 0 0 same N.S.W., tl, 1930-40 .... 98 0 0 5 Of Q’land, 34. 1930 OS 3 9 1 3t Q’land, 3, 1922-47 .... 68 0 0 15 0t Q’land, 0, 1930-40 .... 99 0 0 same N.Z., 44, 1949-58 92 15 0 same N.Z., 34, 1940 85 10 0 8 Ot N.Z., 3, 1945 76 17 6 same N.Z., 0, 1036-51 101 10 0 5 0t S. Austr., 34, 1039 ... 81 5 0 5 0t S. Austr., 3, 1916/after S. Austr., 64, 1930-40 .. 54 15 0 5 0* 101 0 0 same Tasm.. 34, 1920-40 .... 70 10 0 same Tasm., 3, 1920-40 .... 75 0 0 same Tasm., GJ. 1930-40 .... 101 0 0 10 ot W. Austr.. 34, 1929-35 87 15 0 8 Ot W. Austr.. 3. 1915-35 . 85 10 0 same W. Austr., 6. 1930-40 .. 98 0 tHlghcr. ’Lower. 0 17 Gt