THE MONEY MARKET.

New Zealand Herald, Volume LXVII, Issue 20454, 4 January 1930, Page 5

THE MONEY MARKET.

BANK OF ENGLAND RETURN.

GOLD RESERVE STEADY

LOWER SHORT LOAN RATE

(Received January 3, 5.5 p.m.) LONDON. Jan. 2. The Bank of England return for the week ended January 1 is as follows; ISSUE DEPARTMENT. Notes issued:— iGovt. debt £11,015,100 In circu- 'Other Govt. lation £369,782,551 i securities 233,616,364 In bank- Other secuing dept. 36,177,503 ; rities . . 10,695,352 Silver-coin 4,473,154 *260,000,000 Gold coin i & bullion 140.0fi0.05-l £405,960.084 I £405,960,084 "Amount of fiduciary issue. BANKING DEPARTMENT. Capital £14.553.000 [Govt, secuKe't .. 3.450.561 rities ..£81,658,618 Deposits— I Advances, Public .. 12,350,138 j£4'2.1(0,00Bankers, Other secufi in oir nos I rities, Other ace.. £18.013.530 £37 s°-' 803 147,819.829 .votes .. 0b,1<7,00d Seven day Gold and etc.. bills 2,300 silver com loo.ixio £178,175,8881 £178,175,888 The principal items of the above return compare as follow with those for last week, the proportion of the reserve being shown in the last line:— Dec. 29. Jan. 2. Deposits— Government .. £8,829.268 12.350.138 Bankers . . . . 71.045.031 ll_i.'_9i ,o.j Other securities 35,788.939 37.d2-.603 £115.666,738 £160,169,067 Securities — Government . . 67.123.618 61.658.618 Advances, etc. . . 22.300.0i6 42.L0.60. Other . • • . 17.735,120 10,013.500 Reserve . . . 26.453,746 36.333.138 Note circulation . . 379,573,841 369.< 82.581 'Coin and bullion 146.027.587 146,115,<19 Proportion .. . . 22.80 22.60 ♦January 2, 1929. £153,329,533. 1929: Maximum, June 12. £164,211.400; minimum, October 2, £ 130,3-13,588. SHORT LOANS AND BILLS. The Bank of England rate of discount is 5 per cent., to which it was reduced on December 12. from 54 per cent. Short loans are quoted at 3J per cent., as atrninst 4 per cent. Inst week. The market rate of discount for best three months bills is 4 13-16 per cent., as compared with 4 11-16 per cent., last week. FOREIGN EXCHANGES. The following rates on foreign exchanges are current to-day. compared with the cabled quotations on December

28 and par:— Jan. 2. Dec 28. Par. Montreal, dol. . . 4.03 5-16 4.03 7-16 4.866 New York. dol. . 4.55 4.SS 7-32 4.866 Paris, fr. .. 123.01 123.85 124.21 Brussels, belga . . 30.885 34.855 Geneva, fr. . . 25.125 25.095 "i?" Amsterdam, fl. . . 12.09! 12.081 12.10 Rome, lire .. 93.21 93.25 92.46 Berlin, r.tn. « . 20.435 20.385 -,0.43 Stockholm, kr. . . 18.135 IP.IO 18 150 Oslo. kr. . .. 16.205 16.19 18. d 9 Copenhagen, kr. . 16.200 16.19 JS.IoO Vienna, sch. . . 34.66 34.f0 34.a8i Prague, kr. 1645 164 i Too oi Helsingfors. mark 101 1-8 194 1-8 0 ~? Madrid, pes. . 36.61 _ - 2oj£« Lisbon, escu. . . 108.25 . Athens, dr. _ . . 375 3,a 3/a.OO Bucharest, lei. .. 816 811 -o—. Bio de Janeiro, mil. Buenoß Aires, dol. Calcutta, rupee . - led Shanghai, tael . . 6 1 Hongkong, dol. . SSTl yen .: ilm iIS ™

CONSOLS AND COLONIAL STOCKS. The following table gives quotations for consols and colonial inscribed stocks, compared with those of December 19 : Price. Variation.

NEW YORK CALL MONEY. NEW YORK. Jan. 2. Call money was at 6 per cent, all day.

CANTERBURY MARKETS

PROSPECTS FOR CROPS

[BV TELEGRAPH. —PRESS ASSOCIATION.] CHRISTCHURCH, Friday.

The local grain and produce markets will not assume any considerable proportions until well on in Januaiy. A little forward business has' been done in "free" wheat., at prices ranging from 5s fid for Tuscan, 6s for Hunters, and 6s 3d for Pearl on trucks. These prices are obtainable now, hut millers are not keenbuyers at present, having boupht sufficient to carry them on for two or three months from the pool quite recently. In addition to these purchases of new wheat millers have a fair quantity of old wheat for mixing purposes. A few oat crops have been cut. Oats are now worth about 3s on trucks for A grade Cartons. Prior to the holidays the price of chaff was high, up to £6 per ton being paid. It is still worth £5 10s per ton on trucks- The area in peas this year shows a considerable reduction compared with that of last year. Very little interest seems to be taken in peas at present. The nominal value is 4s 6d. The linseed crops are looking well, but the area is restricted. The crop was nearly all grown under contract, the minimum contract prices being £l4 10s per ton for one variety, and £ls per ton for another. The barley crops are looking fairly 4 "ell. These crops, like those of linseed. Are nearly all grown under contract. The market for small seeds is at present characterised by inactivity. Prior to the rain very few fields had been closed for see'd, but "since the rain there has been a change and it looks now as though a fair quantity of seed will be saved.

There is a big carry over of red clover from last season, and the price is so lowthat it is thought unlikely that farmers will pay much attention to it this season. Prices indicated as probable this season are:—ltalian and Western Wolths, 4s; perennial, good arid clean, 4s 6d to 4s 9d; cocksfoot, 7£d for Plains and 9d for Akaroa; red clover, 4d; white clover. 8d to lOd. There, is every indication that there will be some good crops of white clover this season, although the area closed for seed does not appear to be as large as usual. Potatoes are making good growth since the recent rains, and the indications point to a big crop. Forward sales have been made at £5 to £5 2s 6d per ton for Whites. April. May, June delivery, and at £5 7s 6d for Dakotas, f.0.b., sacks in. Onions for March-April delivery are quoted at £3 15s per ton on trucks. The crops are looking well, and have had sufficient rain.

£ s. d. s. d. Consols, 2i per cent . . 53 0 0 10 Of 3* 0* Funding Loan, 4, 1060-90 85 10 0 6 War Loan, 5. 19.9-4" . . 100 5 0 10 Conversion Loan. 3} 71 5 0 5 Victory Bond?. 4 . . 91 10 0 Sa me. Com'wealth, 54, 1922-27 . 91 o 6 5 0* 0* 6+ Com'wealth. 6. 1931-41 . . 99 0 0 5 Victorian, 3. 1929-49 . . 66 0 0 12 Victorian, 3;. 1929-49 70 0 0 15 0* T 9* 6+ Victorian, 5J. 1930-40 97 0 0 13 Victorian, 5. 1932-42 . . 90 1 3 Victorian, 41. 1910-60 .. *4 2 G 2 N S.W.. 4. 1933 . . 91 6 5 0+ N R.W.. 3, 1935 . . 84 15 0 11 3* N.S.W., 3}. 1930-50 69 15 0 7 6* N.SAV , 5J, 1922-32 97 10 0 7 6* N S W„ 6J. 1930-40 93 10 0 50 0* N.S'.W., 6. 1930-40 Queensland, 31, 1930 . . Queensland, 3, 1922-47 . . 97 98 66 15 5 15 0 0 0 5 1 25 0* 3t 0* 0* 6* Of 6t Queensland. 6, 1930-40 . 97 0 0 40 New Zealand, 4«, 1949-53 92 17 R New Zealand, 3j, 1910 . . 85 15 0 5 New Zealand, 3, 19-35 . . 102 10 0 1*2 New Zealand, '5, 1936-51 . 5 0 45 0* S Australia. 31. 1939 . . 81 0 0 5 0* S. Aus., 3. 1916 or after . 54 10 0 5 0* S. Australia, 6{. 1930-40 . 99 0 0 40 0* Tasmania, 3S, 1920-40 . . 80 0 0 30 ot Of Tasmaniu. 3, 1920-40 . . 70 0 0 *20 Tasmania. 6j, 1930-40 . . 99 0 0 40 0" \V. Australia, 3;, 1929-35 86 10 0 25 0* W. Australia, 3, 1915-35 . 85 0 0 10 Oi W. Australia. 6. , 1930-40_ 98 0 0 bame. t Higher. * Lower.