THE MONEY MARKET.

New Zealand Herald, Volume LXVII, Issue 20596, 21 June 1930, Page 9

THE MONEY MARKET.

BANK OF. ENGLAND RETURN. GOLD HOLDING HIGHER. INCREASE IN RESERVE. v (Received June 20, 5.5 p.m.) LONDON. Juno 19. Tho Bank of England return for the week ended Juno 18 is as follows: ISSUE DEPARTMENT. Notes issued:— Gov.t. dobt £11,015,100 In ciicu- Other Govt. lation £359,247,209 securities 232,889,023 In bunk- Other secuing dept. 57,302,801 ritiea .. 11,629,060 Silver coin 4,400,217 *£200,000,000 Gold coin & bullion 150,610,010 £416,610,010 £416,610,010 "Amount of fiduciary issue. BANKING DEPARTMENT. Capital .. £14,553,000 Govt, secuRest .. 3,304,572 ritiea .. £10,475,547 Deposits— Advances, Public .. 16,577,610 £7.098,791 Bankers, Other 5ecu£58,331,534 rities, Other acs., £16,640,053 23,739,444 £35,087,253 94,018,787 Notes .. 57,302,801 Seven day, Gold and etc., bills 3,340 silver coin 879,017 £128,457,309 £128,457,309 TliO' principal items of the above return compare as follows with those for last week, the proportion of tho reserve being shown in tho last lino:— Deposits— Juno 11. Juno 18. Government .. £8,238,879 £16.577,610 Bankers . . ■ • 58,822,236 » 58,331,534 Other accounts 35,383,438 35,687,253 £102,444,553 £110.596.397 Securities — Government . . 46,310,547 46.475,547 Advances, etc ». 6,804,409 7,098,791 Other . . .. 13,943,043 16,640,653 Reserve . . • • 53,178,140 58,242,318 Note circulation . . 364,002,267 359,247.209 "Coin and bullion 157,180,407 157,489,527 Proportion . . . 51.90 62.60 'Juno 19. 1929, £167,469,000. 1930: Maximum, May 7, £164,502,391; minimum, January 1, £146,502,391. SHORT LOANS AND BILLS. The Bank 'of England rate of discount is 3 per cent., to which it was .reduced on May 1, from per cent. Short loans are quoted at 2 per cent., same as last week. Tho market rate of discount for best three months' bills is 2 15-32 per cent., as compared with per cent, last week. FOREIGN EXCHANGES. Tho following rates on foreign exchanges are current to-day, compared with tho cabled quotations on Juno 17 and par:—

MOKAU COLLIERIES, LTD. NEW COAL MINING VENTURE. Tho prospectus has been issued of Mokau Collieries, Ltd., a company formed with a nominal capital of £IB,OOO lo acquire mineral rights in respect of the Mangu-Awnkino block, of 3958 acres, near Mokau, and to open up and,mine deposits of coal existing on tho area. . Tho promoters are to recoive 1205 fully-paid £1 shares in consideration of obtaining tho lease of tho land where tho mine is to be established and tho balance is being offered to the public. Tho lease is subject to a royalty to tho grantor of Is 3d for each ton of coal won in each year, royalty to be paid on not less than 6500 tons in each year, with a reduction to Is a ton for any quantity won ill excess of 6500 tons. CANTERBURY MARKETS. OATS AND CIIAFF EASIER. [llY TELEGIIAPH.—PIIKSS ASSOCIATION.] CIIRISTCHURC H, Friday. ' The chief fcaturo since the last report has been a further easing in lljo oats market. A grade Cartons were offered yesterday at 3s 9d, f.0.b., s.i., and today wero quoted at 3s 9d to 3s 9j<l. Thoro aro not a great many offering and the demand is dull. _ For spread delivery, to-day's quotation is Is f.0.b., s.i. B grade, which is not offering in any quantity, has eased to a corresponding extent. Chaff has also eased slightly and the quotation to-day is £6 17s 6d to £7 a ton, f.0.b., s.i., for Juno delivery, which is eqivalent to £5 5s to £5 10s on trucks. For July-August-Sept ember delivery, it is worth a little abovo tho figure quoted. Interest in tho wheat market, exco'pt for forward business in next season's crop, has practically ceased. A littlo business for next season's wheat, is still being done. Fowl wheat remains firm at 6s a bushel, f.0.b., s.i., and the demand is fair only. Tho potato market is in a peculiar position, Timaru supplies havo brought quotations to 92s 6d a ton, f.0.b.. s.i., for prompt delivery, £5 5s a ton for July, and £5 15s for July-August-Sep-teniher. Timaru so far has not shipped nearly its usual quota. Farmers aro being offered over £4 a ton on trucks, but thoro are very few orders _ being received and most of the business is confined to forward contracts. Tho Katoa is due to leav-j on Monday for Auckland and the Wainiarino later in the week. Tho onion market is weak, with very littlo demand. The quotations to-day ranged round £3 a ion on. trucks*

June 19. Juno 17. Par. Montreal, dol. w.- 4.85 23-32 4.85J Kew York, doL 4.85 13-16 4.85 25-32 Paris, fr. .. 123 80 Brussels, belga 1/4.825 J4.835 Geneva, fr. ■.. 25.005 25.09 Amsterdam, fl. 12.085 12.082 Home, lire ... • 92.75 Berlin, r.m. v. 20.365 20.86a Stockholm, kr. «. 18.09 18.09 Oslo, kr. .. 18.15 _ Copenhagen, kr. 18.1G 18.16 Vienna, sch. •• 34.435 ■, Prague, kr. 1G31 163« Helsiiigfors, mark 192}_ 193 Madrid, pes. .. 41.lo 1.41-945 Lisbon, escu. . 108.25 108.2o Athens, dr. _ v. 375 375 Bucharest, lei. .. 818 Kio do Janeiro, mil. 5 17-32 5 17-32 Buenos Aires, dol. 41 3-16 41 9-16 Calcutta, rupeo . 17 25-32 17 2u-32 Shanghai,- tael .. — 1<« Hongkong, dollar 15 ' 14 r Yokohama, yea ■ 24 7-16 24 7-1(5 4.S6G 4.866 124.21 35.00 25.22 12.10 92.46 20.43 16.159 18.159 18.159 34.581 2-1.02 192.23 25.221 375.00 25.224 47.57d . 18d 24.58d CONSOLS AND COLONIAL STOCKS. The following table gives quotations for consols and colonial inscribed stocks, compared with those of June 12: _ 1 VariaPrico. £ s d Consols, 2} per cent. .. 54 5 0 Funding Loan, 4, 1960-90 88 10 0 War Loan, 5, 1929-47,. . 102 10 0 Conversion Loan, 31 •. 77 0 0 Victory Bonds. 4 . . 94 10 0 Com'woalth, 55, 1922-27 86 7 6 Com'wealth, G, 1931-41 98 17 6 Victorian, 3, 1929-49 .. 62 O O Victorian, 31, 1929-49 .. 65 0 0 Victorian, 51, 1930-40 .. 96 0 O Victorian, 5, 1932-42 . . 87 5 0 Victorian, 4}, 1940-G0 ., 81 5 O N.8.W., 4, 1933 .. * .. 91 10 0 N.S.W., 3, 1935 .. .. 81 7 6 N.S.W., 31, 1930-50 .. 64 17 6 N.S.W., 5!, 1922-32 97 10 0 N.S.W., 64. 1930—10 ,. 99 17 6 N.S.W., G. 1930-40 .. 9G 15 0 Queensland, 3 J. 1930 . . 100 0 0 Queensland, 3. 1922-47 . . 62 0 0 Queensland, G, 1930-40 . . 97 12 6 Now Zealand, 4}, 1949-58 04 5 O Now Zealand, 31, 1940 . 88 15 0 New Zealand, 3, 1945 . 79 15 O 1 New Zealand, G, 1986-51 105 5 0 . S. Australia,. 35, 1939 .. 80 0 0 S. Austra., 3, 191G or after 48 1Q 0 S. Australia, 61. 1930-40 . 99 17 6 Tasmania, 31, 1920-40 . 79 15 0 Tasmania, 3, 1920-40 . .■ 77 10 0 Tasmania, (fl, 1930-40 . 101 0 0 W. Australia, 31, 1929-35 86 0 0 W. Australia, 3, 1915-35 84 7 6 W. Australia, 6. 1930-40 . 95 0 0 tHigher, 'Lower.tion. s d 10 0* 5 0* 5 Of 5 0* Same. Same. '2 6' 10 0* GO 0* 20 0* 5 O* 7 Gt 2 Gt 2 6+ 10 0* 2 Gt 7 6+ 7 6* Same. Same. 12 6* Same. 2 G* 5 Ot 5 0* 20 0* 20 0* . 8 9t 15 Ot 10 0* 5 Ot Same. 17 6t 20 0*