THE MONEY MARKET.

New Zealand Herald, Volume LXVIII, Issue 20868, 9 May 1931, Page 5

THE MONEY MARKET.

BANK OF ENGLAND RETURN. GOLD RESERVE HIGHER. MARKET RATE UNCHANGED. (Received May 8, 5.5 p.m.) LONDON, May 7. The Bank of England return for the week ended May 6 is as follows: ISSUE DEPARTMENT. Notes issued:— Govt, debt £11,015,100 In circu- Other Govt, lation £356,217,211 securities 232,950,230 In bank- Olhersccu- , ingdept. 51,288,803 rities .. 11,942,871 Silver coin 4,091,793 *£200,000,000 Gold coin & bullion 147,500,074 £407,500,074 £407,506,074 •Amount of fiduciary issue. BANKING DEPARTMENT. Capital .. £14,553,000 Govt, secuRest .. 3,195,124 rities .. £34,414,681 Deposits— Advances, Public .. 5,993,939 £5,634,695 Bankers, Othersecu£sß,s72,oso * "t^ 3 . Other acs., £25,523,023 31,158,318 £35,511,635 94,083,685 Notes .. 51,288,5G3 Seven day, ur )'' ... etc., bills 7,557 silver com 9/6,440 £117,838,305 • £117,538,305 The principal items of the above return compare as follows with those for last week, the proportion of tho reserve being shown in the last lino: — April 29. May 6. Deposits— ' „ „„„ Public .. .. £17,678,342 £5,998,939 Bankers . . 48,923,885 58,572,030 Other accounts . 37,029,198 35,511,635 £103.631,425 0100,082,624 Securities— i Government . . 31,089,684 34,414,681 Advances, etc. . 7,198,173 5,634,695 Other .. . . 25,616,738 25,523,623 Resorve • • • . 57,412,512 52,265,303 Note circulation . 349,814,861 356,217,211 "Coin and bullion 147,227.376 148,482,514 Proportion . . 55.30 52,20 ♦May 7, 1930: £164,502,391. 1931: Maximum, May 6, £148,482,514; minimum, January 28, £140,'151,236. SHORT LOANS AND BILLS. The Bank of England rate of discount is 3 per cent., to which it was reduced on May 1, 1930, from 3£ per cent. Short loans are quoted at 2 per cent., same as last week. The market rato of discount for best three months' bills is 2 9-16 per cent., .same as last week.

CONSOLS AND COLONIAL STOCKS. The following table gives quotations for consols and colonial inscribed stocks, compared with those of April 30:— Varia-

NEW YORK CALL MONEY. NEW YORK, May 7. Call money was at li per cent, all day.

AMERICAN BANK RATE. REDUCTION TO 1£ PER CENT. NEW YORK. May 7. Tho New York branch of tho Federal Reserve Bank has reduced the rediscount rate from 2 per cent, to 1J? per cent., which is the lowest rate in tho history of tho Federal Reservo Bank. FOREIGN EXCHANGES. STRENGTH OF STERLING. The following rates Gn foreign exchanges are current to-day, compared with tho cabled quotations on May 5 and P Qr " Mny 7. May 6. Par. Montreal, dol .. 4.BGJ 4.86 19-32 4.866 New York. dol. . 4.665 486 9-32 4.866 Pnrin fr .. 124.40 124.330 Brussols, belga .. 34.985 34.96 35.00 Geneva fr .. 25.255 25.24 20.22 Amsterdam, fl. .. 12.103 12.10J 12.1.0 Milan, liro .. 92.925 92.865 92.46 Berlin, rm. .. 20.425 20.425 20.43 Stockholm, kr. .. 18.14 8.145 8.159 Oslo kr. .. 18.165 18.105 18.159 Copenhagen, kr. . 18.165 '8.103 If'iq? Vienna, sch. .. 34.57 fL, oi'no Prnpno kr 1041 IG4 24.0 a; sSforß, mark 193}, 1931 192 23 Madrid, pes. .. 40.80 ii Lisbon, escu. .. 108.25 108.25 4} Athens, dr. _ .. 375 37a n-°oo? Bucharest, lei. .. 817 817 rd'noj Rio de Janeiro, mil. 3 7-32 31 Buenos Aires, dol. 348 35 7-16 Montevideo, dol. 31 31{ fZj Calcutta, rupee . 17 27-32 17 27-32 18d Rliamrhni, tnel .. TfonKkonß, dollar 11} Hi ni Toj Yokohama, yon .. 21 13-32 24 13-32 24.5 fid Balavia. fl. .. 12.11 12.10

HENRY JONES CO-OPERATIVE. INTERIM DIVIDEND REDUCED An interim dividend of 6d a Bhare has been declared by the directors of the Henry Jones Co-operative, Limited. The dividend will be payable on June 1. This is a feductoon of 3d a share on the interim dividend paid last year. For 1928 and 1929 tho company paid a total dividend for each year of 10 per cent, but, although the usual interim dividend of 9d a share was paid in June of last yCar, the final dividend was reduced, making 7£ per cent, for tho year. " WELLINGTON GAS COMPANY.\ NEW ISSUE OF DEBENTURES. [BY TELEGRAPH. —PRISSS ASSOCIATION.J WELLINGTON, Friday. At a general meeting of shareholders in the Wellington Gas Company, Limited, authority was granted for the issue of £350,000 of mortgage debenture stock,

Tho company has an issue of approxi mately £200,000 6$ per cent, debentures maturing in October of this year and tho now issue will replace these. The company intends to offer per cent, on tho new -issue.

LONDON TALLOW. MARKET. The New Zealand Loan and Mercantile Agency Company, Limited, has received the following cablegram from London : Nominal quotations for tallow are: Fine melted, 23s a cwt.; good beef, 235; mixed beef, 22a.

Price. tion. £ s d fl d Consols, 2i per cent. . . 59 2 6 12 Gt Funding Loan, 4, 1960-90 95 0 0 12 6t War Loan, 5, 1929-47 . . 103 5 0 10 Ot Conversion Loan, 3J 82 97 0 0 10 Ot Victory Bonds, 4 0 0 7 6t Com'wealth, 5, 1945-75 . 68 10 0 35 0* C'om'wealth, 6, 1931-41 . 79 10 0 ' 25 0* Victorian, 3. 1929-49 49 0 0 20 0* 90 Ot 60 Ot Victorian, 35, 1929-49 52 0 0 Victorian, 5i, 1930-40 78 0 0 Victorian, 5, 1932-42 61 15 0 25 0* Victorian, 4J, 1940-00 62 0 0 GO 0* N.S.W., 4, 1933 GO 0 0 100 0* N.S.W.. 3, 1935 . . 51 10 0 110 0* N S.W., 35, 1930-50 41 0 0 80 0* K S W., 51, 1922-33 70 10 0 47 6* N S.W., fit, 1930-40 65 0 0 >00 0" N.S.W., G. 1930-40 61 0 0 80 0* Queensland. 5, 1940-60 . . 59 0 0 50 0* Same. Queensland, 3, 1S22-47 50 0 0 Queensland, 6, 1930-40 . 75 0 0' 80 0* New Zealand, 41, 1943-58 . 89 5 0 5 0* 7 6* Now Zealand, 3j, 1940 . . 86 10 0 New Zealand, 3, 1915 . . 77 5 0 12 6* 17 6* Now Zealand, G, 19HG-61 102 0 0 R. Australia. 31, 1939 . . 65 0 0 Sams. fv Australia. 3. '16 or after 41 0 0 80 0* S. Australia, 6i, 1930-40 . 80 0 0 Same. Tasmania, 31. 1920-40 . . GO 0 0 Same. 100 ot Same. CO 0* Same. Tasmania, 3, 1920-40 . Tasmania, 6!, 1930-40 . . GO 82 0 0 0 0 W. Australia, 35, 1929-35 G2 0 0 W. Australia, 3, 1915-35 . 69 0 0 W Australia, G, 19)0-40 76 0 0 M0 0* f Uicher. "Lower.