THE MONEY MARKET

Dominion, Volume 29, Issue 226, 20 June 1936, Page 12

THE MONEY MARKET

Bank of England Return NOTE CIRCULATION HIGH Tjondon, June 18 The Bank of England return for the week ended June 17 Is as follows: — Issue Department. Notes issued: £ In clrcu- Govt, debt 11,000,000 lation 432,000,000 Other Govt. In bank- , securities 248.100,000 ing dept. 39,800.000 Other securities 100,000 Silver coin 800,000 *£200,000,000 Gold coin & bullion 211,800,000 £471,800000 •Amount of fiduciary issue. Banking Department. £ £ tal G ° V cu S rlties D 5,300,000 W 1 14,000,0.1 Di | Ct va'nces 4,500,G00 Bankers 01,000.000 a /cs: 37,400,050 Notes and, £100.200,000 £160,200,000 Proportion of reserve to liabilities, per cent., compared with 26.n0 per ceu . items of the above return compare as follow wifh tho last week:— j une> io. June 17. De P o3 ‘ ts: 13 500 000 14,000,000 1 üblic Rrt’oOO’oOO 91,000,01X1 37,400,000 £137,200,000 £142,400,000 Securities: n 7Rnn oOo 98,300,000 Government ~. ’’ m 4 800 000 Other securities Note rV circuiatlon 433,’000>> 432,000,000 GOl bulfion 208,500,000 211,800,000 Bank and Market Bates. The Bank of England rate of discount 2 per cent., to which it was reduced from 91 in pt cent, on June 20, IJJ-« Miscount and short-loan interest rates are- Day-to-day loans, 4 per cent., m e trade bills, three months, 2 to -i per com., bank bills, three months lu-161 per cent bank bills, six months 7-8 -percent., ma surv bills, two months, lu-10 l’ c ® Treasury bills, three months, lu-16 per cept.

GOVERNMENT STOCKS

London Markets Firm

By Telegraph—Press Assn.—Copyright.

London, June 18. The following table gives stock exchange quotations for consols and colonial inscribed stocks, compared with those of

BANK OF ENGLAND

Record Holding ,of Gold A notable feature of the Bank of England return during recent weeks has been the rapid expansion in the gold holding, which this week stands at the unprecddently high total of £211,800,000, an increase since last week of £3,300,000, ano since the beginning of this month, of £0,100,000. The influx of gold since January 1 now amounts to £1.’.,800,000 compared with the total purchases,of gold bv the bank during 1935 of £7,745,000, and during 1934 of £1,570,000. The net movement of gold into the possession of the Bank of England since the “suspension of the gold standard” on September 21, 1931, has been over £75,200,000. The bank’s note circulation this week is at the high level of £432,000,000, a decrease of £1,000,000 since June 10. This is £7,500,000 above the Christmas week. 1935, note circulation of £424,500,000. which was a record since the unification of the note issue in 1928. The recent expansion in the bank’s note circulation is generally ascribed to foreign boarding of English bank notes.

Woolworths (N.Z.) Bonus Issue

Woolworths (N.Z.), Limited, have advised the Stock Exchange Association that the board of directors arc recommending a bonus issue to ordinary shareholders of two shares for every five held on June IS, and the necessary meeting will be held in Sydney on June 30 to ask shareholders’ approval of this issue.

Mount Morgan Dividend

Mount Morgan. Limited, yesterday cabled to the Stock Exchange Association ns follows: —The board to-day declared an eleventh interim dividend of 4}d. per share in Australian currency on all shares fully paid as at June 15. The dividend is payable at Sydney on July 20. Transfer books will be closed from June 30 to July 20. both days inclusive. The dividend is at the unchanged rate of 60 per cent, per annum.

Berlei (N.Z.) Share Bonus

Uerlei (N.Z.), Ltd.. Auckland, corset manufacturers, is calling an extraordinary general meeting of shareholders to consider a proposal to capitalise £14,000 nnd to distribute two fully-paid shares of £1 each for every five, shares held. This will be done by valuing the goodwill, including patent rights, etc., at £14,000, nnd establishing a goodwill reserve account from which a transfer to capital account will be made. The company has an authorised capital of £50,000. of which £35,000 is paid.

Westport-Stockton Coal Co.

The Westport-Stockton Coal Company is paying off approximately one-third of its 6} per cent, first mortgage debentures. A statement to this effect was made. by the chairman of directors, Mr. William Hardie. The last balance-sheet of, the company for the year ended December 31, 1935, disclosed secured debentures, £48.550, with accrued interest nt £631, making n total of £49,181. Balance at bank on deposit and in current account, and cash in hand at that date, were shown at £28,493.

June 11:— Price. £ s. d. Variation £ s. d. Consols. 2} p.c 85 0 0 same Fund. Loan, 4 p.c. .. 116 10 0 same War Loan, 3$ p.c. . • 105 15 0 same Conv. Loan, 3J p.c. . 107 0 0 same Victory Bonds, 4 p.c. . 114 10 0 0 5 C’wealth, 5, 1045-75 . 109 15 0 0 2 6f C’wealth, 3i, 1030-37 . 101 17 6 0 5 Ot C’wealth, 4, 1943-48 . 104 6 0 2 6t C’wealth, 3j, 1948-53 . 102 15 0 0 6 3t C’wealth, 3), 1955-61 . 98 16 3 0 1 3* C’wealth, 3, 1055-58 .. 93 16 3 same N.S.W., Si, 1030-50 ... N.S.W., 4}, 1935-45 -. - Victoria, 3. 1020-40 ... 100 F) 0 same 3* 6t 100 . 98 11 0 3 0 0 1 0 2 Victoria. 4i, 1940-60 .. 104 17 6 0 2 6* Victoria, 5, 1945-75 . 109 12 (I 0 5 Of Q'land, 3, 1922-47 ... 98 6 0 6 ot Q’land, 5, 1940-00 .... 108 0 0 0 2 S. Aust., 3, 1916 (opt.) 87 0 0 0 15 0* S. Aust., 5, 1945-75 ... 109 8 9 0 1 3t W. Aust., 4, 1942-02 . 102 0 0 0 2 6f Tasm., 31, 1920-40 .... 102 5 0 0 2 6t Tasm., 4, 1940-50 ... 101 15 0 0 7 Of N.Z., 41, 1948-58 108 15 0 0 3 9+ N 7. 81 1040 102 8 9 0 1 3t N.z' 3. 1945 xlOO 0 0 1 2 0 N.Z., 0, 1936-51 102 12 6 same tHIgher. *Lower. X Ex •dividend. -