THE MONEY MARKET

Dominion, Volume 31, Issue 242, 9 July 1938, Page 14

THE MONEY MARKET

Bank Of England Return INCREASE IN ADVANCES By Telegraph—Press Assn.—Copyright. London, July 7The Bank of England return for the week ended July 6 is as follows: — Issue Department. Notes Issued: £ £ In circu- Govt, debt 11,000,000 lution 4.88,200,000 Other Govt. In bank- securities 189,000,000 ingdept. 38,200,000 Other securities ♦£200,000,000 Geld coin , & bullion 326,400,000 £526,400,000 ♦Amount of fiduciary issue. Banking Department. Capital 14,500,000 Govi. scRest 3,400,000 eurities 111,900,000 Deposits: Discts., Public 12,(100,000 advances 10.700,000 Bankers 115,700,000 Other souther purities 20,-100,000 :i es. 30.000,000 Notes and coin 39,200,000 £ 182,200,000 & 182,200,000 Proportion of reserve to liabilities, 23.85 per cent., compared with 24.49 per cent, last week. The principal items of the above return compare as follows with those of last week: “ June 29. July 6. D Public • • 10,500,000 12,600,000 Bankers ‘.A.... 125,500,000 115,700,000 Other accounts . 36,100,000 36,000,000 £172.100,009 £164,300,000 ... 119.500, (KK) 111,900,000 Discts., advances 7,300,000 10,700,000 Other securities 21,100,000 20,400,000 Reserve 42 J 00.000 39.200,000 Note circulation .. 485,200,000 488,200,000 Gold coin & bullion 326,400,000 320.400,000 Rank and Market Rates. London, July 6. The Bank of England rate of discount Is 2 per cent., to which it was reduced from 21 per cent, on June 30, 1932. 'Discount and short-loan interest rates are quoted as follows: —Day-to-day loans, 1 per cent ; fitie trade bills, three months, 2 to 2i per cent.; bank bills, three months, 9-1(1 per cent.; six months, 5-8 per cent.; Treasury Bills, two months, J per cent.; three months, i per cent. New York, July 6. Call money is quoted unchanged at 1 per cent.

FOREIGN EXCHANGES

Position Of Sterling

By Telegraph.—Press. Assn.—copyright-

London, July 7.

The following mean closing rates on foreign exchanges were current to-day compared with those ruling on July 0:—

London, July 7. Gold. —£7/l/lf an ounce, fine. Silver.—Spot, 19 3-16 d. an ounce; forward 19d.

On New Zealand Currency Basis

The Bank of New South Wales, Wellington, quoted the following rates for their purchases and sales of foreign exchange

The Associated Banks (other than tiie Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis. They are subject lo alteration without notice. U.S.A. Doi. Canadian, Doi. Selling— (Per RN.Z.I (Per £N.Z.) T T. 3.05 9-16 3.98 g O.D. 3.96 3.09 '’“’o.D? 3.993 COMMERCIAL BANK OF AUST. Increase In Final Dividend Mr. A. M. Broderick, manager of the Commercial Bank of Australia, Ltd., has received a cable message from the head office in Melbourne announcing that at a general meeting of shareholders on August 18 the; directors will recommend, a dividend for six months at the rate of 4 per cent, per annum on preference shares and at 7} per cent, per annum on ordinary shares, payable in Australian currency. Transfer books will close on August 3.

An interim dividend of 4d. a share, equivalent to 6 2-3 per cent, per annum, on the ordinary shares was paid ou February 11. The final dividend now recommended is 4Jd. a share, or at the rate of 74 pep cent, per annum, making the total distribution for the year ended June 30, 1938. BJd. a f»hare, equivalent to 7 1-12 per cent., as against Bd. a share, or 6 2-3 per cent, for the previous year. Sales of the 10/- paid ordinary shares of the Commercial Bank of Australia were made yesterday in Auckland at 16/8, at which price the yield to the buyer on the increased rate of dividend, is 4i per cent.

Par. July 0. July". N. York, do). to £ 4.800 4.94 5-10 4.935 Montreal, dol. to £ 4.800 4.9.8 4.97} Paris,’ £r. to £ 124.21 177 49-0-1177 55-04 Brussels, bel. to £ 48.011 29.18 29.13} Geneva, fr. to £ Amst’dam, fl. to £ 21.02 21.00 12.107 8.90} 8.95} ierlin, inks, to £ 2:i.4:i 12.29} .12.28 St'liolm, knr. to £ 23.43 19.395 19.395 C'hagen, knr. to £ Oslo, knr. to £ 18.159 22.40 22.40 18.159 19.90 ’ 19.90 Hel’fors, inks, to £ 193.23 220.75 220.75 Prague, knr. to £ 134.25 142.375 142.375 Madrid, pes. to £ 25.225 —- —- Lisbon, esc. to £ 100 .110 3-10 110 3-1(5 Milan, lire to £ 9> 93 15-10 93.875 Athens, drac. to £ 375 5-17.50 547.50 Bucharest, lol to £ 813.CO 072.50 072.50 Belgrade, din. to £ 270.31 217 217 Rio de J., p. to mil 4.99 •(2 13-10 1213-10 B. Aires, p. to pesa 47.02 18.995 19.005 M. Video, p. to peso 51 }20} }20} Calcutta, p. to rup. 18 17 29-32 17 29-32 Shanghai, p. to dol. 18 ■ 8} 8 1 H. Kong, p. to dol. — 15 15 Y'hama, p. to yen 24.582 14 14 Batavia, fl. to £ 12.107 8.94 8.945 t Market Hate. t Sellers Official..

yesterday:— New Zealand Buying Selling. on 124/10/. London T.T. 124 £N.Z. to £stg« 100 O.D. 123/10/124/8/9 Australia T.T. 101 100/10/£Ato £N.Z. 100 O.D. 101 100/10/Fiji T.T. 90/7/0 80 £F to £N.Z. 100 O.D. 90/7/0 80 Nev.’ York T.T. 3.9898 3.9554 Doi. to £N.Z. . O.D. 3.9998 3.9594 Montreal T.T. 4.0188 3.9803 Doi. to £N.Z. . O.D. 4.0308 3.9903 Belgium T.T. 23.613 23.303 Bel. to £N.Z. . O.D. 23.688 23.314 Czechoslovakia .. T.T. — 113.40 Krs. to £N.Z. . O.D. —• 113.51 Denmark T.T. 18.203 17.893 Knr. to £N.Z. O.D. 18.203 17.899 Finland T.T. 185.44 .179.64 Mks. to £N.Z. . O.D. 185.84 179.74 France T.T. 144.40 141.90 Frs. to £N.Z. . O.D. 145.40 141.94 Germany T.T. — 9.793 Mks. to £N.Z. . O.D. ——- 9.798 Greece Diac, to £&.Z. . T.T. — 429.54 O.D. — 429.84 Holland T.T. 7.298 7.148 FIs. to £N.Z. . O.D. 7.338 7.152 Italy T.T. — 75.25 Lire to £N.Z. . O.D. •— 75.30 Java FIs. to £N.Z. . T.T. 7.279 7.129 O.D. 7.319 7.133 Norway T.T. 16.182 15.892 Krs. to £N.Z. O.D 10.242 15.898 Noumea T.T. 146.90 140.15 ■ Frs. to £N.Z. . O.D. 147.40 140.19 Papeete T.T. 146.30 140.30 Frs. to £N.Z. . O.D. 147.30 140.34 Sweden T.T. 15.78.5 15.490 Krn. to £N.Z. . O.D. 15.S45 15.496 Switzerland T.T. 17.533 17.263 Frs. to £N.Z. . O.D. 17.038 17.26-8 Chefoo T.T. 12} N.Z. d.,to Doi. O.D — 1215-64 Hong Kong T.T. 18 13-32 18 25-32 N.Z. d. to Doi. . O.D. 1R3 18 25-32 India and Ceylon T.T. 22 7-64 22 2.)-64 N.Z. d. to Bup. O.D. 22 ’5-64 22 25-64 Japan N.Z. d. to Yen O.D 17 33 64 Manila T.T. 2911-16 30 3-16 N.Z. d. to Peso . O.D. 29 19-32 30 3-16 Shanghai T.T. — 11 25-32 N.Z. d. to Doi. . O.D. —• Singapore N.Z. d. to Fol. . T.T. O.D. • 34 17-32 34 17-32 35 1-64 35 1-64