THE MONEY MARKET

Dominion, Volume 31, Issue 136, 5 March 1938, Page 14

THE MONEY MARKET

. Bank Of England Returns BANKERS DEPOSITS HIGH London, March 3. The Bank of England return for the week ended March 2 is as follows:— Issue Department.

Bank and Market Rates. Rondon, Marell 2. The Bank of England rate of discount is 2 per cent., to which it was reduced from 2J 'per cent, on June 30, 1932. Discount and short-loan interest rates axe quoted as follows:—Day-to-day loans 1 per cent.; fine trade bills, three months, 2 to 2J per cent.; bank bills, three months, 9-16 per cent.; six months, 9-16 per cent.; Treasury bills, two months, -J per cent.; three months. 4 per cent. New York, March 2. Call money is quoted unchanged at 1 per cent.

Notes issued: £ £ In circu- Govt, debt 11,000,000 lation 478,300,000 Other Govt. In bank- securities 1SS,600.000 ing dept. 4S,iOO,OGOOtlier socurities 400,000 * £ 200,000,000 Gold coin & bullion 320,400,000 £526,400,00(1 £ 526,400,000 •Amount of fiduciary issue. Banking Department. £ Capital 14,500,000 Govt, seRest 3,700,000 curities 104,400,000 Deposits: Discts., Public 11,400,000 advances 7.000,000 Bankers 115,700,000 Other scOther curities 21,000,000 a/cs. 30,000,000 Notes & coin 48,900,000 £181,300,000 £181,300,000 Proportion of reserve to liabilities, 29.92 per cent., compared with 33.35 per cent. Past week. The principal items «£ the above return compare as follows with those of the previous week: — Feb. 23. Mar, 2 Deposits: £ £ Public 16,700,000 11,400,000 Bankers 105,60ti000 115,700j000 Other accounts 35,600,000 36,000,000 £157,900.000 £163,100,000 Securities: Government .... 97.400,000 104,400,000 Discts., advances 6,500,000 7,000,000 Other securities 19,500,000 21,000,000 Reserve 52,700,000 48,900,000 Note circulation . ' 474i500i000 478,300,000 Gold coin & bullion 326,400,000 326.400,000