THE MONEY MARKET.

New Zealand Herald, Volume LXVI, Issue 20324, 3 August 1929, Page 9

THE MONEY MARKET.

BANK OF ENGLAND RETURN

FURTHER LOSS OF GOLD

RESERVE HEAVILY REDUCED.

Australian Press Association—United Service (Received August 2, 5.5 p.m.) LONDON. Aug. 1. Tho Bank of England return for the week ended August 1 is as follows: ISSUE DEPARTMENT.

Tho principal itoms of the abovo return compare as follow with those for last week, tho proportion of tho reserve to liabilities being shown in tho last line:— July 26. August 1. DepositsGovernment .. £11.084,787 £11,078,091 Bankors •• 61,000,441 60.277.49J Other accounts .. 81!,468,919 87,687,08(5 £109,178,147 J; 109,042,679 SecuritiesGovernment .. 50,781.855 62,256,b55 Advances, etc. .. 9,420,937 9,951,195 Other .. .. 23,672,822 24,151,272 Reserve .. .. 43,368.013 30,792,119 Note circulation .. 807,332,116 371,817,795 Coin and bullion . 150,700,158 142,610,214 Proportion .. .. 39.72 28.24 SHORT LOANS AND BILLS. Short loans, 4-j per cent., same as last week; three months' bills, 515-32 per cent., compared with 5 7-16 per cent, last week. CONSOLS AND COLONIAL STOCKS. Tho following table gives quotations for consols and colonial inscribed stocks, compared with those of July 25:

LONDON MARKETS.

QUOTATIONS FOR METALS.

Australian Press Association—United Service (Received August 2, 6.55 p.m.) LONDON. Aug. 1. (Quotations on July 29 in parentheses.) Copper.—Spot, £75 6s 3d (£72 18s 9d); three months, £73 16s (£72 14s 4Jd). Electrolytic Copper.—Spot, £B4 5s (£B4 ss); three months, £B4 15s (£B4 15s). Wire Bars.—Spot, £B4 15s (£B4 15s). Lead.—Spot, £23 3s 9d (£23); three months, £23 2s 6d (£23 Is 3d). Spelter.—Spot, £25 Is 3d (£25 ss); three months, £25 6s 3d (£25 7s 6d). Silver.—Standard, 24 5-16 d (24|d) per oz; fine, (26gd). WHEAT, FLOUR AND PULSE. Wheat cargoes are steadier. Parcels arc irregular and 3d to 6d dearer. FuturesLondon: August, 5Ss 2id per quarter; October and November, 58s 4i,d. Liverpool: October, 10s per cental; December, 10s 103 d ; March, lis 2d. Spot trade quiet. Australian ex ship, 54s 6d. Flour. —Steady. Australian ex store, 38s to 38s 6d. Oats.—Tending to easier. Peas and Beans. —Quiet. Beet Sugar.—September, 8s 3gd. BRADFORD TOPS. The Bradford tops market is very quiet. Crossbreds are tending to easier. Quotations are: Sixty-fours, 39jd ; sixties, 36d; fifty-sixes, 29^d; fifties, 25d; forty-sixes, 21id; forties, 20cL CANTERBURY MARKETS. WHEAT PRICE RAISED. [BY TELEGRAPH. —PRESS ASSOCIATION.] CHRISTCHURCH. Friday. The potato market has not altered since the mid-week. The Waipiata's heavy shipment yesterday was responsible for a subsequent lack of inquiry. Prompts were sold yesterday in an odd case or two at, £7 15s, and this morning at £7 17s 6d. August-September deliveries were ranging at £7 17s 6d and £B, but this afternoon there was some revival of inquiry from the North, and business was being clone at the higher figure. Prices to farmers range at £6 12s 6d to £6 15s. The Waipiata took 6600 sacks from Timaru and 3905 (including some seed) from Lyttelton. This full cargo was something of a surprise to a section of traders, who anticipated that the impending deliveries, on account of the wet weather, and also the general scarcity, would result in short arrivals for the boat. However, , it' is understood that all potatoes called for came to hand. The Kurow is booked to leave at the middle of next week. Behyeen 800 and 900 sacks are being shipped to Sydney early in the week by the Karetu, these being for ships' stores.

Tho wheat pool price has been advanced in accordance with the monthly incroaso consequent on storago costs, and Tuscan is now quoted by the pool at 6s 4d f.o.b. There is very little non-pool wheat about, but at tho moment there is little inquiry. Pool wheat was sold before tho end of last month at 6s 3d f.0.b., sacks extra. Tho nominal price of free wheat to farmers on trucks is 5s 9d a bushel. The market is firm, tho hardenings abroad having an indirect influence in this respect. Fowl wheat has firmed during the week, being quoted at 5s Bjd to 5s 9d f.o.b. for prompt. Oats are also a shade better, although little business is being dono. A grade Cartons are worth 3s 5d f.0.b., s.i., and B grade 3s 3d to 3s sd. Chaff romains unalterod at £6 2s 6d f.0.b., s.i., or to £4 5s on trucks.

PROPERTY SALES. Three houses, one in Hinemoa Road, Birkenhead, another in Dryden Street, Grey Lynn, and tlio third in Metlmen Rood, Avondnlo, otTored at auction yesterday by Samuel Vailo and Sons, Limited, were bought in by tho mortgagees for .£1406, it>so and .£620 respectively.

Notes issued In circulation £371,817,705 In banking dept. 20,557,812 Govt, debt £11,015,100 Other Govt. sees. . 235,213.833 Othor securities 8,031,291 Silver coin 4,839,776 Amt. of fiduciary issue £260.000.000 Gold coin . & bullion 141,375,637 X40l.37S.G37 BANKING Capital . .£1.1,568,000! Hest . 3,551,0-U Public deposits 11,078,034 Other deposits : Bankers— XT,0.277,40!) Other accounts, £37,(187,080 97,364,535 Seven day nnd other bills . 2,063 £-101,375,037 ! DEPT. 1 Govt, securities X62.25G.S55 Other .securities: Discounts and advances— £0,951,105 Securities, £21.151,272 84,102.467 Notes 20,557,812 Gold and silver coin 1,234,G07 X127.15l,771 £127,151,771

Price. Variation. X s. d. b. d. Consols, 2} per cent. .. 53 15 0 11 3' Funding Loan, 4, 1900-90 85 0 0 18 9* War Loon. 5, 1929-17 100 7 6 8 9* Conversion Loan, 3J 74 2 6 21 3* Victory Bonds, 4 90 15 0 10 0* Com'wealth, 5i, 1922-27 . 95 0 0 7 6* Com'woaltli. 6, 1031 -41 . 99 7 G 42 G* Victorian, 3, 1029-19 70 0 0 Same. Victorian, 31. 1929-49 .. 75 15 0 12 G* Victorian, 5J, 1930-10 99 5 0 13 9* Victorian, 5, 1932-42 95 7 6 20 0* Victorian, 41, 1910-GO 91 2 G 2 6* N.S.W., 4, 1933 .. 93 0 0 7 6* N.S.W., 3, 1935 71 7 0 12 G* N.S.AV., 3{. 1930-50 85 J7 0 2 6* N.S.W., HJ. 1922-32 99 15 0 Same. N.S.W., lil, 1930-40 99 17 0 Same. N.S.W., 6. 1930-40 99 15 0 5 0* Queensland, 31, 1930 97 10 0 Same. Queensland 3, 1922-47 70 0 0 30 0* Queensland, (>, 1930-10 .. 99 10 0 7 6* New Zealand, 4, 1929 .. 99 17 fj t 3* Now Zealand, 31, 1910 .. EG 0 (1 10 0' New Zealand, 3. 1945 77 11 3 1 3* New Zealand, 6, 103G-51 . 103 2 G 12 6* S. Australia, 3}, 1939 83 15 0 Same. S. Australia. 3. 1916 or after 68 0 0 2 G* B. Australia, 61. 1930-40 . 99 17 G 2 6* Tasmania, 31. 1920-40 83 5 0 Same. Tasmania, 3. 1990-10 79 0 0 15 0* Tasmania, CJ r 1S30-40 99 10 0 12 6* \V. Austrulia. 31, 1929-35 88 10 0 Same. W Australia, 3. 1915-35 8G 0 0 12 G* W. Australia, 6, 1930-40 99 10 0 10 0* 4Higher. "Lower.