THE MONEY MARKET

Dominion, Volume 29, Issue 256, 25 July 1936, Page 12

THE MONEY MARKET

Bank of England Return RESERVE HIGHER More Gold Acquired London. July 23. The Bank of England return for the week ended July 22 is as follows —

The Bank of England rate of discount is 2 per cent., to which it was reduced from 2J per cent, on June 20. 1932. Discount and short-loan interest rates are: Day-to-day loans. I per cent.; fine trade bills, three months, 2 to 2J per cent.; bank bills, three months, 9-16 per cent.; bank bills, six months, } per cent.; Treasury bills, six months. 9-16 per eent.; Treasury bills, three months, 9-16 per cent. New York, July 22. Call money is quoted at 1 per cent. GOVERNMENT STOCKS London Markets Firm By Telegraph—Press Association. London, July 23. The following table gives Stock Exchange quotations for consols and colonial inscribed stocks, compared with those of July 16 —

Mort’s Dock Dividend Mort’s Dock and Engineering Co., Ltd., has returned to the dividend list this year with a recommendation for payment, according to private advice received in Christchurch, of 3 per cent, for the twelve months ended June 30. The last dividend paid was 2} per cent, in 1934. the previous one having been 2 per cent, in 1932. Transfer books closed on June 28, and the accounts are usually presented early in August. The company, which has large engineering and docking interests in Sydney, made a net profit of £9276 for the year ended June 30, 1935. on a paid-up capital of £650.000, and reserves then stood at £68,048. Every 1 per cent, dividend, requires £6500, and the directors, who have pursued a prudent policy in recent years, decided then, that although prospects for the coming year were bright, it was wiser to carry forward the profit and declare no dividend. Strong competition has been met in dockyard work, hut the general engineering section of business showed a continuous expansion in volume and earnings during the year. Butter Steady; Cheese Firm Bv Telegraph—Press Assn.—Copyright. London. July 23. The butter market is steady. Danish 126/- to 128/- per cwt.; New Zealand, choicest salted and unsalted. 118/-; Australian, 117/-. Tlie cheese market is firm. New Zealand. wh ! te 62/6 per cwt., coloured 61/6; Australian, coloured 59/- to 59/6. but only a little is available. A. S. Paterson and Co.. Ltd., received the following cable from J. and J. Lonsdale and Co. (London). Ltd.: Butter market steady. -New Zealand. 118/-. Australian. 117/-. Danish, market steady. 106/. f.0.b.; 127/- landed. Cheese market firm. New Zealand white. 62/6: coloured, quiet. 61/6. Cabled advice received bv Mr G A. Mills from A. J. Mills and Co.. Ltd., London, gives the following market prices os ruling at the close of businessmen Thursday: Butter market steady. New Zealand finest. 117/- to 118/-; firsts. 116/- to 117/-. Australian choicest. 116/to 117/-: first grade. 115/- to 116/-. Danish (spot). 126/-; f.0.b., 107/-. Siberian. 110/- to 112/-. Baltic States. 110/- to 112/-. Cheese market steady. New Zealand white. 62/- to 62/6: coloured. 61/- to 61/6.

Lamb Market Easier Lambs: The market is rather easier. Wethers: Demand and prices nre both steady. Ewes: There is a better inquiry in the market. Beef: Larger supplies of chilled beef have caused prices to weaken. Pork: The market is quiet and unchanged. Trade generally is quiet. The above ronort was received yesterday bv Henry S. Fitter and Sons. Ltd... from their London office, which quotes Smithfield prices as fellows:—New Zealand lambs, down. 2's. 7}d. to 7 3-Sd.: secondary lambs, down. 7d. to 7 3-Sd.; New Zealand Jambs. 2'.«. G 7-Bd. to 7 1-Sd.: S’s. 6 5-Sd. to 6Jd.: 4’s, 6}d. to 6 3-Sd.; secondary lambs. 6 5-8(1. to 6}d. New Zealand mutton. eTnall. 4 l-Bd. to 5 l-Bd.; large. 34d. to 4 1-Bd. Now Zealand ewes, small, 3?d. to 4}d.: large. 34d. to 3 5-Bd. Now Zealand beef ox hinds (frozen). 3}d. fo 34d.: fores. 24d. to_24d. Dominion chilled hinds. 4d. to 54d.' fores. 21(1. to 3d. South American chilled hinds. sd. to 6}d.: fores, 3d. to 3}d. New Zealand pork. s}d. to 6d. Australian lambs. s}tl. to 7d. Argentine iambs, s}d. to 6j’d.

Issue Department. £ £ Notes issued: Govt, debt 11,000,000 In circuOther Govt. 247.700.000 latlon -143.600,000 securities In bankOther ing dept. 52.200,000 securities 000,000 Silver coin 700,000 *£260,000,000 Gold coin & bullion 235.800,000 £405.800.000 £495,800.000 ♦Amount of fiduciary issue. Backing Department. V £ Capital 14,500.000 Rest 3,000,000 Deposits: Govt, securities Discts., advances 95.800,000 Public 20.000.01K) 6,500,000 Other 19,400,000 Other a/cs 38,500.000 securities Notes and coin 53.100,000 £174.800.000 £ 174,800.000 Proportion of reserve to liabilities. 33.92 per cent., compared last week. with 32.09 per cent. The principal item s of the above return compare as follows with those of last week:— July 15. July 22. Deposits: X? £ Public 20,400,000 20,000,000 Bankers 90,600,000 98.200.000 Other accounts . 40,700,000 38.500,000 £151,700,000 £156,700.000 Securities: Government .... 96.800.000 95.S00.009 Discts., advances 5.900,000 6,500.000 Other securities . 18.400.000 19,400.000 Reserve 48.600.000 53.100.000 Kote circulation. . 443,30 0,000 443.600.000 Gold coin & bullion 231,000,000 235,890.000 Bank and Market Bates.

Consols, 2} p.c Price. Variation. 85 S. fl. 0 0 0 10 (1. Ot Fund. Loan, 4 p.c. ,, 117 10 0 0 10 O| War Loan, 3$ p.c. 106 10 0 same Conv. Loan. 34 p.c. . 107 15 0 0 10 ot Victory Bonds. 4 p.c. . C’wealth, 5. 1945-75 . 116 o o 0 10 ot 110 2 C 0 2 flv C’wealth, 34. 1936-37 . C’wealth, 4, 1943-48 101 13 9 0 3 *)* 105 1 3 0 8 9* C’wealth, 3J, 1948-53 . 103 17 6 0 2 6t C’wealth, 3}, 1955-61 . C’wealth, 3, 19.55-58 . no 16 3 0 1 91 0 0 0 2 «t N.S.W., 3J, 1930-50 . 100 15 0 0 11 3* N.S.W.. 4$. 1935-45 .. 1(H) 11 3 0 .1 !♦ Victoria, 3. 1929-49 .. 98 5 0 0 2 fit Victoria, 45, 1940-60 .. 105 0 0 0 2 6’ Victoria, 5, 1945-75 . 109 13 9 same Q’land, 3, 1922-47 ... 98 10 0 0 2 6* Q’land, 5, 1940-60 .. 108 2 fl 0 1 3’ S.Aufit., 3, 1916 (opt.) 87 10 0 same S.Anst., 5, 1945-75 ... 109 15 0 o 2 6’ W.Aust.. 4, 1942-62 . 102 8 9 0 1 3’ Tasm„ 3}, 1920-40 .. 102 15 0 same Tasm.. 4, 1949-50 .... 102 10 0 0 5 Ot N.Z., 4}, 1948-58 .... 108 15 0 same N.Z., 3J, 1940 102 5 0 0 5 Ot N.Z., 3. 1945 1(H) 12 fl 0 2 6f N.Z.. 6, 1936-51 .... fHigher. 102 13 9 ’Lower. same