THE MONEY MARKET.

New Zealand Herald, Volume LXVII, Issue 20668, 13 September 1930, Page 7

THE MONEY MARKET.

BANK OF ENGLAND RETURN.

GOLD RESERVE HIGHER

MARKET RATE RAISED.

(Received September 12, 5.5 p.in.) LONDON, Sept. 11

Tho Bank of England return for the week ended September 10 is as follows: —

ISSUE DEPARTMENT,

Notes issued:— Govt, debt £11,015,100 In circu- Other Govt. lation £301,320,291 securities 232,895,110 In bank- Other secuing dept. 51,219,531 ritics .. 11,028,532 Silver coin . 4,401,249 * £200,000,000 Gold coin & bullion 155,545,822 £415.515,822 £415,545,822 'Amount of fiduciary issue. BANK INO DEPARTMENT. Cnpitul .. £14,553,000 Govt, secu-Hc-at .. 3,(597,795 rilies .. 45,911,247 Deposits— Advances, Public .. 9,013.450 £5.70,9,G00 Bankers, Other 5ecu£07,100,323 rities, Other acs., £21,15-11,382 27,411,081 £31.130.908 101,303,231 Notes .. 5-1,219,531 Seven day, Gold and etc., bills 2,300 silver coin 1,027,929 £128,509,783 £125,5G9,788 The principal items of the above return compare as follows with thoso for last week, tho proportion of the reserve being shown in tho last line:— Deposits— Sept. 3. Sept. 10. Public .. .. £7,917,302 £9.013.450 Bankers . . . 07,427,714 67,100.323 Other accounts 34,010,437 34,130,908 £ 109.901.453 £ 110.310.057 Securities— Government . . 47.881,247 45.911.247 Advances, etc. . 0.'229,301 5,709,099 Other . . . 21.559,224 21.041,382 Reserve . . . . 52,539.027 55.247,400 Noto circulation . 302.082,501 301.320.291 *Coin and bullion 155,521,528 150,573.751 Proportion . . 47.70 50.00 * September 11. 1929, £ 137.392.581. . 1930: Maximum, May 7, £104,502,391; minimum, January 1, £140,115,719. SHORT LOANS AND BILLS. Tho 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 1-8 per cent, as compared with 2 1-16 per cent, last week.

FOREIGN EXCHANGES.

The following rates on foreign exchanges are current today, compared with the cabled quotations on September 9 and par:—

Sept. 11. Sept. 9. Par. Montreal, do!. .. 4.85 19-32 4.85} 4.8rt0 New York, dol. . 4.80J 4.80 ] 1 -32 4.8(113 Paris, fr. .. 123.825 123.805 121.21

Brussels, helga .. 34.80 .'11,855 35,00 Geneva, fr. .. 25.055 25.055 25.22

Amsterdam, fl. .. 12.07ij 12.07J 12.10 Rome, lire .. 92.85 92.85 92.40 Berlin, r.m. .. 20.415 20.41 20.13 Stockholm, kr. .. 18.095 18.095 18.159 Oslo, kr. .. 18.17 18.10 18.159

Copenhagen, kr. . 18.10 18.17 ( 18.159 Vienna, sch. .. 31.435 34.435 34.585 PruKUe, kr. .. 1035 103} 24.02 Hclsingfors, mark 1901 193 3-16 192.23 Madrid, pes. .. 44.45 44.145 25.225 Lisbon, escu. .. 108.25 108.25 Athens, dr. .. 375 375 - 375.00 Bucharest, lei. .. 815 814 25.225 Itio de Janeiro, mil. 5 4 15-10 Buenos Aires, dol. 41! 40 9-10 47.57 d Montevideo, dol. 41J 40J old Calcutta, rupee . Shanghai, tnel .. 19i 19J Hongkong, dollar 15J 15 11-10 Yokohama, yen . 24 23-32 24 13-32 21.58 d Batavia, tl.

CONSOLS AND COLONIAL STOCKS. Tho following table gives quotations for consols and colonial inscribed stocks, compared with those of September 4: — YariaPrice. t ion. £sd s d Consols, 25 per cent. . . 55 2 C Same. Funding Loan, 4. 1900-90 9'2 5 0 5 01 War Loan, 5. 1929-47 .. 104 0 0 5 01 Conversion Loan, 31 .. 78 0 0 5 01 Victory Bonds, 4 . . 95 5 0 5 01 Com'wcalth, 5, 19)5-75 . , 89 10 0 20 0* Com'wealth. 0, 1931-11 . . 97 7 0 2'2 C* Victorian, 3. 1929-49 . . 01 40 0 25 0* Victorian, 31, 1929-49 .. 08 0 0 30 0* Victorian, 51, 1930-40 ..95 5 0 15 0' Victorian, 5. 1932-42 . . 88 0 0 30 0* Victorian, 4}, 1910-00 . . S3 10 0 Same. N.S.W., 4, 1933 . . . . 91 0 0 20 0* N.S.W., 3, 1935 . . ..85 5 0 15 0* N.S.W., 3}, 1930-50 . . 07 7 G ( , 7 0* N.S.W., 52, 1922-3-2 .. 98 17 G 10 0' N S.W., OS, 1930-40 . t . 98 5 0 15 0* N.8.W., 0. 1930-40 . . 97 10 0 15 0* Queensland, 5, 19-10-00 .BGIB 9 18 9" Queensland, 3, 1922-47 . . 01 10 0 20 0* Queensland, G. 1930-40 . . 97 0 0 15 0' Now Zealand, 4*. 1948-53 91 7 0 12 G* New Zealand, 31, 1940 . . 89 f> 3 8 9* New Zealand, 3, 1915 ..80 7 G Same New Zealand, G, 1930-51 . 104 1 7 6 5 Ot S. Australia, 31, 1939 . . 82 0 0 10 0* S. Aus., 3. 1910, or after . 50 17 0 12 G* S. Australia. GJ, 1930-40 . 9S o 0 5 0 Tasmania, 3}, 1920-40 . . 81 12 0 7 G Tasmania, 8. 1920-40 ..79 10 0 10 0* Tasmania, OS, 1930-10 . . 99 15 0 10 Ot W. Australia, 31. 1929-35 89 5 0 25 0* \V. Australia, 3. 1915-35 .89 0 0 Same. \V. Australia, 0, 1930-10 . 97 5 0 25 0* 1 Higher, 'Lower.

NEW YORK CALL MONEY

NEW YORK. Sept. 11 Call money was at per cent, all day.

TAX ON DIVIDENDS

NEW SOUTII WALES COMPANIES.

Many New Zealand investors aro affected by the tax of 1£ per cent., or 3d in tho pound, imposed in Now South Wales on dividends received by nonresident shareholders of companies whose registered head offices are in New South Wales. Among companies domiciled in New South Wales in which Now Zealand shareholders aro largely interested are tho Bank of New South Wales, Australian Bank of Commerce, Commercial Bank of Sydney, Bcrlei, Limited, Australian Glass, Burns, Philp, Colonial Sugar Refining Company, J. C. Williamson, Limited, Tooth and Company, Toohey and Company and United Insurance. In tho case of tho Bank of New South Wales, however, dividends in respect, of shares on tho Now Zealand register are not subject to tho tax and will bo paid to shareholders in full. Tho notification accompanying the dividend warrants of one company is as follows: —"Under tho Unemployment Relief Act every New South Wales company is required to retain and pay to lite Taxation Department out of dividends paid this year to non-resident shareholders tho relief tax of 3d in tho pound on that portion of dividends paid during the year to June, 1930, which is attributable to the profits earned in New South Wales."

MELBOURNE PRODUCE. MELBOURNE. Sept. 12. The following are to-day's quotations on the Melbourne produco market: — Wheat.—3s 4d. Flour.—£9 15s to £lO.. Bran and Pollard. —£6 ss. Oats. —2s 9d to 2s lOd. Hurley.—Unchanged. Maize.—4s 9d.

PROPERTY SALES. A corner section at Devonport and a number of suburban homes were offered by Samuel Vaile and Sons, Limited, at auction yesterday afternoon, and wero all passed in. The Devonport property had a frontage of 126 ft. to Victoria Street and 100 ft. to Kerr Street. Bidding wus commenced at £'l3oo and ceased at £1423, when tho section was withdrawn. A bungalow and section of 32 perches 111 Shackloton Road, Mount Eden, was withdrawn at £llOO, and another homo of six rooms on a section of 2 roods 5 perches in Marama Terrace, Birkenhead, at the same future. A five-roomed liouso and section of 30.8 perches in Woodward Pouch Mount Albert, failed to attract a bid above £IOSO and was passed. A bungalow and section of 32 porches at £9OO. and another fivo-roonied dwelling and section of 1 rood nt Manurewa, at .i'.ViO, were similarly dealt with. There was 110 bid for a house in Nikau Road, Mount Eden,