THE MONEY MARKET

Dominion, Volume 30, Issue 172, 17 April 1937, Page 12

THE MONEY MARKET

Bank of England Return NOTE CIRCULATION FALLS By Telegraph.—Press Assn.—Copyright. London, April 15. The Bank of England return for the week ended April 14, is as follows:— Issne Department. £ £ Notes issued: Govt, debt 11,000,000 In circula- Other Govt. lion .. 465,700,000 securities 180.900.000 In banking Other secudept. .. 48,000.000 rities 3,100,000 ‘£200,000,000 Gold coin & bullion 313,700.000 £513,700,000 4(513,700,000 ‘Amount of fiduciary issue. Banking Department.

Bank and Market Rates. The Bank of England rate of discount is 2 per cent., to which it was reduced from 24 per cent, on June 30, 1932. Discount and short-loan interest rates are unchanged as follows:—Day-to-day loans, i per cent.; fine trade bills, three months, 2 to 2} per cent.; bank bills, three months, 9-16 per cent.; Treasury bills, six months, 5-8 per cent.; Treasury bills, three months, 4 to 9-16 per cent. New York, April 15. Call money is quoted at 1 per cent. FOREIGN EXCHANGES Position of Sterling By Telegraph.—Press Assn.—Copyright, London, April 15. The following mean closing rates on foreign exchanges were current to-day compared with those ruling on April 13:— Par. Apr. 14. Apr. 15. N. York, dol. to £ 4.8664.9011416 4.90} Montreal, dol. to £ 4.8(10 4.90} 4.90 s Paris, fr. to £ 124.21 109(13-641101-64 Brussels, bel. to £ 45.611 29.125 29.125 Geneva, fr. to £ 25.225. .21.525 21.51} Amst’dam, fl. to £ 12.107 8.96} 8.968 Berlin, inks, to .£ 20.43 12.205 12.21 St’holm, knr. to £ 18.159 19.395 19.395 C’hagen, knr. to £ 18.159 22.40 22.40 Oslo, knr. to £ 18.159 19.90 19.90 Vienna, schgs. to £ 34.585 20.50 20.50 Prague, knr. to £ 104.25 140.875 140.875 HelTors, mks. to £ 193.23 220.50 220.50 Madrid, pes. to £ 25.225 — — Lisbon, esc. to £ 100 11.0 3-10110 3-16 Milan, lire to £ 92 93.25 93.25 Athens, drac. to £ 375 ‘5474 ‘547} Bucharest, lei to £ 813.00 ‘O7O ‘670 Belgrade, din. to £ 270.31 213 213 Rio de J., p. to mil 5.899 fl} fl} B. Aires, p. to peso 47.62 — — M. Video, p. to peso 51 f39J f39J Calcutta, p. to rap. IS 18} .18} Shanghai, p. to dol. — 144 144 H.-Kong, p. to dol. — 14 15-1014 15-16 Y’hama, p. to yen. 24.552 14 14 Batavia, fl. to £ 12.107 8.925 8.925 ‘Unofficial. fOffleial. London, April 15. Gold.—£7/1/6 per ounce, fine. Silver.—Spot, 20 13-l Gd. an ounce; forward, 26 13-16(1. On New Zealand Currency Basis The Bank of New South Wales, Welllugton, quoted the following rates for their purchases and sales of foreign exchange yesterday:—

The Associated Ranks (other than the Rank of Now South Wales) quoted the following dollar rates yesterday, on a New Zealand currency basis. They are subject to alteration without notice. U.S.A. Dol. Canadian Dol. Selling (Per £1 N.Z.) (Per £1 N.Z.) T.T. 3.93}, 3.93} O.D. 3.94 3.93} Buying O.D. 3.98 5-16 3.9713-16 Butter and Cheese Firm By Telegraph.—Press Assn.—Copyright. London, April 15. Tlir butter market is firm and supplies are short. Danish, 113/- a cwt.; choicest salted Australian, 105/- to 106/-; New Zealand, 106/-; unsalted Australian and New Zealand. 108/-. The cheese market is firm. New Zealand, white and coloured, 68/6; Australian, 67/-. AUCTION DIARY TO-DAY. Wanganui Autumn Horse Pair, 11 a.m.— Saloyards of Freeman R. Jackson Co., Ltd. On the Premises, Wi Taka, Trentham, 10.30 a.m.—Contents well Furnished Residence, account T. E. Lowe (Dunbar Sloane). MONDAY. At Newton King, Ltd.’s Tokirima Saleyard, 12 noon.—Special Sale of Wellbred Station Cattle and High-grade Jersey Heifers, account Maraekowhai Developing Co., Ltd.' (Newton King, Ltd., and Abraham and Williams. Ltd.). Johnsonville Store and Dairy Stock Sale. 12.30 p.m.—loo Head Cattle and 1000 Mixed Sheep (Wright. Stephenson and <’o., Ltd.). 8 Willeston Street, 1 p.m.—High-class Furniture (Johnston and Co.).

£ £ Capital .. 14,500,1X10 Govt, secuRest 3.100,000 ntics .... 97,009,000 Deposits: Discts., ad Public .. 22.400.000 vancws .. 6,990,01X1 Bankers 90,900.000 Other secuOther a/cs 38.000,000 rities .... 22,100,000 Notes and , coin .... 48,900,000 £174,900,000 £174,900,000 Proportion of reserve to liabilities, 31.09 per cent., compared with 28.88 per cent. last week. The principal items of the above return compare as follows with those of last week April i. April 14. Deposits:— £ £ Public 24.u00.000 22,400,090 Bankers 94,900,000 96,900,000 Other accounts . 38,400,000 38,000,000 £157,800,000 £157,300,000 Securities Government .... 101.100,000 97.000,000 Discts., advances 7,400,000 6,900,000 Other securities .. 22,300,000 22,100,000 Reserve 44,600,000 48,900,000 Note circulation .. 470,000,000 465,700,000 Gold coin & bullion 313,700,000 313,700,000

New Zealand Buying. Selling. on London T.T. 124 124/10/£N.Z. to £Stg. 100 O.D. 123/10/ 124/8/9 Australia T.T. — — £A to £N.Z. 100 O.D. 101 100/10/Fiji T.T. —— — £F to £N.Z. 100 O.D. 90/7/6 89 New York T.T. 3.9708 3.9341 I'l-ls. to £N.Z. O.ll. 3.9833 3.9391 Montreal T.T. 3.9662 3.9313 Dois, to £N.Z. O.D. 3.9787 3.9363 Austria T.T. — 20.03 Seligs, to £N.Z. O.D. — 20.65 Belgium T.T. — 23.261 Bel. to £N.Z. .. O.D. —— 23.272 Czechoslovakia T.T. — 112.26 Crs. to £N.Z. .. O.D. — iW.31 Denmark ’T.T. 18.203 17.893 Kr. to £ N.Z. .. O.D. 18.263 17.903 France T.T. — 88.16 Frs. to £N.Z. .. O.D. — 88.20 Germany T.T. — 9.735 Mks. to £N.Z. . O.D. — 9.741) Holland T.T. 7.304 7,15-1 FIs. to £N.Z. .. O.D. 7.304 7.158 Italy T.T. O.D. — 74.75 Lire to £N.Z. .. — 74.80 Java T.T. 7.273 7.113 FIs. to £N.Z. .. O.D. 7.333 7.117 Norway T.T. 16.182 15.892 Kr. to £ y.Z. .. O.D. 19.242 15.902 Sweden T.T. 1.1.787 15.492 Kr. to £N.Z. .. O.D. 1.1.847 15.502 Switzerland T.T. 17.464 17.194 Frs. to £N.Z. .. o.D. 17.509 17.199 Noumea T.T. —- 86.79 Frs. to £N.Z. .. O.D. — 86.85 Papeete T.T. — 86.94 Frs. to £N.Z. .. O.D. — 87.00 Hong-Kong .... T.T. 1819-04 18 51-04 N.Z. d. to Doi. . O.D. 18 17-64 18 25-32 India and Ceylon T.T. 22 J 22 21-32 N.Z. d. to Rup. O.D. 22 11-32 22 41-64 Japan T.T. — 17 31-04 N.Z d. to Yen . O.D. — 17 15-32 Shanghai T.T. 17 53-04 18 21-64 N.Z. d. to Fol. . O.D. 17 51-04 18 5-16 Singapore T.T. 34 23-32 35 13-61 N.Z. d. to Doi. . O.D. 34 8 35 3-16 Chefoo T.T. 17 53-64 18 29-64 N.Z. d. to Doi. O.D. 17 25-32 IS 7-16