THE MONEY MARKET.

New Zealand Herald, Volume LXVI, Issue 20366, 21 September 1929, Page 7

THE MONEY MARKET.

BANK OF ENGLAND RETURN.

GOLp STILL SHRINKING.

NO CHANGE IN INTEREST RATES. Australian Press Association—United Service LONDON, Sept, 19. Tho Bank of England return for the week ended September 19 is as follows: ISSUE DEPARTMENT.

SHORT LOANS AND BILLS. The Bank of England ra?o of discount is 5j per cent., to which it was raised from 4£ per cent, on February 7, 1929. Short loans are unchanged at per cent. The market rate of discount for best three months' bills is 5 15-32 per cent., which is the same as last week. FOREIGN EXCHANGES. (Received September 20, 5.5 p.m.) British WireleßS. RUGBY, Sept. 19. The following rates on foreign exchanges. are cui'rent to-day, compared with the cabled quotations on September

CONSOLS AND COLONIAL STOCKS. Tho following table gives quotations for consols and colonial inscribed stocks, compared with those of September 12:—

NEW YORK CALL MONEY. Australian and N.Z. Tress Association

NEW YORK, Sept. 19. Call money for renewal closed at 7 per cent, to-day.

CHEAP EGGS AT DUNEDIN.

LOWEST PRICE FOR SOME YEARS

[BY TELEGRAPH. —OWN CORRESPONDENT.]

DUNEDIN, Friday

The egg market in Dunedin has collapsed within tho past few days, and it is many years sinco prices were so low at this timo of year. Crated eggs can bo freely purchased wholesale at Is Id a dozen, and case eggs at Is. The market continues to bo very weak. As poultrykeepers liavo to pay up to 6s a bushel for wheat their immediate outlook is not very encouraging.

PRODUCE AT DUNEDIN.

WHEAT QUOTATIONS UNCHANGED

[BY TELEGRAM. —OWN CORRESPONDENT, DUNEDIN. Friday.

The current quotations for wheat remain unchanged. Thoy are: 5s 9d for Tuscan, sacks extra, on trucks country sidings; 6s for Hunters; and 6s 6d for velvet.- So far as the Otago district is concerned there is practically no free wheat now available and only odd lines of pool wheat. Supplies of fowl wheat aro getting into short compass and tho market shows an improv'oment. Up to 6s a bushel, ex store, can now bo obtained for the best quality. Tho shipping quotations in Canterbury are still about 5s lid to 5s llAd, f.0.b., sacks extra. Local salos are on a hnnd-to-mouth basis.

Tho oats markot appears to have settlod down, but thore is not tho same number of inquiries going through. Present values aro 3s lOd, f.0.b., s.i., for A's and 3s 7d for B's. These prices aro equivalent to 3s 2d, sacks extra, on trucks country sidings, and 2s lid respectively. It is apparent that there is still a fair quantity of potatoes availablo. Supplies of chaff aro more plentiful, and, with the limited demand, sales aro difficult to effect. Best quality is worth £6 a ton, sacks extra, ex truck. Consignments aro arriving from Central Otago, Southland and Canterbury. With tho approach of their busy season it is anticipated that farmers will not dovoto much time to chaffing, and that arrivals will ease off, resulting in a better tono in tho market. Apart from tho retail business, the volume of which is increasing, there is not much doing in seeds. Ryegrass remains firm and shipments aro being made to Australia and .the North Island at 7s, f.0.b., sacks extra, for 28-29 seed. Cocksfoot is also firm at recent quotations.

Notes issued:— In circulation £3G1,855,509 In banking dept. 83,725,843 Govt. debt. £11,015,100 Other Govt. securities 235,518,576 Other securities .. 8,624,960 Silver coin 4,846,364 £260,000,000 Gold coin & bullion 135,581,352 £305,581,3521 £305,581,352 BANKING DEPARTMENT. Capital . £14.553,000 Govt, secuRest .. 3,742,531 ritiea .. £73,781,855 Deposits— Advances, Public .. 18,589,018 £3.208,904 Bankers, Other secure,'! .'!11 434 rities, Other ucb.€24,182,345 27,481,300 £36,097,707 99,442,201 Notes .. 83,725,843 qpvpn duv Gold and etc., bills 2,305 silver coin 1,330,648 £130,328,055 £13G,328,G55 The principal items of the above return compare as follows with those for last week, the proportion of the reserve to liabilities being shown in the last line:— Deposits— 12 Sept lg ar l ;; Oilier accounts . 30,512,838 30,097,707 £116,931,074 £118,030,819 3 Government .. 75.G86.855 73.781,855 other" 168 ' etc -: 2: : Reserve ! ! ! 32.423.G07 85,066,491 Note circulation . iRfi'qil'ooO Coin and bullion . 137.392.o81 136,021,000. Proportion . . 27 -'° /J, ' U

17 and par:— Par. Sent. 19. Sept. 17. Montreal, dol. 4.881 4.88$ 4.8GG New York, dol, .. 4.841 4.84 21-32 4.BUG Paris, fr 123.851 123.851 124.21 Brussels, belga . . 34.88 31.89 35.00 Geneva, fr. . 25.15 25.15 25.22 Amsterdam, fl.... 12.081 12.09 12.10 Rome, lire 92.671 92.701 92.4G Berlin, r.m. 20.3G 20.3G 20.43 Stockholm, kr. .. .18.10 18.10 18.159 Oslo, kr 18.20 18.201 18.159 Copenhagen, kr. . Vienna, sell. 18.20 18.20 18.159 34.44 34.40 3-4.581 Prague, kr. Helsingfors, mark 1032 103 J 24.02 192} 192} 192.23 Madrid, pes. 32.88 32.801 25.221 Lisbon, escu. 108.20 108.20 — Athens, dr. 375 375 875.00 Bucharest, lei. . . 817 817 25.221 Rio do Janeiro, m 55 55 — Buenos Aires, dol. 47 7-32 47 4-32 47.57d Calcutta, rupee . . 17 27-32 17 13-1G 18d Shanghai, tacl . . 27 — — Hongkong, dol. . . 22 J 235 — Yokohama, yen. . 23 9-16 23 13-32 24.58d Batavia, fl. • • — 12.121 12.10

Price. Variation. £ 6 d 8 d Consols, 2i per cent. . . 53 10 0 Same. Funding Loan, 4, 1900-90 84 15 0 5 Ot 5 Ot War Loan, 5, 1929-47 . . Conversion Loan, 3i 101 7 6 72 15 0 5 0* Victory Bonds 91 10 0 Same. Com'vealth. 5J, 1922-27 94 0 0 2 G* Com'wcalth, 0, 1931-41 . 100 10 0 6 3t Victorian, 3, 1929-49 70 2 6 Same. Victorian, 3}, 1929-49 .. 73 7 G 5 0* Victorian, 5i. 1930-40 . . 97 10 0 2 6+ 1 3t 5 Ot Victorian, 5, 1932-42 . . 93 2 6 Victorian, 42. 1940-C0 .. 90 0 0 N.S.W., 4, 1933 93 2 6 Same, N.S.W., 3, 1935 73 17 6 2 6* N.S.W., 3}, 1930-50 85 0 0 Same. N.S.W., 5!. 1922-32 100 0 0 3 9t N.S.W., Gi. 1930-10 100 16 3 1 31 N.S.W., G. 1930-40 101 5 0 Same. Queensland, 3J, 1930 . . 98 0 0 5 0* 2 Gt Queensland, 3, 1922-47 . . 70 12 G Queensland, G, 1930-40 . . 100 5 0 Same. 7 6+ Now Zealand, 4, 1929 . 101 2 6 New Zealand, 3}, 1940 . . 85 17 6 10 Ot 2 6+ New Zealand, 3, 1915 . . 75 15 0 New Zealand, G, 193G-51 . 104 2 6 17 6+ S. Australia, 3j, 1939 . . 84 0 0 5 0* 12 Gt S. Aust., 3, 191G or after 57 12 6 S. Australia, 65. 1930-40 . 100 15 0 1 3t Tasmania, 31, 1920-10 . . &3 12 0 2 Gt Tasmania, 3, 1920-10 •79 0 0 Same. Tasmania. 01, 1930-10 .. 100 18 0 1 3* 12 Gt Same. W. Australia. 35, 1929-35 89 5 0 W. Australia, 3, 1915-35 . 8G 5 0 \V. Australia. G, 1930-40 . 100 0 0 Same. illiglicr. 'Lower.