THE MONEY MARKET.

New Zealand Herald, Volume LXVI, Issue 20372, 28 September 1929, Page 7

THE MONEY MARKET.

BANK OF ENGLAND RETURN. GENERAL CONTRACTION. GOLD LESS BY £3,708,000. Australian Press Association— United Service LONDON. Sept. 2G. The Bank of England return for the week ended September 26 is as follows: ISSUE DEPARTMENT. Notes issued:— Govt. debt. £11,015,100 In circu- Other Govt. lation £,'101,071,480 securities 235.731,809 In bank- Other secuinp dept. 30.8G0.351 lilies .. 8,405.843 Silver coin 4,8-17,248 • £200,000.000 Gold coin & bullion 131.937,837 £391.937,837 £391,937,837 •Amount of fiduciary issue. BAN KING DEPA RTMENT. Capital .. £14,553,00(1 Govt, secuRewt .. 3,700,952 rilies .. £08.871,855 Deposits— Advances. Public .. 14,704,508 t'3.232,880 Hunkers, Other 5ecu£50,954,329 cities, Other lies., £22,177,714 25.410,024 £3(5,448,027 93,402,350 Notes .. 30.800,351 Seven day Hold and etc., bills 2,082 silver coin 1,27-1,728 £120,423,558 £120,423,568 The principal items of the above return compare as follow with those foi last week, the proportion of the reserve, being shown in the last line: — DepositsSept. 19. Sept. 20. Government . . £18,588,018 £14,701,568 Bankers . . . 63,311,434 50.954,329 Other accounts . 30,007,707 30,418,027 £118,030,819 £108,100.921 Securities— Government . 73,781,855 GB,Bi 1.85j» Advances, etc. . 3,298,961 3,232,880 Other . . . 21,182,315 22.177.7tl Reserve . . . . 35.005,191 32,111,079 Note circulation . 361,855,509 361,071,186 Coin and bullion 13G.921.000 133.212.500 Proportion . . 29.70 29 73 SHORT LOANS AND BILLS. The Bank of England rate of discount is per cent., to which if was raised to-day from per cent. Short loans are quoted at sjj per cent., as against per cent, last week. The market rate of discount for best three months' bills is 6 3-16 per cent., as against 5 15-32 per cent, last week. FOREIG N EXCH A N GES. British Wireless. RUGBY. Sept. 2G. The following rates on foreign exchanges are current to-day, compared with the cabled quotations on September 24 and par:— Sept. 20. Sept. 24. Par. Montreal, dol. .. 4.89 4.89 3-8 4.800 New York. dol. .. 4.87 7-10 1.84 27-32 4.806 Paris, fr. .. 123.865 123.805 121.21 Brussels, helpa .. 31.875 31.875 35.00 Geneva, fr. .. 25.105 25.155 25.22 Amsterdam, fl. .. 12.095 12.08 3-8 12.10 Rome, lire .. 92.095 92.055 92.40 Berlin, r.m. .. 20.305 20.36 20.43 Stockholm, kr. .. -18.105 18.105 18 159 Oslo, kr. .. 18.205 18.205 18.1a9 Copenhagen, kr. .. 18.'J05 15.'215 18.159 Vienna, sell. .. 34.425 31.40 34.58* Prague, kr. .. 103J 1035 24.0ITclningfors, mark 192 7-8 192 7-8 192.23 Madrid, pes. .. 32.795 32.815 25.22 J Lisbon, eflcu. . . 108.25 . 108.20 Athens, dr. . . 375 375 375.00 Bucharest, lei. .. 817 8101 25.22J Riode.laneiro.mil. 5 7-8 5 7-8 Buenos Aires, dol. 47 7-32 47 7-32 47.;>7d Calcutta. rupee 17 27-32 17 22-32 18d S'imreliai, t;i 1 27j 27 Hongkong, dollar 22; 223 Yokohama, yen .. 21 11-16 19t 2-1.58(1 Batavia. fl. . 12.11? - 12.10

CONSOLS AND COLONIAL STOCKS. The following (able gives quotations for consols and colonial inscribed stocks, compared with those of September 19:— Price. Variation. £ s. d. s. Consols, 21 per cent. . . 52 15 0 15 0* Fundinjr Loan. 4. 1900-90 83 0 0 135 0" War Loan, 5, 1929-47 . . 101 0 0 7 o,' Conversion Loan, 3i . . 72 in 0 5 0 Victory Bonds . . .01 2 G 7 G Com'weal th, s}, 1922-27 94 0 0 Same. Com"wealth, G, 1031-41 . 100 11 3 1 3. Victorian, 3, 1929-19 7" 0 0 2 G* Victorian, 35, 1929-49 . . 73 12 G 5 0t Victorian. 55, 1930-40 97 7 G 2 G* Victorian, 5, 1032-42 . 93 5 0 2 Gt Victorian. 4.'. 1910-00 . . 90 0 0 Same. X.S W„ 4. 1933 . . . . 93 0 0 20* X.S.W., 3. 1935 . . . . 73 7 G 10 0* X S.W., 31, 1930-50 . . 85 2 G 2 C>+ X S \V„ 5*3, 1922-32 . . 99 12 G 7 0* x'sw, Gl, 1930-10 ..100 15 0 1 3* N.S.W., G. 1930-10 . 101 I 3 3 9* Queensland, 31, 1930 . . 93 0 0 Same. Queensland, 3. 1922-47 . . 70 17 0 5 0 + Queensland, 0, 1930-40 . . 100 0 0 5 0 Xew Zealand, 4. 1929 . . 101 2 G Same. New Zealand. 31. 1910 . . 85 12 G 5 0* Xew Zealand, 3. 1945 75 15 0 Same. Xew Zealand, 6, 1936-51 103 5 0 17 G* S. Australia. 31, 1930 . . 84 2 G 2 6 S Ans., 3. 1010, or after 58 0 0 7 Or S. Australia. 01. 1930-10 100 17 0 2 Gt Tasmania. 3j, 1020-10 . . 83 10 0 2 G Tasmania. 3, 1020-40 . . 70 0 0 Same. Tasmania, 01, 1930-40 . 100 15 0 3 0* W. Australia, 31, 1920-35 89 0 0 Same. W. Australia. 3, 1915-35 S7 0 0 15 0+ "\V. Australia, 0. 1930-40 100 0 0 Same, t Higher. * Lower. JEx Interest.

NEW YORK CALL MONEY. Austrnliiin and N.Z. Press Association. NEW YORK, Sept. 2G. Call money was quoted at 9 per cent, all day. FROZEN MEAT MARKET. QUOTATIONS FROM LONDON. Dalgctv and Company, Limited, report having received the following cablegram from their London house, dated September 26, regarding the frozen meat market : New Zealand Lamb. —Prime Canterbury, 281b to 361b, B|d, North Island, B|d; Canterbury, 361b to 421b, Bd, North Island, 7jjd; Canterbury, second quality, 8 North Island, 8d; Canterbury, 421b to 501b. 71d; North Island, 7|(i. The market for Now Zealand lamb is firm and demand steady.

New Zealand Mutton.—Pritno Canterbury, 481b to 561b, 6gd, North Island, 6jd ; Canterbury, 561b to 641b, 6^d; 'North Island, 5Jd; Canterbury, 641b to 721b, sp,cl, North Island, s|d; Canterbury owes, 481b to 641b, 4£d, North Island, The market for New Zealand mutton is firmer. The demand runs principally on lightweights. Beef. —Argentine, chilled hinds Bd. fores sd; Australian, ox hinds, prime, to 6d. Pork.—English, 801b to 1001b. 13d; NewZealand porkers, 801b to 1001b 9d, 1001b to 12011). Bid. The market for Now Zealand pork is very firm and the demand active. CANTERBURY MARKETS. POTATOES VERY QUIET. [nv TELEGRAPH. —TOESS ASSOCIATION*. ] CHRISTCHURCH, Friday. The potato market has been dull during the week. Merchants are waiting to see what quantities are going North by the month-end boats. The Wingatui took 1400 sacks from Timaru and is duo to sail to-morrow from Lyttelton with approximately 5000, while the Kurow, leaving Timaru on Tuesday, is expected to take about a similar number from that port. Operators are marking time awaiting the actual quantities. Values are bettor than at the mid-week, Septembers being quoted at £8 5s and Octobers at up to £J os f.o.b. However, there is very little business at these figures and very few potatoes are being purchased from farmers. Oats are firm, but business is next door to a standstill. A grade are worth 3s 9d to 3s lOd. , , , . Fowl wheat is a shade harder, being quoted at 5s lljd. Seeds arc moving slowly. The weather is delaying orders for spring sowing. CHICAGO WHEAT MARKET. Australian 'and N.Z. Press Association. CHICAGO, Sept. 2G. Wheat.—September, 1 dollar cents per bushel; December, 1 dollar cents; March, 1 dollar 43J cents; May, 1 dollar 47£ ccnta.