THE MONEY MARKET.

New Zealand Herald, Volume LXVII, Issue 20496, 22 February 1930, Page 7

THE MONEY MARKET.

BANK OF ENGLAND RETURN. GOLD RESERVE RAISED. MARKET RATES STEADY, (Received February 21, 5.5 p.m.) LONDON, Feb. 20. The Bank of England return for the week ended February 19 is as fallows: — ISSUE DEPARTMENT. Notes issued:— la circu- Govt, debt £11,015,100 latioxi £345,580,773 Other Govt. In bunk- securities 233,509,941 ing dept. 65,390,738 Other securities . . 10,924,483 Silver coin 4.460.476 ' *£250,000,000 * Gold coin & bullion 150,971,511 £410,971.511 £410,971,511 "Amount of fiduciary issue. BANKING DEPARTMENT. Capital . . £14,553,000 Govt, secuRest - - 3,653,374 nties . . £38.081,063 Deposits— Advances, Public . . 13,371,221 ,24,732,7(59 Bankers. Other secufa 167 021 nties, Other acs., £16.293,348 21,026.11(5 £34.416 671 92,583,692 Notes . . 65,390.738 Seven day. Q oid a ?« ... aCQ etc.. bills 3,519 silver corn 666,959 £125,665.406 £125.665,406 The principal items of the above return compare as follows with those for last week, the proportion of the reserve being shown in the last line:— Feb. 12. Feb. 19. Deposits— Government . - £17,937,246 £13.871,221 Bankers .. .. 59,083,652 59,167,021 Other securities 35,451,738 34,166,5.1 £112,502,636 £107,204,913 Securities— Government . . 44.7X1.553- 35.581.dG3 Advances, etc. . . 7,963,260 4,7T12.763 Other .. . . 14.513.30S 16,233,348 Reserve .. .. 63,496,043 66,05<,*2i Note circulation . . 348,003,176 345.580,773 "Coin and bullion 151,439,219 151,638.000 Proportion. . . . 56.40 61.40 •February 20, 1929, £150.850,938. 1929: \fn-rirmiTn, June 12, £164,211,400; minimum, October 2, £130,343,553.

SHORT LOANS AND BILLS. The Bank of England rate of discount is <U per cent., to which it was reduced on February 6, from 5 per cent. Short loans are quoted at 3| per cent., the same a3 last week. The market rate of discount for best three months' bills is 3 7-8 per cent., .as compared with 3 23-32 per cent, last week. CONSOLS AND COLONIAL STOCKS. The following table gives quotations for consols and colonial inscribed stocks, compared with those of February 13: —

THE PRICE OF GOLD. Gold is quoted at 84s lid per oz. NEW YORK CALL MONEY. (Beceived February 21, 5.5 pjn.) _ NEW YORK. Feb. 20. Call money remained at 4i per cent, all day. PRODUCE IN DUNEDIN. NEW SEASON'S WHEAT. [BY TELBGBAHE —OWS COHHKSPONDENT.] DUSEDEf, Friday, A few samples of new season's wheat have appeared on the market. These have come from early' districts such as Central Otago. The quality is exceptionally good, but some time will elapsa before the bulk of wheat will be available. In the meantime there is no quotable change in the market. Millers are not very anxious to buy, but the first lines have been sampled on a basis of 5s 9d a bushel, sacks extra, ex truck, for Tuscan, 5s lid for Hunters, and 6s 2d for Telvet. Fowl wheat is qniet, but there is a downward tendency in Canterbury. This has been caused by merchants pressing sales in view of the near approach of heavier offerings of new season's wheat. The f.o.b. value is 5s lid a ! bnsheL Locally fowl wheat is selling up j to 6s 3d a bushel, sacks extra, ex truck. Only small quantities are. changing hands.

The oats market remains steady. The demand from cons timing quarters is very quiet, and there are just about sufficient oats offering to supply requirements. When threshing becomes general the market will ease. At present the f.o.b. values are 4s a bushel for A grade Gartons, and 3s lOd for B grade, these prices are equivalent to 3s 3d, carina extra, on trucks at country sidings, for the former, and 3s Id for the latter. It is becoming increasingly difficult to make sales of chaff, as the heavy growth of hay and grass has curtailed the demand. Stocks arriving lately have been in excess of the demand, with the result that most or the chaff has had to go into store. Quotations are easier and £5 a ton is the top price for best quality, ex track. Potatoes are still in over supply. The surplus consignments which arrived about a week ago are not worked off. but buyers are still operating from hand to mouth oh account of the potatoes not keeping too well. The value is £6 a ton for bast lines. Blight is making its appearance in growing crops and this will have an effect on the yields. The seeds market is just starting to open up. The first lines of ryegrass have been on offer, but merchants are not keen to operate, as they consider the prices are too high. Some clean lines of farmers' dressed seed have been sold at, ss, sacks extra, on trucks.

FEILDING EWE FAIR. [BY TKLEGItAPH. —PRESS ASSOCIATION. ] FEILDING. Friday. There was a. large attendance of buyers at. the n-nnnn. ewe fair to-day. when 24,000 ewes were offered. The sale was very satisfactory throughout, and was marked by an optimistic tone. The older ewes offered ere not in as good condition as last year, but the young sheep were to the usual high standard, and bidding was keen throughout for all classes. Good mixed aged ewes brought 28s (id to 30s 2d; fourlooth ewes. 27s Id to 29s 3d; good six-tooths, to 30b: straight lines of cond four and five-year-old ewes, 24h ; medium lines, 225: inferior, ISs to 20s- inferior two-tooths, 25a to '2Bs; medium. _3os; good, 31» to clfis. The highest price oi the sale was 13s 6d fear small pans.

VariaPrice. tion. £ s. d. b. d. Consols, 2i per cent. . . 53 17 '8 7 6* Funding" Loan, 4, 1960-90 . 87 10 0 10 0* War Loan, 5. 1929-47 . . 101 10 0 Same. Conversion Loan, 3* .. 76 0 0 10 0* Victory Bonds, 4 92 10 0 40 0* Com'weal ill, 5*. 1922-27 . . 90 S 0 12 6* Com'wealth. 6, 1931-41 , . 98 5 0 2 S" Victorian, 3, 1929-49 . . 66 5 0 15 0* Victorian, 3* 1929-49 71 10 0 10 Ot Victorian, oi, 1930-40 . . 97 15 0 Same. Victorian, 5, 1932-42 . . 90 5 0 2 6* Victorian, 4J, 1940-60 . . S2 12 5 — 3J.S.W., 4, 1933 . . 93 0 0 2 6* ]S T .S,W„ 3. 19-15 . . 85 10 0 10 Ot N.S."W.„ H, 1930-50 69 10 0 15 0* N.S.W., 5J. 1922-32 9S 17 6 20 Ot N.S.W., 61, 1930-40 100 0 0 Same. XS.W.. 6, 1930-40 . . . 97 17 6 ' 10 0* Queensland, 3i. 1930 . , 9S 10 0 5 0* Queensland, 3, 1922-47 . . G7 10 0 10 0* Queensland, 6, 1930-40 97 10 0 5 0* New Zealand, 4J, 194S-5S 91 13 9 6 3' New Zealand. 3i, 134P . . S7 15 0 S Of New Zealand, 3, 1945 ... 78 15 0 Same. New Zealand, fi, 1936-51 . . 104 2 6 Same. S. Australia, 3t, 1939 ,. 82; 7 6 12 6* S. Ana,, 3, 1910 or after 53 0 0 Sams. ij. Australia, 61, 1930-40 99 10 0 5 0" Tasmania. Si, 1920-40 .. ar 10 0 10 Ot Tasmania, 3, 1920-MJ 73 0 0 Same. Tasmania, 61, 1930-40 . . 99 15 0 7 6* W. Australia, 3|, 1929-35 65 17 6 12 6* W. Australia, 3, 1915-35 . . 86 0 0 10 0* W. Australia, 6, 1330-40 . . 97 15 0 5 Ot tHIsner. •LowerVictory Bonds are quoted ex dividend.