THE MONEY MARKET.

New Zealand Herald, Volume LXVIII, Issue 20862, 2 May 1931, Page 7

THE MONEY MARKET.

BANK OF ENGLAND RETURN.

GOLD RESERVE HIGHER. MARKET RATE STEADY. (Received May 1, 5.5 p.m.) LONDON. April 30. The Bank of England return for the week ended April 29 is as follows: ISSUE DEPARTMENT. Notes issued:— Govt, debt ,£11,015,100 In circu- Other Govt. lation £349$ 14,864 securities 231,449,879 In bank-' Other seeming dept. 56,404,700 rities .. 13,441.716 Silver coin 4,093,305 *.£260,000,000 Gold coin & bullion 146,279,564 £406,279,561 £406,279,56-1 •Amount of fiduciary issue. BANKING DEPARTMENT. Capital .. £14.553,000 Govt, secuKest .. 3,159,809 ritics .. £31,059,654 Deposits— Advances, Public .. 17,678,342 £7,198.173 Bankers, Other 5ecui'48,923,855 rities, Other acs., £25,616,738 32,844.911 £37,020,198 50,953,083 Notes .. 56,464,700 Seven dny. Gold and etc., bills 2,873 silver coin 947,812 A' 121,347.107 £121,347,107 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:— April 22. April 29. Deposits— « Public • . . . £13,864,073 £17,678,342 Bankers . . 54.784.701 48,923,885 Other accounts . 35,403,114 37,029.198 £101,051,888 €103,631,425 Securities— Government . . 30,949,684 31,089,684 Advances, etc. . . 5,981,870 7,198,173 Other . . ... 26,499,854 25,646,738 Reserve . . . . 58,295,466 57,412,512 Note circulation . . 348/144,248 349,814,864 *Coin and bullion 146,739,714 147,227,376 Proportion . . 56.C0 55.30 * April 30, 1930, £164,283,793. 1931: Maximum. April 29, £117,227,376; minimum, January 28, £140,151,236. SHORT LOANS AND BILLS. Tho Bank of England rate of discount is 3 per cent., to which it was reduced on May 1 from 3j per cent. Short loans are quoted at 2 per cent., same as last week. The market rate of discount for best three months' bills is 2 9-16 per cent., same as last week. FOREIGN EXCHANGES. British Wireless. RUGBY, April 30. Tho following rates on foreign exchanges aro current to-day, compared with the cabled quotations on April 28 and par:—

CONSOLS AND COLONIAL STOCKS. The following table gives quotations for consols and colonial inscribed stocks, compared with those qf April 23:

■lHighor, 'Lower. The "War Loan is quoted ex dividend. NEW YORK CALL MONEY. NEW YORK, April 30. Call money was at li per cent, all day. CANADIAN LOAN. LONG-TERM CONVERSION ISSUE. OTTAWA, April 30. The Prime Minister, Mr. R. B. Ben-." nett announced to-day that the Government is preparing plans for a new longterm conversion loan, for the conversion of part of all issues which will mature between now and 1934. It is understood that the loan will be of about £50,000,000 at 4i per cent. The bonds, which will come due in the next four years, total more than £200,000,000.

CANTERBURY MARKETS

FIRM DEMAND FOR WHEAI

[by teleghafjl.—press association.] CHRISTCHURCH, Friday.

The wheat market has a firm tone. "Free" wheat has practically been disposed of, and millers have extended their limits somewhat in order to secure good quality lines. The quotation for Tuscan is 5s 5d to 5s a bushel, on trucks. Fowl wheat for prompt delivery is quoted at 5s 3d a bushel, f.o.b.', sacks extra. No quotations are being given for spread deliveries. The potato market is quiet. The quotation on trucks to farmers is £2 10s a ton, and for prompt shipment 70s to 72s 6d, f.0.b., sacks included. The quotation for July-August-September delivery is 80s, f.0.b., sacks included. Prices of bran and pollard have been reduced to meet Australian competition. Bran is qnoj.ee! at £5 a ton,, f.0.b., local, ,-nid £4 shipping; pollard is £5 10s and £4. The values represent a drop of 10s a ton in the case of bran and 15s a ton in the caso of pollard. RABBITSKIN PRICES. DUNEDIN SALE. Tho Dunedin fortnightly, rabbitskin sales have now been resumed. The quality of the skins coming to hand is rapidly improving, and all grades from early autumns upwards are meeting will, keen competition and bringing comparatively pood prices. From now on skin- should bo well worth wb'le sending to auction. The following the range of prices at this week's sale:—Summer second . broken, fiid to 6Jd; autumn broken, lljd to 12} d; runners and suckers, 9d to IOJd- summers, 8d to Sid; light rarks, IGld to 163 d; prime racks, 14d to 14 Jd; dnwny autumns, 18d to 3S?d: early autumns, 98d to 29Jd; autumn, 33d to 36d; second incoming. ClltJ to 23d : incoming winter. 43d to 4o}d; milky, fid to lid; fawn, 24d to 34d; summer black, lOd to 12d; autumn black, 24d to 2Gd; hareskins. B}d to PJd; horsehair, 12d. ]

April 30. April 28. L'ar. Montreal, dol. .. 4.SG 11-10 4.86} 4.8G6 New York, dol. . 4.86 7-16 4.805 4.806 Paris, fr. 124.4-15 124.445 124.21 Brussels, belga .. 3-1.965 34.95 35.00 Geneva, fr. Amsterdam, fl. .. 25.25 25.255 25.22 12.09} 12.09^ 12.10 Rome, lire 92.985 92.885 92.46 Berlin, r.ru. 20.425 20.415 20.43 Stockholm, kr, .. 18.145 18.145 13.159 Oslo, kr. 18.105 18.105 18,159 Copenhagen, kr. . 18.165 18.165 18.159 Vienna, seh. Prague, kr. 3-1.505 34.505 34.585 164} 164} 21.02 Helsingfors, mark 193} 193 J 192.23 Madrid, pea. 46 47.4 25.225 Lisbon, escu. .. 108.25 108.25 Athens, dr. 375 375 375.00 Bucharest, lei. .. 817 817 25.225 Rio de Janeiro, mil. 3 9-10 3f 5.899d Buenos Aires, dol. 30 5-16 35 7-10 47.57d Montevideo, dol. 32} 32} 47.57d Calcutta, rupee . 17 13-1G 17 13-10 lSd Shanghai, tael .. 351 153 Hongkong, dollar 115 11} Yokohama, yen . 24 13-32 24 13-32 24.58(1 Batavia, fl. — 12.12} 12.10

Price. Variation. Consols, 2} per cent. .. £ B d 8 d 53 10 0 10 01 Funding Loan, 5, 1SG0-90 94 7 6 17 6t War Loan, 5, 3 029-47 .. Conversion Loan, 3i 102 15 0 40 0* 81 10 0 20 Ot Victory Bonds, 4 96 12 6 2 6t Com'wealth, 5, 1945-75 70 5 0 10 ot Com'wealth, 6, 1931-41 •80 15 0 35 Ot Victorian, 3. 19G0--19 so 0 0 no o+ Victorian, 3J, 1929-49 . . 47 10 0 130 0* Victorian, 5i, 1930-40 .. 75 0 0 140 0* Victorian, 5. 1932-42 63 0 0 20 Ot Victorian. 4 J, 1940-G0 .. Go 0 0 Same. N.S.W., 4, 1933 65 0 0 50 0* N.S.W., 3, 1935 60 0 0 Same. N.S.W.. 3*. 1930-50 45 0 0 Same. X.S.W., of, 1922-32 72 17 6 17 Gt N.S.W., GJ, 1930 40 75 0 0 80,0* N.S.W., ' G, 1930-10 G5 0 0 120 0* Queensland, 5, 19I0-G0 .. 61 10 0 70 0* Queensland, 3, 1922-47 .. 50 0 0 40 0+ Queensland, 6, 1930-40 .. 79 0 0 20 Ot New Zealand, 41. 1918-58 89 10 0 15 0* New Zealand, 3$, 1910 86 17 6 5 0* New Zealand, 3. 1945 .. 77 17 6 5 0* New Zealand, 6, 1936-51 102 17 6 62 Gt S. Australia, 35. 1939 .. 65 0 0 Same. S. Aus., 3. 101G or after 45 0 0 100 Ot S. Australia. 05. 1930-40 . 80 0 0 CO 0* Tasmania, 3J, 1920-10 60 0 0 170 0* Tasmania, 3, 1920-40 '55 0 0 Same. Tasmania; 61, 1930-40 .. 82 0 0 10 Ot V. Australia, 3{, 1929-35 65 0 0 37 6t W. Australia, 3. 1915-35 . 69 0 0 Same. \V. Australia, 6, 1930-40 S3 0 0 40 Ot