THE MONEY MARKET

Dominion, Volume 26, Issue 88, 7 January 1933, Page 14

THE MONEY MARKET

— x ' Bank of England Return GOLD, RESERVE,. HIGHER London, Jan. 5. . The Bank of England return for the week ended January 4 is as follows:— ISSUE DEPARTMENT. ” Notes issued— £ — £ ■ In circu- Govt. debt. 11,015,100 latlon 382,509,110 Other Govt. In bank- securities 255,215,897 ing dept: 32,193,331 Other securities 5,056,174 ' Silver coin 3,712,829 ‘ *27X000,000 Gold coin & ’ " • ' ' ■ bullion 110,792,447 . 394,792,447 £394,792,447 •Amount of fiduciary issue. (Ban'kiXg department.- ’ 1 " £ * Govt, se- ' £ Capital ' • 14,553;000 ■ curities 102,081,824 Rest : ’.3,476,408: Discts., adDeposits— , ; ■ -vances 45,990,482 Public .12,516,299 Other seBankers 134,120.092 curities 17.861,983 Other a/cs. 34.235,297 Notes 32,193,331 Seven-dav, ,\ ■ ■ , • Gold & sil- , etc,’ bills'’. . 1,010 , vgr coin 774,486 I . ■: £298,902,106 £298)902.106 Proportion of reserve to liabilities, 18.20 per •tent., compared with'l6.Bo per cent, last week. •' • ; ' The principal items of the. above return compare as. follow , with, those of, last week’:—' "■ . ■'.• - ■ > ; .■ v \ 'Dec.' 28. Jan. 4. Deposits— ’ ' • *£ ' £■ ' PuWlc’J-i'8,865,481 ■ 121510,299 Bankers 102,409,590 134,120,092 Other accounts .. 33.760,123 34,235,297 ': ! ,:i.1’43'035.i91£18b,’87i,088 Securities— Government .... 102,371.824 102,081,824 Discts.;, advances -18,509,400 .45,990,482 Other, securities .. .17,738,428 17,861,983 Reserve 24,400,615 32,967,817 Note circulation >... 371,193,057 362,599,116 Gold .coin-A..bullion. 119,788,28-4 119,792,447 SHORT LOANS AND BILLS. The Bank of England ' rate of discount was reduced to 2 per cent, as from June 30, 1932. It was lowered to 5 per cent, on February 18, to 4 per cent, on March 10, to 34 per - cent on March 17, to 3 per* cent, .on/April.’2l, and to 2J per cent. on. May 12. The rate previously in force was 6 per cent., to' which it was increased from 4J per cent, .on, September 21, 1931. 'The previous’ increase was from 3j per cent, to 4} per cent, on July 30, 1931. Short loans are quoted at i per cent., compared with i per cent last week. The market rate of discount for best three months’ bills Is 31-32 . per cent. FOREIGN EXCHANGES Latest Quotations Compared London, Jan. 5. The following rates on foreign exchanges were current to-day, compared with those ruling on January 4:—

GOLD AND SILVER. London. Jan. 5. Gold.—£6/3/14 per fine ounce. Silver.—Cash, 167-Sd per ounce; forward, 16 15-16 d. COMMERCIAL BANK Half-year Interim Dividend Advice has been received by the manager of the Commercial Bank of. Australia, Mr. E. P. Y’aldwyn, from the head office in Melbourne, that an interim dividend for six months on preference shares at a rate of 2 per cent, (equal to 4 per cent, per annum) and on ordinary shares at 2J per cent, (equal to 5 per cent, per annum), will be payable on February 3. The transfer books will close on January 18. BASE METALS MARKET improvement in Prices for Tin (Received Jan. 6, 8.20 p.m.) . Sydney, Jan, 6. The official London (middle) quotations for Thursday as received by the Australian Mines and Metals Association, compare as under with those previously cabled

OVERSEAS GRAIN MARKETS London Wheat Cargoes Firmer London, Jau. 5. Wheat cargoes are firmer. .Sellers demanded an advance and parcels were held for an advance of 6d to 1/-. Futures: London, February-April, 21/4 per quarter; Liverpool, March, 4/10 J per cental; May, 4/113-8; July, 5/13-S. The spot trade is quietly firm. Australian, ex ehip, 25/6 to 27/-. Flour is steady. Australian, ex store, 20/- to 20/6. Oats are occasionally 3d dearer. Peas are neglected and beans are slow. Melbourne, Jan. 6. Wheat, 2/8 to 2/9 per bushel; flour, £7/7/6 per ton; bran, £4/10/-; pollard, £5; oats, 1/8 to 1/9: barley, English, 2/9 to 2/10; maize, 5/- to 5/1: onions, quiet, £3/10/- to £3/15/-. A LESS COMPETITIVE INDUSTRY. Few people are aware of the fact that there is an annual market in countries of the Southern Hemisphere for over £30,000,000 worth of softwoods, paper and pulp, yet there is not a pulp mill south of the line, because at present there is not a sufficiently large stand of accessible softwood forest to warrant the establishment of a pulp mill. New Zealand’s greatest competitors in marketing primary products will become her best customers when N.Z. Perpetual Forests, Ltd.-, establishes the pulping industry in the near future.— .Ad-.-t.

N. York, dol. to £' Jan. 5. 3.34 Jan. 4. 3.33* Par. , 4366 Montreal, dol. to £ 3.76} 3.76| 4.866 Paris, fr. to £ 859-16 85 7-16 124.21 Brussels, bel. to £ 24.125 ■ 35.00 Geneva, fr. to £ 17.355 17325 25.225 Amst'dam, fl. to .£ 8.33 8.30 12.107 Milan, lire to £ 65.25 —— 92.46 Berlin, inks, to £ 14.065 —— 20.43. St’holm., knr. to £ 16.375 —— 18.159 Oslo, knr. to £ 1913-32 — 18.159 • Vienna, scligs. to £ •28.0 •28.5 34.585 Prague, knr. to £ 1121 112.5 164.25 Hel'fors., inks, to £ 228 228.5 193.23 Madrid, pes. to £ 41 40 3-16 25.225 luabon, esc. to £ 1002 109.5 110 Athens, drach. to £ 625 625 375 Belgrade, din. to £ 245 215 276.31 Bucharest, lei. to £ 565 565 813.60 Bio de J., p. to mil. *53 — 5.899 B. Aires, p. to peso 42.5 42.5 47.62 M. Video, p. to peso •29.-5 •30 51 Calcutta, p. to rup. 183-16 — 18 Shanghai, p. to tael ■i©i — H.-kong, p. to dol. 153-8 151 X’hama, p. to yen Warsaw, zloty to £ 147-8 14} 34.582 29.75 .43.38 Batavia, gl. to £ 8.30 ‘Nominal. — 12.107

•Tan. 4. Per ton. Jan. 5. Per ton. Copper— £ s cl £ 6 <1 Standard, spot ... 28 1 10J 28 5 0 Standard, forward 28 8 IH 28 12 6 ‘Electrolytic .... 33 5 0 32 15 0 to 34 5 0 33 15 0 Wire bars 34 5 0 33 15 0 Lead— Spot 10 7 6 10 8 9 Forward 10 15 0 10 15 0 ■Spelter— Spot 14 8 9 14 11 3 Forward 14 15 0 14 17 6 Tin— tSpot 141 2 6 144 7 6 Forward 112 2 6 145 17 G Silver— Standard, per 02. . 16 9-16d 16 7-8d Fine, per 02 17 7-8d 18 3-lGd * American, > cents a lb. TAmcrlcan, 22.10 cents a lb.