THE MONEY MARKET.

New Zealand Herald, Volume LXVIII, Issue 20886, 30 May 1931, Page 7

THE MONEY MARKET.

BANK OF ENGLAND RETURN. GOLD RESERVE HIGHER. MARKET RATE REDUCED. (Received May 29. 5.5 p.m.) LONDON, May 28. The Hank of England return for Hie week ended May 27 is as follows: LS SU IS DF,PART MEX T. Notes insned Govt, debt £11,015,100 In circu- Other Govt. lation X 351.859.723 securities 231,711,871 In hank- Other seating dept. 50,157,718 V io rl'l A .:? Silver coin 4,095,j01 *£'•200,000,000 Gold coin & bullion 151,017,171 £111,017.471 £411,017,171 ' of fiduciary issue. BAXK IN G DE P A HTM EXT. Capital .. £14.553,000 Govt, secuRest .. 3,222,759 lities .. £31,214,081 Di'pusits— Advances. Pul.lie .. 17,448,(310 £0,825,09(1 Bankers. Other kccu£51,700,089 rities, Other acs., £28,553,07 1 35,378,170 £33.820.494 98,581,183 Notes .. 50,157,748 Seven day, Gold and etc., bilks 5,000 silver coin 1,000,550 £123,811,158 £123,811,158 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:— Dt,POSHS - May 20. ' .May 27. Public .. £ 14,900,095 £17.448.010 Bankers .50,033.510 54.700.089 Other accounts . 34,025,853 33,820,494 £105,025,401 £100,029.799 Securities .. Government. .. 31.879,084 31.214.6bl Advances, etc. . 5.950,300 0,825,096 Other 25,889.595 28,553.074 Reserve .. .. 59,6G1,526 57,218,304 Note circulation .. 351,540,800 354,859,723 'Coin and bullion 151,205.080 152,078.027 Proportion .. 56.40 53.90 ♦May 28, 1930, £158,116,699. 1931: Maximum. May 27, £152,078,027; minimum, January 28, £140,151,230. SHORT LOANS AND BILLS. The Bank of England rate of discount is 2J; per cent., to which it was reduced on May 14 from 3 per cent. Short loans are quoted at 2 per cent., compared with 1| per cent. last week. The market rate of discount for best three months' bills is 2 1-64 per cent., as compared with 2 3-32 per cent, last week. CONSOLS AND COLONIAL STOCKS. The following table gives quotations for consols and colonial inscribed stocks, compared with those of May 21:— VariaPricc. tion. £ s. d s. d. Consols, 2} per cent . . 00 5 0 5 0* Funding Loan, 4, 1900-90 90 8 9 11 3* War Loan, 5, 1929-17 . . 102 12 0 2 Ot Conversion Loan. 31 . . 83 17 0 2 6* Victory Bonds. 4 . . 97 18 9 1 3* Com'wealth, 5, 1945-75 . 07 7 0 27 0* Cr.m'wealth, 0, 1931-11 . 77 0 0 20 0* Victorian, 3. 1929-19 . . 42 5 0 45 0* Victorian, 3S, 3929-49 . . 41 10 0 250 0* Victorian, s{, 1930-10 . . 75 0 0 Same. Victorian, 5, 1932 12 .. 55 0 0 50 0* Victorian, 4", 1910-00 . . 50 0 0 Same. N.S.W., 4, 1933 . . . 01 0 0 80 0" N.S.W., 3, 1935 . . . 54 0 0 Same. N.S.W., 3}. 1930-50 . . 40 10 0 200 0* N.S.W., sj, 1922-32 ..70 5 0 25 Ot N.S.W., 65, 19*30-40 . . 05 0 0 50 0* N.S.W., 0. 1930-40 . . GO 10 0 10 0* Queensland, 5, 1910-00 . . 50 5 0 45 0* Queensland, 3, 1922-47 . . 42 10 0 45 0* Queensland, 6, ]930-10 . . 76 0 0 40 0* New Zealand, 41, 1918-58 86 5 0 20 0* New Zealand, 3j. 1910 . . 84 5 0 15 0* New Zealand, 3, 1945 . . 74 0 0 20 0* New Zealand, 6, 1930-51 . 100 15 0 2 6* S Australia, 3!, 1939 . . 50 0 0 200 0* S. Aus., 3, 1916 or after 37 0 0 160 0* S Australia, 6], 1930-40 76 10 0 10 Ot Tasmania, 3t, 1920-40 . . 55 0 0 Same. Tasmania, 3, 1920-40 . . 58 0 0 Same. Tasmania. OJ, 1930-40 . . 77 0 0 35 0* W. Australia, 31, 1929-35 . 61 0 0 40 0* W. Australia, 3, 1915-35 70 0 0 20 Ot W. Australia. 0. 1930-10 71 0 0 15 Ot tHigher. 4 Lower. THE PRICE OF GOLD. Cold is quoted at 84s lOd per oz. NEW YORK CALL MONEY. NEW YORK. May 28. Call money was at lj- per cent, all day. FOREIGN EXCHANGES. THE PESETA WEAKER. LOXDOX. May 28. The following rates 011 foreign exchanges are current to-day, compared with the cabled quotations on May 26 and par:— May 28. May 26. Par. Montreal, dol. .. 4.86 11-16 4.86 9-16 4.866 New York, dol. . 4.80 7-16 4.5615-32 4.866 Paris, fr. .. 124.275 1 24.315 124.21 Brussels, belgiv .. 34.91 J 34.945 35.00 Geneva, fr. .. 25.16 25.15 25.22 Amsterdam, fl. .. 12.094 12.09J 12.10 Milan, lire .. 92.9-15 92.935 92.46 Berlin, r.tn. .. 20.16 20.475 #0.43 Stockholm, kr. .. 18.145 18.145 18.159 Oslo, kr. .. 18.105 18.105 18.159 Copenhagen, kr. . 18.165 18.165 18.159 Vienna, sch. .. 34.601 34.605 34.585 Prague, kr. .. 1041 104 i 2-1.02 Ilelsingfors, mark 193! 1931 192.23 Madrid, pes. .. 52.8 50.15 25.225 Lisbon, escu. .. 108.25 103.25 4£ Athens, dr. .. 375 375 375.00 Bucharest, lei. . . 817 817 25.225 Rio do Janeiro, mil. 3J 35 5.899 d Buenos Aires, dol. 33 9-10 34 3-10 47,57 d Montevideo, dol. 27 j 29 47.57 d Calcutta, rupee , 17 25-32 17 27-32 18d Shanghai, tael .. 131 14 Hongkong, dollar 111 11J , Yokohama; yen . 21 13-32 2-1 13-32 21.55 d PERPETUAL TRUSTEES. NET PROFIT OF £7OOB, [BY TELEGRAPH. —OWN CORRESPONDENT.] DUNEDIN, Friday. The forty-seventh annual report of the Perpetual Trustees and Agency Company of New Zealand states that the amount brought forward from tho previous year was £4899, from which has since been paid income tax for that year, an interim dividend of £1687 for tho-half-year ended October 31, 1930, and tho company's contribution to the staff benefit fund and the contribution to the earthquake relief fund, leaving a balance of £1574. The profit for the year just ended amounts to £7OOB, and tho available balance is £3581. The directors recommend this be dealt with as follows:—Payment of a dividend of Is 4 1-5(1 a share for the halfyear ended April 30, 1931, absorbing £1678 10s; £ISOO to the r'eservo fund; £450 to the staff benefit fund; depreciation, £217; leaving the sum of £4726 to be carried forward to next year, subject to income tax for the year just ended. Last year tho company showed a netprofit of £7913 and paid a dividend of 15 per cent. In 1929 a bonus of 2s a sharo, in addition to the 15 per cent, dividend, made the shares paid-up to 18s, of whiph 10s 6d represents bonus additions. LONDON MEAT MARKET. Dalgety and Company, Limited, has re.ceived the following cablegram from London : Frozen Meat. Prime Canterbury lamb, 281b. to 361b., 7gd; North Island, 7£dj 361b. to 421b., 6gd; second quality, 5Jd; 421b to 501b., 7d. Tho market for New Zealand lamb is firm. The demand is better, owing to warm weather. Prime Canterbury inutton, 431b. to 561b., 4|d; North Island, 4j]d; 561b. to 641b., 641b to 721b., ewes, 481b. to 641b., .3£d. The market for New Zealand mutton is very firm and tho demand is active. Pri'tno ox beef, hinds, 3d; fores, 2d. The market for New Zealand beef is nominal and (hero is no demand. English pork, 801b. to 1001b., 9d; New Zealand porkers, SOIb. to 1001b., sjd; 1001b. to 1201b , sd. The market for New Zealand pork is very dull and the demand is poor.