THE MONEY MARKET.

New Zealand Herald, Volume LXVII, Issue 20520, 22 March 1930, Page 7

THE MONEY MARKET.

BANK OE ENGLAND RETURN.

GOLD RESERVE HIGHER.

MARKET RATES REDUCED.

(Received March 21, 6.5 p.m.) LONDON, March 20. Tho" Bank of England return for the week ended March 19 is as follows: ISSUE DEPARTMENT. Notes issued:— Govt, debt £11,015,100 In circu- Other Govt. lation £348,690,201 securities 233,869,774 In bank- Other eecuingdept. 64,567,857 rities • 10.651,478 Silver com 4,463i648 •£260,000,000 Gold coin & bullion 153,458,058 £413,458,058 £413,458,058 •Amount of fiduciary issue. BANKING DEPARTMENT. Capital . . £14,553,000 Govt, secuRest . . 3,748,216 rities . . 41,481,563 Deposits— Advances, Public . . 12,882,680 £6,C00,054 Bankers, Oliver 5ecu£62,036,473 n;ies, Other acs., £16,258,430 22,318,484 £35,883,025 97,969,498 Notes .. 64,567,857 Seven day, Goli and etc., bills 1,797 silvar coin 787,317 £129,155,221 £129,155,221 The principal items of the abovo return compare as follows with those for last week, tho proportion of the reserve being shown in the last lino: — Mar. 12. Mar. 19. Deposits— Government .. £8,987,199 £12,882,680 Bankers . . . . 59,001,400 62,086,473 Other securities 36,742,704 35,883,025 £104,731,303 £110.852.178 Securities— Government . . £37,331,563 £41,481,563 Advances, etc. . 7,959,833 6,060,054 Other . . . . 15,570,281 16,258,430 Reaorvo . . . . 62,175,203 65,355,174 Note circulation . 350,447,635 348,890,201 'Coin and bullion 152,622,838 154,245,375 Proportion . . . 59.36 58.90 "March 20, £152,825,852. 1930: Maximum, March 19, £154,245,375; minimum, January 1, .£146,115,719.

SHORT LOANS AND BILLS. The Bank of England rate of discount is 3£ per cent., to which it was reduced to-day, from 4 por cent. Short loans are quoted at 2 per cent-., compared with 3 per cent, last week. The market rate of discount for best three months' bills is 2£ per cent., as compared with 3 3-32 per cent, last woek. FOREIGN EXCHANGES. The following rates on foreign exchanges are current to-day, compared with the cabled quotations on March 18 and par:—

CONSOLS AND COLONIAL STOCKS. The following table gives quotations for consols and colonial inscribed stocks, compared with those of March 13: — • Price. Variation.

THE PRICE OF GOLD. Gold is quoted at 84s lOd per oz. NEW YORK CALL MONEY.' (Received March 21, 5.5 p.m.) NEW YORK, March 20. Call money for renewal to-day fell to 2 per cent, and closed at 2£ per cent. CHICAGO WHEAT MARKET. (Received March 21, 5.6 p.m.) CHICAGO, March 20. Wheat.—March, 1 dollar 6§ cents per bushel; May, 1 dollar 9§ cents; July, 1 dollar 8£ cents; September, 1 dollar cents. LOSSES IN WHEAT SLUMP. ESTIMATE OF £20,000,000. (Received March 21, 5.5 p.m.) CHICAGO. March 20. The announcement that Government funds would bo used to provide housing for the new crop three months hence supported the gains in wheat futures, in spite of the fact that millions of bushels of wheat are eating up storage charges in the Middle Western State elevators. Reports of higher prices from Buenos Aires and Liverpool helped to stabilise prices among traders, who were unnerved by earlier news of great supplies throughout the whoat belt. Traders estimate that so far commission agents and intermediaries have stood the brunt of the price decline of the winter. Some estimates of the losses run over £20,000,000. It was reported to-day that the recent declines cost the elevator owners more than £200,000 in Minnesota and about £1,200,000 in North Dakota. From Red River Valley, Minnesota, it is reported that the farmers aro beginning to feel the pinch. The farmers' losses so fae are estimated at about £BO,OOO.

CANTERBURY RAM FAIR.

LEICESTERS IN DEMAND.

[by telegraph.—press association. 3 CHRISTCHURCH, Friday.

For the Canterbury Agricultural and Pastoral Association's Ham Fair there was entry of 314 stud rums and 5524 flock rams. A feature of tho fair was the good demand for English Leicester's. There was a ready sale for Southdowns in tlie flock sections, but stud Southdowns were slow of salo at reduced values and passings were frequent. The top price for Southdowns was 65 guineas,

English Leicesters were tho biggest section. Lower grade rams were not much in demand, but there was sustained inquiry for better 6orts. The top * price was 80 guineas. There was a marked slackening in the demand for both stud and flock Corriedales. Following is the range of prices for stud rams:—Border Leicesters, 8 to 40gns.; English Leieeuters, 7i to 80gns.; Southdowns, 7 to 65gns.; Shropshires, 10 to 40gns.: Romneys, G to 30gns.; Corriedales, 6to 50gns. For flock rams tho range was: English Leicesters, 21 to llgns.; Border Leicesters, 3? to 9J gns.; Romneys, 2J to lOgns.; Ryelands, 5J to 12Jgns.; Southdowns 2i to lOlgns.; Shropshires, 2i to 6igns,; Corriedales, 2 to 16gns.'; halfbreds, 2 to 61gne.

1 i Mar. 20. Mar. 18. Par. Montreal, dol. 4.8GJ 4.86J 4.866 New York, dol. . 4.86 11-32 4.86 J 4.866 Paris, fr. 124.31 124.30 124.21 Brussels, belga .. 34.835 34.885 35.00 Geneva, fr. 25.125 25.125 25.22 Amsterdam, fl. 12.125 12.12-3 12.10 Rome, lire 92.875 92.875 92.46 Berlin, r.m. 20.385 20.385 20.43 Stockholm, kr. 18.905 18.11 18.159 Oslo, kr. 18.17 18.17 18.159 Copenhagen, kr. . 18.1C5 18.165 18.159 Vienna, sell. 3-1.525 34.525 34.58} Prague, kr. 1641 164 J 24.02 Helsingfors, mark 193S 193* 192.23 Madrid, pes. 38.55 38.60 25.22} Lisbon, escu. 108.30 108.30 — Athens, dr. _ .. 375 375 375.00 Bucharest, lei. . . 818 818 25.22} Hio de Janeiro, mil. 5 23-32 5 2?l-32 — Buenos Aires, dol. 42,i 41} 47.57d Calcutta, rupee .. 17 18-16 17 13-16 lSd Shanghai, tael .. 221 223 — Hongkong, dollar 18 17J 24.58d Yokohama, yen 24| 2-11 Batavia, fl. 12.13 — 12.10

£ 8. d. 6. d. Consols, 1\ per cent .. 56 10 0 40 Ot Funding Loan, 4, 1960-90 92 0 0 65 Of War Loan, 5, 1929-47 . . 102 15 0 10 Ot Conversion Loan, 31 79 10 0 55 ot Victory Bonds, 4 Com'wealth, 51, 1922-27 . 94 0 0 37 6t 90 17 6 12 6t Com'wealth, 6, 1931-41 . . 98 17 6 10 Ot Victorian, 3, 1929-49 66 17 G 5 Ot Victorian, 3}, 1929-49 , . 70 0 0 10 Ot Victorian, 5}, 1930-40 . . 95 5 0 Same. Victorian, 5, 1932-42 88 7 6 5 Ot Victorian, 4}, 1940-60 . . 83 5 0 15 Ot N.S.W., 4, 1933 93 15 0 5 Ot N.S.W., 3. 1935 .. 85 2 6 7 fit N.S.W., 3|, 1930-50 69 15 0 3 9* N.S.W., 5J, 1922-32 99 12 6 10 Ot N S.W., 61, 1930-40 100 5 0 5 Ot NiS.W., 6. 1930-40 98 17 6 10 Ot Queensland, 31, 1930 99 0 0 10 Ot Queensland, 3, 192247 . . 67 10 0 10 0* Queensland, 6, 1930-40 . . 97 5 0 Same. New Zealand, 41, 1949-5S 92 15 0 17 6t New Zealand, 31, 1910 . . 88 15 0 10 Ot New Zealand, 3, 1915 78 0 0 Same. Now Zealand, 0, 193(5-51 . 104 10 0 0 6t S. Australia, 31, 1939 . . • 82 0 0 10 Ot S. Aus., 3, 193G or after S. Australia, CI. 1930-40 . 53 0 0 10 fit 99 15 0 5 0* Tasmania, 31, 1920-40 . . 81 10 0 2 6t Tasmania. 3, 1920-40 78 0 0 Same. Tasmania, 61, 1930-40 . . 100 5 0 Same. W. Australia, 31, 1929-35 88 2 6 32 Ot W. .Australia, 3, 1915-35 . 86 7 6 2 6t \V. Australia, (5. 1930-40 97 10 0 5 0* t Higher. * Lower.