THE MONEY MARKET

Dominion, Volume 29, Issue 208, 30 May 1936, Page 14

THE MONEY MARKET

Bank of England Return GOLD STILL INCREASING Note Circulation Higher London. May 28. The Bank of England return for the week ended May 27 is as follows;jHßiie Department.

Bank and Market Rates. The Bank of England rnfp of discount, is 2 per cent., to which it was reduced from 2} per cent, on June 20. 1932. London. May 27. Discount and short-loan interest rates are: Day’to-day loans. A per cent.; line trade bills, throe months. 2 to 2| per cent.; bank bills, three months, 9-16 per cent.; bank bills, six months, 5-8 per cent.; Treasury bills, two months. | per cent.; Treasury bills, throe months, 9-16 per cont. Now York. May 27. Cail money is quoted at 1 per cent. GOVERNMENT STOCKS London Markets Easier By Telegraph—Press Assn.—Copyright. London. May 28. The following table gives Stock Exchange quotations for consols and colonial inscribed stocks, compared with those of May 2-1: —

DAIRY PRODUCE FIRM N.Z. Butter Advances to 103/Bv Telegraph—Press Assn.—Copyright. London, .May 27. The butter market is firm. banish. 108/- per cwt.; ehnicest salted New Zealand, 1112/-; Australian, ]()()/- to 101/-; of iiusalted butter little is available, and prices nominally are the same. The cheese market is steady. New Zealand white. SS/-; coloured, 56/-. Australian white, 56/-; coloured, 54/6. Joseph Nathan and Company, Ltd., have received from their principals, Trengrouse and Nathan. Ltd., London, the following cabled advice, dated May 28:— New Zealand butter. 103/-. Market firm. New Zealand cheese: White, 58/-; coloured. 56/.. 'Market firm. A. S. Paterson and Co. ,Ltd.. received cable advice from J. and J. Lonsdale mid Co.. (London). Ltd., as follows:—Butler market firm. New Zealand. 103/-. Australian. 101/-, Danish, 90/- f.0.b,; 111/laitdcd. Cheese market firm. New Zealand. while. SS/G; coloured. 56/6. Cabled advice received by Mr. G. A. Mills from A. J. Mills and Co., Ltd., London, gives the following market prices as ruling at (he close of business on Thursday:—Butter market firm. New Zealand finest, 101 - to 102/-; firsts. 100/- lo 101 /-. Australian, choicest, 100/lo 101/-; first grade, 99/- lo 100/-. Danish, spot. lOS 7 -; f.0.b,. Ss/-. Cheese market steady. New Zealand, white. 57/6 to 58/-; coloured, 56/- to 56/6. SHEEPSKINS AND HIDES Wellington Prices Irregular Prices of sheepskins were easier anil hides were irregubir at the sale held yesterday by the Wellington brokers. Sheepskins of all grades were eagerly competed for, anil a good clearance was effected . Values for dry skins declined by jd. per lb., while salted skins, of which there wa« only a small offering, showed little change. The market for hides generally was erratic. Heavy and medium weights recorded a further decline of }<l. lo }d. per lb. Cow hides in most cases were in sellers’ favour. Yearling and calf were fully firm io a shade heller than previous quotations. Owing io the weakened slate of the overseas market, prices of tallow showed a further slight decline. The range of prices was as follows:— Dry sheepskins; Ilall'brcd. BJd. lo 1(l|tl.; fine crossbred, llljd,; medium crossbred. B|<l. to !Hd. : coarse crossbred, 7}d. lo D<l. ; half-wools, s|d. to fid. : quar-ter-wools, lijtl, lo S}d.; pells, s|t| to 7}<l. Salted skins: Quarter-wools, 3/11; half-wools, 4/9; Ihree-quarler-wools. 6/9; full-wools, 5/3; lambs, 3/-, Hides; Ox. 331 b. to 441 b.. 4 Jd. to s}d. ; 451 b. to 521 b., -I 7-Sd. to 6 5-B<l. ; 531 b to 5111 b., 6Jd. to 71(1.; 601 b. to 691 b., 6 7-Btk to 7 7-Bd.: 7011), and oyer. 6 7-Bd. to 7 7-Sd.; cow, 331 b. to 391 b., 4?d. to 5 5-Sd.; 401 b. to 4811)., 3}<l. to s}d. ; 41111). anil over, 4 bl. to 6 3-Sd.; kip. 251 b. to 3211).. nd. to 7}d.; 17ll>. to 241 b., (id. to 9 1-Sd.: yearling, lllli, to I(>lb., 104il.; calf, fill), to 101 b., Wild.: 61b. to Sib.. lOd. to 13]d. ; 11b.’ to 51b., (id. lo 13?il. Tallow: In casks, etc., 16/- to 19/-; in tins. 5/. to 16/6. Sundries: Cow tails, lid.; horse hair, 19}d.

Notos: issued: In circulation 426.100,000 In banking dept. 40,300.000 £ Govt, debt 11.000.009 Other Govt. securities 217.900.000 Other securities 300.000 Silver coin 81X1,000 •£260,000.000 Cold coin & bullion 206.400.000 £ 460,400.000 £400.400.000 •Amount of fiduciary issue. Banking Department. £ Capital 14.500.000 Rost 3.300.000 peposits: Public 19.800.090 Bankers 7S.30'.mhi t Other a/cs 3G.7OO.Oin Govt, securities 91.800.000 Discts.. advances 6.700.000 Other securities 12.900.000 Notes and coin 41.200,000 £ 152.600.000 £ 1,’2,600.000 Proportion of reserve to liabilities, 30.57 per cent., compared with 31.23 per cent, last wook. The principal items of the above return compare as follow with those of last week:— May 20. May 27. Deposits; • £ £ n.j.iL, 21.000.000 19.800.000 SO.100.000 <8.300,000 Other accounts .. 36.800.000 36,700,000 £ 137,000.000 £ 134,800,000 Seen ril ies : Government. ••• 91.200.000 91,800,000 Disci’s., advances . 7.100.000 6,700,000 Other securities .. 14.300.000 12.900.000 Reserve 43.000,000 41.200.000 Note circulation .. 423.100.000 426.100.000 Gold coin <fc bullion 205.409,000 206.400,000

Price. £ s. <l. Variation £ s. d. Consuls, 2J p.c SI 10 0 0 15 0* Fund. Loan. 4 p.r. .. 11G 15 0 0 10 0* War Loan. 3 V p.r. .. 105 10 0 0 5 0* (’onv. Loan. 3J p.r. . 10(1 15 0 0 15 0* Victory Bonds, 4 p.r. 114 15 0 0 10 II* (’’wealill, 5. 1945-75 . 111 IS 9 0 6 3* (■’wealth. 31, 1933-37 . 101 17 G 0 3 9* ("wealth. 4. 191.1-48 . 101 R 9 0 G 3'* (’’wealth. r. : [, '1948-53 . .102 12 G 0 2 G* ("wealth, 1955-61 . 98 10 3 0 6 3* (■’’wealth. 3. 1955-58 . 94 0 0 0 5 0* X.S.W.. 31. 1936-50 .. 101 G 3 0 1 3* N.S.W.. 4L 1935-45 .. 102 H 3 0 1 3f Victoria. .3. 1929-49 .. 99 5 0 same Victoria, 45, 194O-GO .. 10G 18 9 0 3 9* Victoria. 5. 1945-75 .. 111 10 0 0 R 9* (I'lnnii. 3. 1922-47 .... 99 0 (I 0 R 9* (.''land. 3. 19(0-60 ... 108 5 0 0 1 3* S. Aust., 3. 191(1 Inpt.) 89 10 0 so me S. Aust.. ■>. '1945-75 .. 111 13 9 (1 (1 3’ W. Aust.. 4. 1942-02 .. 103 7 G 0 7 G* Tasin., 31. 1'12(1-40 ... 104 ll 0 II 2 IP Tasni., 4. 1'.i|(l-5ii .... 103 10 0 0 10 Or N.Z., 11. 194S-5S 109 0 0 0 5 0* X.Z.. 31. 1940 103 7 G (1 111 .3* N Z„ 3. 1945 101 2 G 0 1 3* N.Z., G. 1939-51 fHigher, 102 13 9 * Lower. 0 13*