THE MONEY MARKET

Dominion, Volume 32, Issue 66, 10 December 1938, Page 14

THE MONEY MARKET

Bank Of England Return RESERVE STRENGTHENED Fiduciary Issue Higher By Telegraph.—Press Assn. —Copyright. LONDON, December 8. The Bank of England return for the week ended December 7 is as follows: ■ Issue Department.

Bank and Market Hates. LONDON, December 8. 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 shoi*t-luau interest rates are quoted as follows: —Day-to-day loans, i per cent.: tine trade bills, three months, 2J to 3 per cent.: bank bills, three months. 7-8 per cent.; six months, 7-8 per cent.; Treasury bills, two months, 7-8 per cent.; three months, 7-8 per cent. NEW YORK. December 8. Call money is quoted unchanged at 1 per cent. FOREIGN EXCHANGES Position Of Sterling (British Official Wireless.) LONDON, December 8. The following mean closing rates on foreign exchanges were current today compared with those ruling on December 7:—

( LONDON, December 8. Gold.—£7/8/11 an ounce, fine. ' Silver.—Spot, 20 3-16 d. an ounce; forward, 19 9-l Gd. New Zealand Dollar Exchanges <l J'lie Associated Banks (other than the Bank of New South Wales) quoted the tollowing dollar rates yesterday on a New Zealand currency basis. They are subject to alteration without notice. U.S.A. Canadian dollars. dollars. Selling- (Per SN.Z.I. (iv-r CN.Z.I. T T 3.71 ft 4.4 4 5 3.71$ 5.74 J UUy o.b7 3.76? 3.80* GOVERNMENT STOCKS Movements In Prices By Telegraph.—Press Assn. —Copyright. LONDON. November 21. LONDON, December 8. 'the following table gives tlie >nean Stock Exchange quotations for consuls and colonial inscribed stocks compared with

f Higher. ‘Lower. SHEEPSKINS AND HIDES Wellington Prices Easier Prices of sheepskins and hides were easier at the sale held yesterday by the Wellington brokers. Sheepskins: The easing m prices at the recent, northern sales was refleeted here and prices generally were from id. to Id. a lb. lower. Hides: This market is still m a rather uncertain state and interest in yesterday's sale was not so keen, and values for all grades were lower by about id. to id. a 11)., except heavy calf, which sold at improved rates. Tallow: 'There was no quotable change in prices. 'The following is the range ot prices:--Sheepskins: Halfbred, 6d. to i Jd.; tine crossbred, 6d, to 7Ad.; medium crossbred, sd. to 7jd.; coarse crossbred, sd. to 7 5 d.; half-wools, sd. to 7.14.; quarter-wools. Id. to 6d.; pelts, lj|d. to 31<i. Hides: Ox, 33/44Jb., dpi. to lid.; 45/521b., sd. to 5 7-Bd.: 53/5911).. 4 3-Bd. to 6 5-8(1.; GO/691b., 4Jd. to 6 5-Bd.; 701 b. and over, 4 5-Bd. to 6Jd.; cow, 33/391b„ 4(1. to 4 7-8(1.; 40/481b.,’ 3d. to 4 7-Bd.; 491 b. and over, 3 5-Bd. U> 4 7-Bd.: kip, 25/3211)., 4d. to 5 3-Sd.; .17/24 lb., 2d. to 6 5-Bd.; yearling, 11/1611)., 4 l-Bd. to 7 3-Bd.; calf, 9/101b., 6 3-8(1. to ,91d.; 6/81b., 7,|d. to 10|d.; l/51b., BJd. to ] °Tallow: In casks, etc., a cwt., 10/3 to 15/-; in tins, 6/- to 9/-. Sundries: Cow tails, a doz., Bd.; horse hair, a 1 lb., sd. to 17d.

Notes issued: In circulation 487,800,000 In bank- . ing dept. 08,600,000 Govt, debt 11.000,000 Other Govt. securities 218,200,000 Ot her seen-. rlties 600.900 Silver coin 200.000 *£230,000,000 Gold coin & bullion 326,400,000 £556,400.000 £556,400,000 ♦Amount of fiduciary issue. Banking' Department. Capital 14,51X1,600 Rest 3.300,000 Deposits: Public 18,600.000 Bankers 102,900,000 Other a/cs 36,000,000 Govt, securities 66,100,000 Discts.. advances 17,900,000 Other securities 21,500,000 Notes and coin 09,800.000 £ 175,300.000 £175,300,000 Proportion of reserve to liabilities 44.35 per cent., compared with 29.76 per cent, last week. The principal items ot the above return compare as follows with those of last week: — , „ „ _ Nov. 30. Dec. 7. Deposits • £ PuhliA * 23.100.000 18,600.000 Bankers Ollier accounts .. 97,100,000 llr2,900.000 37,203,000 36,000,060 £157,400,000 £157,500,000 Government 00,200,000 60.100.000 Discts., advances • 17.600,000 17,000,000 Other securities .. 20.600,000 21.500,000 Reserve 46.800,000 69,800,000 Note circulation . 480.800,000 487,800,000 Gold coin & bullion 326,400,000 326,400,000

Par. Doc. 7. Dee. S. N. York, dol. to £ 4.866 4.684 4.671 Montreal, dol. to £ 4.S6G 4.724 4.72J Paris, fr. to £ 124.21 177 17-32 177 17-32 Brussels, be!, to £ 48.611 27.83 27.764 Geneva, fr. to £ 20.694 20.6-14 Ainst’dam, 11. to £ 12.107 8.61 i 8.591 Berlin, inks, to £ 23.43 11.69 11.64 C'hagen, knr. to £ 18.159 22.40 22.40 St’holm, knr. to £ 211.43 19.41 19.41 Oslo, knr. to £ IS.I.'I) 19.90 19.90 Hels'ki, niks. to £ 193.23 226.75 226.75 Prague, knr. to £ 134.2.",, 137 136.50 Madrid, pea. to £ — — Lisbon, esc. to £ ioo'”' 110.125 110.12" Milan, lire to £ 92 89 1-1G 89 1-16 Athens, drac. to £ 373 547.50 547.50 Bucharest, lei to £ 813,1)0 655 660 Belgrade, din. to £ 270.31 209 210 Rio de J., p. to mil. 4.99 3 .1-16 •> 1-10 B. Aires, p. to pesa 47.62 20.61 20.61 M. Video, p. to peso 51 IS} 184 Calcutta, p. to rup. 18 17 59-04 17 59-61 Shanghai, p. to dol. 18 8} S} H. Kong, p. to dol. —— 15 Y’ltama, p. to yen 24.582 14 14 Batavia, fl. to £ 12.107 8.60 8.5G|

those of December 1: Brice. Variation £ s. d. .4? s. <1. C'onsols, 24 p.e 70 11 0 13 9* Fund. Loan. 4, 1960-90 IOS 7 6* War Loan, 33, 1052 .. OS 13 9 0 8 Conv. Loan, 31, 1961 ■■ Victory Bonds. -1 p.c. . 99 107 G 6 3 0 0 10 10 0* 0* C’wealth, 5, 1945-75 .. 102 13 9 0 10 0* 0* C’wealth, 1, 1943-48 .. 99 (> 0 .15 C’wealth, 3j. 1918-53 . 95 11 3 0 18 9* C’wealth. 34, 1956-61 .. 85 15 0 1 3 * C’wealth, 3, 1955-58 •.. R* 1 0 IS 9* N.S.W., 31, 1930-50 .. 92 15 0 0 8 Victoria, 3. 1929-49 ... Victoria. 41, 19-10-60 .. 90 18 9 0 8 9* 99 17 6 0 Victoria, 5, 1945-75 .. 102 12 0 12 !;* ((’land, 3, 1922-47 .... 91 .17 6 1 12 Q’land, 5. 1940-60 .... 101 15 0 0 S. Aust., 3, 1P16 (opt.) > i 0 6* 8 Aust., -5. 1945-75 .. 102 10 0 0 17 W. Aust., 4. 1942-62 .. 97 17 6 same Tamil., 31, 1920-10 ... .100 6 V - Tasm., 4, 1940-50 .... OS 12 12 0 0 <!• 3i 9* N.Z. 41, 1948-58 N.Z.. 34. 1910 N.Z., 3,'1945 92 98 86 6 6 0 1 18