THE MONEY MARKET.

New Zealand Herald, Volume LXVI, Issue 20384, 12 October 1929, Page 7

THE MONEY MARKET.

BANK OF ENGLAND RETURN.

ADDITION TO GOLD HOLDING

INCREASE OF £1,653.000

AustraliHn Press Association —United Service British Wireless. LONDON, Oct. 10. The Bank of England return for the week ended October 9 is as follows: — ISSUE DEPARTMENT. Notes issued : Govt. debt. £11,015,100 In circu- Other Govt. lation £303,840,543 securities 235,743,010 In bank- Other eecuing dept. 20,800,035 rities .. 8,406,255 Silver coin 4,835,035 •£200,000,000 Gold coin & bullion 130,736,578 £390,730,578 £300,730,578 "Amount of fiduciary issue. BANKING DEPARTMENT. Capital ..£14,553,000 Govt, secuRest .. 3,105,030 ritieß .. £72,706,85 a Deposits— Advances, Public .. 8,450,324 £8.836,130 Bun iters, Other hccu£06,241,273 rities, * Other aes., £20.749,707 29,085,933 £38,084,142 104,328,415 Notes .. 20,896,035 Seven duy Gold and etc., bills 2,701 silver coin 1,200,556 . £130.440,379 £130,449,379 Tho principal items of tho above return compare as follow witli those for last week, the proportion of the reservo being shown in the last line: — DcP ° 3itS ~ October 2. October 9. Government . . £8,992,502 8,459,524 Bankers . . . . 61,903,909 60,244,2/3 Other securities 38,041,651 38,081,142 £111,944,122 £112,787,739 Government . . 73,760,855 72,700,855 Advances, etc . 8,507,049 Other . . ■ 20,974,300 20,719,797 Reserve . , 26,995,893 28,1 Note circulation . . 363,347,695 363.840,543 Coin and bullion . . 130,343,588 131,99'. 134 Proportion . . . . 24.11 24.96 Tho total amount of gold coin and bullion in issue and banking' departments shows an increase during the week of £1,653,546. Betweon Juno 12 and October 2, tho gold stock was reduced every week, the aggregate being £33,867,812. SHORT LOANS AND BILLS.

Tho Bank of England rate of discount is 6£ per cent., to which it was raisod on September 26 from 5£ per cent. Short loans are quitted at 5A per cent., tho sarno rale as last week. The market rate of discount for best throe months' bills is 6| per cent., as compared with 6 3-16 per cent, last week. FOREIGN EXCHANGES.

CONSOLS AND COLONIAL STOCKS. Tho following table gives quotations for consols and colonial inscribed stocks, compared with thoso of October 3:—

NEW YORK CALL MONEY. Australian and N.Z. Press Association. NEW YORK, Oct. 10. Call money for renewal to-day was quoted up to 6 per cent, and closed at 5 por cent. NEW EXCHANGE RATES. LONDON ON NEW ZEALAND. Australian and N.Z. Proas Association. LONDON, Oct. 10. The associated Australian and Now Zealand banks announce that, as from October 14, tho rates of exchange for buying documentary bills and selling drafts on •New Zealand will he as follows: Buying. Selling. a. d. s. d. On demand . . 45 0 dis. 25 0 dis. !50 days . . . . 46 3 dis. ' GO days . . . , 67 6 dis. 90 days . . . . 78 9 dis. Telegraphic transfer As compared with tho tariff in force since September 4, both buying and selling rates have been reduced by 5s per cent, Those alterations lire complementary to tho changes made in the New Zealand rates on September 30, though in tho easo of tho latter only tho selling rates were increased.

IMPORTS TO CANADA. NEW DUMPING CLAUSE. Australian Press Association —United Service OTTAWA. Oct. 10. A special dumping clause is to become offectivo on October 15. It will be applied to goods entering Canada when the price is below tho fair market price of the producing country. This was announced to-day by tho Minister of Revenue, Mr. W. D. Euler. In tho past, said tho Minister, thore was a leeway of 5 per cent, before tho clause was invoked. It is expected to have a far-reaching effect in increasing tho protection of Canadian producers. Itwill only apply when the same class of goods is produced in Canada. The regulation still is much less drastic than in the United States. It applies only to reductions up to 15 per cent, of the fair market value, whereas in tho United Slates it goes to a 75 per cent, reduction. CHICAGO WHEAT MARKET. Australian and N.Z. Press Association. CHICAGO, Oct. 10. Whoat. —December, 1 dollar 35 cents per bushel; March, 1 dollar 42 1-8 cents; May, 1 dollar 45J cents.

The following rates on foreign exchanges arc curront to-day , compared with the cabled quotations on October 8 and par:— Par. Oct. in. Oct. 8. Montreal, dol. . 4.024 4.91 4.866 New York, dol. 4.80 21-32 4.86 5-32 4.866 Paris, fr. 123.045 123.861 124.21 Brussels, belga 34.87 34.865 35.00 Geneva, fr. . 25.14 25.17: 25.22 Amsterdam, fl. 12.091 12.10! 12.10 Rome, lire 92.94\ 92.891 92.46 Berlin, r.m. 20.39 i 20.39 20.43 Stockholm, kr. 18.14 18.12 18.159 Oslo, kr. . . 18.201 18.201 18.159 Copenhagen, kr. . 18.21 18.201 18.159 Vienna, sell. . 34.59 34.54 34.581 Prague, kr. . l(i4J 1641 24.02 Helsingfors, mark 1931 1931 192.23 Madrid, lies. 32.755 32.751 25.221 Lisbon, escu. 108 J 1081 — Atliens, dr. . 375 375 375.00 Bucharest, lei. 818 817 25.22J Uio de Janeiro, mil 5} Si 47.57d Buenos Aires, dol. 47 3-32 47 7-32 Calcutta, rupee . . 17 13-16 17 27-32 18d Shanghai, tnel . . — 20} — Hongkong, dollar , — 225 .— Yokohama, yen 23-19-32 23 10-32 24.58d Batavia, fl. . — 12.133 12.10 [ (The New York Exchange is now above par.)

VariaPrice. tion. £ s. d. s. d. Consols, 2J per cent. 53 2 6 (i 3* Funding Loan, 4, 1900-00 84 0 0 20 0+ War Loan, 5, 1929-17 101 15 0 15 01 Convorsion Loan, 3J 73 10 0 20 Ot Victory Honds . . Com'wealth. 5!. 1922-27 91 6 3 6 3t 95 0 0 11 3+ Com'nwealth, 6, 1931-41 ICO 11 3 2 fit Victorian, 3, 1929-49 70 0 0 5 Ot Victorian, 35, 1929-49 73 12 6 2 6+ Victorian, 5j, 1930-40 97 10 0 2 6t Victorian, 5, 193.2-42 93 7 6 6 3t Victorian, 4J, 1940-fi0 . . 90 0 0 Same. N.S.W., 4, 1933 93 7 6 7 6+ N.S.W., 3, 1935 73 10 0 Same. N.S.W., 31, 1930-50 . . 85 8 9 3 9t N.S.W., 5!. 1922-32 97 10 0 2 fit N.S.W., (!!. 1930-40 101 3 9 3 9+ N.S.W.. <i. 1930-40 99 1 3 1 3t Queensland, 31, 1930 . . 98 8 9 7 Ct Queensland, 3, 1922-47 . 70 15 0 5 0* li. 1930-40 . 101 2 (I 2 fit New Zealand, 4, 1929 99 10 0 Same. New Zealand, 35, 1940 . . 85 lfi 3 3 9t New Zealand, 3, 1915 . . 7(5 2 G 12 3t New Zealand, <i, 1930-51 . 103 10 0 5 Ot S. Australia, 31. 1939 . . 81 5 0 Same. S. Austra., 3, 191li, or after 57 5 0 5 Ot K. Australia, fij. 1930-40 . 101 3 9 3 9t Tasmania, 3j, 1920-10 . , 84 0 0 Same. Tasmania, 3, 1920-40 . . Tasmania, f>i. 1930-40 . . 79 12 6 101 3 9 12 6* \V. Australia, 31, 1929-35 88 0 0 Same. W. Australia, 3, 1915-35 85 18 9 11 3+ AV. Australia. f>. 1930-40 100 7 6 7 fit tHigher. 'Lower. — Not quoted last week.