THE MONEY MARKET

Dominion, Volume 28, Issue 122, 16 February 1935, Page 10

THE MONEY MARKET

Bank of. England Return . RATES UNCHANGED By Telegraph.—Press .Assn.—Copyright. London, February 14The Bank of England return for the week ended February 13 is as follows :— Issue Department.

. Short I.outih and Hills. The Bank .of England rate'of discount was reduced, to 2 per .cent, its from June 30. .1031. .. Short .loans’ are quoted at 3-8 per cent., the same as last week. The market rate of discount for "best three ‘months’ bills is 5-16 per cent.. Hie same as lust week. BUSINESS DULL Butter Easier to 89/- in London A cable message received yesterday by Wright, Stephenson and Co., Ltd., .from, their London house,' stated that the price of butter in New York had dropped to 36 cents a lb., the decline being equal to about 5/- a cwlkin London, The price in New York last week was 37} to 37} cents, a lb. New Zealand butter, was quoted in London on Thursday at 89/- a cwt., as against 93/- on Monday. Joseph Nathan and Company; Ltd . have received from their principals, Trengrouse and Nathan, Ltd., London,-the following cabled advice, dated February 14:—-New Zealand butter: 89/- per cwt No business doing. New Zealand cheese: White, 49/- per cwt.; coloured, 48/6 pe: cwt.

Cabled advice received by G. A Mills from A. J. Mills and Co., Ltd., Loudon gives the following market prices as ruling at the dose of business on Thursday:— Butter: The market is-quiet; New Zealand, finest, 88/- to 89/.;. firsts, 87/- to 88/-. Australian, choicest, 88/- to 89/-: first grade, 87/- to BS/-. Danish (spot), 116/-; (f.0.b.). 96/-. Cheese: The market iq steady. New Zealand, white, 49/-. to 49/6: coloured. 48/6 to 49/-. Canadian, white. 62/- to 64/-; coloured. 58/- to 60,/-. A. S. Paterson and Co., Ltd., received cable advice from J. and J. Lonsdale and Co. (London), Ltd., as follows: —Butter: Market quiet. New Zealand, 88/- to 89/-; Australian, 88/- to 89/-; Danish, market weak. 114/- landed. Cheese: Market slow. White, 48/6; coloured,, 48'lo 48/6. Samuel Page and Son. Lid.. London, report to -D.-ilgety and Co.. Ltd., under dare. February 14:—Butter mafket very slow? Danish, f.0.b., 96/- (99/- to 100/-); New Zealand, finest salted. 89/- to 90/-- (89/-' to 90/-). Australian, finest unsalted; 92/- to 93./- (93/- to 94/-) : finest salted.' 88/- to 89/- (88/- to 89/-). Australian. G.A.Q.. 86/- to 87/- (87/-). Cheese market slow. New Zealand white. 48/6 49/- (47/- to 47/61 ; coloured. 48/- to 48/6 (47/-). Spot price for Canadian white. 50/- to 60/- (58/- to 60/-) ; coloured. 56/: to 60/- (58/- to GO/-). Last week's quotations shown in parentheses. BUTTER AND CHEESE Decreased Shipments Shipments of butter from the Dominion last' month were 13,466 tons, compared with 16,913 tons for January, 1934, a decrease of 3447 tons. For the six months ended January 31, exports of butter totalled 70.466 tons, compared with 76.700 tons for the corresponding period of 1933-34. a decrease of 6231 tons. Australian shipments this season, on the other hand, show an increase. During January, \16,044 tons of .butter were shipped to the United Kingdom, compare! with 12.651 for January. 1934, an increase of 3393 tons. For the six months ended ..January, Australian exports of blitter to the United Kingdom totalled 63.478 tons, compared with 58.193 tons for the corresponding period of last season. an increase 0f.5285..t0n5. Shipments of cheese from New Zealand last month were 9804 tons. compare! with 11.514 tons for January, 1934. a decrease of 1710 tons. For the six months ended January 31. exports totalled 47:386 tons, compared with 48.(163 in 1933-34. a decrease of 677 tons. Australian shipments of cheese to the United Kingdom for the six months totalled 4536 tons.'•nil increase of T 876 tons. AMALGAMATED WIRELESS Interim Dividend Amalgamated Wireless i Aust ralasin 1 Limited, yesterday advised rhe Slock Exchange Association, that a cable message from head otlice, Sydney, stated that an interim divjdi-nd of 4 per cent, on capital would be paid bn ‘March 16. Transfer books will be closed from March I to 16 inclusive. The interim dividend is nt an tinehiinged rate. • The- distribution for the year ended June 30. 1934. was nt the rate of 10 per cent. Melbourne Produce Markets By Telegraph.-r Press £ssn. —Copyright Melbourne. February 15. Wheat, 2/Ui to 1/11} per bushel. Flour, £7/15/- per ton. Bran, £4/15/-. Pollard, £5. Oats,’ 2/5 to 2/5} per bushel. Barley, English, 2/10 to 3/-. Maize, 3/6. Potatoes, £ll/10/- to £l2/10/- per ton. Onions, £B/10/- to ES/12/G. Prices of Vegetables Dominion Special Service. Pukekohe, February 15... 1-1. FI. Pahtle, Ltd., of Pukekohe ami Olitjkuiie. report, - Pukekohe prices;— Onions, 10/- to 10/6 a cwt.: pioklers. 2/- to 2/6 a bag; Pumpkins. 12/- to 13/- a cwt. Ohnliuue prices: Peas, 7/6 to 9/6 a bag; cabbage. 12/6 to 15/-; cauliflower, 7/6 to 9/-; swedes. 3/6; potatoes, No. 1. 10/- to 11/.; No. 2, 5/6 to fl/-.

Notes Issued: In circulation 374,945,595 In banking dept. 77,4.88,531 Govt. debt. 11,015.160 Other Govt. securities 245.(138,421 Other securities 900,813 . Silver coin 2,443,666 • *£ 200,000,000 Gold coin & bullion 102.434,120 £452.434,120 £452.434,120 ’Amount of fiduciary Issue. h Banking Department. £ £ Capital 14.553,000 Govt, secuRest 3.025,030 fit iOS 82.760,413 Deposits: Di sets., adPublic 18.3IO.l7li vances 7.942.597 Bankers 101,819,041 Ollier scOther a/cs 40.426.00H eurittes '>.979.403 7 day. etc., Notes 77.488.531 bills . — Gold & silver coin S87.U0S- £ 178.704,552 £178,764,552 Proportion of rose rve to liabilities. 48.60 ne r ; con t.. co in pa re d last week. with 47.50 per cent. The principal Hems of the above return compare as follow with, those of last week:— ■ Feb. 6. Feb. 13. Deposits y. 4*. Public 16.534,575 18,340.176 Bankers 404.069,033. 1O1,819;644 Other accounts, . . 39.347.793 • ,40.426.696 £ 159,951,401 £160.586,516 Securities: Government ..... Disets., advances : Other securities. Reserve S2.911.413 S2.706.413 ' 9.276.686 7.942.597 9,9011.969 9.979.403 •76,034.186 7S.O76.139 876.987.922 374.945,595 Note circulation .. Gold. coin and 192.434.120 ' 192.434.126 bullion ......