THE MONEY MARKET.

New Zealand Herald, Volume LXVIII, Issue 20970, 5 September 1931, Page 7

THE MONEY MARKET.

BANK OF ENGLAND RETURN. GOLD RESERVE HIGHER. MARKET RATE REDUCED. (Received September 4, 5.5 p.m.) LONDON, Sept. 3. The Bank of England return for the week elided September 3 is as follows: — ISSUE DEPARTMENT. Notes issued:— Govt. debt.£ll,ols,loo In circu- Other Govt. lution £354,975,935 securities 257,091,879 In bank- Other secuing dept. 54,3G0,§55 rities .. 2,798,451 Silver coin 4,091,570 *£275,000.000 Gold coin & bullion 134,330,490 £409.336,490 £409,336,490 'Amount of fiduciary issue. BANKING DEPARTMENT. Capital .. £14,553,000 Govt, secuRest .. 3,699.020 rities .. £53,735,90G Deposits— Advances, Public .. 12,925,140 £7,261,693 Bankers, Other 5ecu£60,351,516 nt'.es. Other acs., £26,678,302 33.939,995 £51,837,730 112,189.246 Notes .. 54,360,555 Seven day, G°ld and etc., bills 1.987 silver coin 1,331,937 £143,308,393 £143.368,393 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: — Deposits— Aug. 26. Sept. 3. Public .. .. £26,823,458 £12,925,140 Bankers . . 53,593,207 60,351,516 Other accounts . 48,707,055 51,837,730 £128,624,620 £125,114,386 Securities— Government .. 50,175,906 53,735,906 Advances, etc. ~ 9,296,455 7,261,693 Other . , .. 28,052,020 26,678.302 Reserve . • . . 59,334,180 55,692,492 Note circulation . 350,310,627 354,975,935 "Coin and bullion 134,644,807 135,668,127 Proportion . . 46.10 44.50 "September 3, 1930, £155,521,528. 1931: Maximum, July 8, £165,810,946; minimum, August 12, £132,854,228. SHORT LOANS AND BILLS. The Bank of England I'ate of discount is 4£ per cent., to which it was raised on July 30 from 3£ per cent. Short loans are quoted at 3£ per cent., same as last week. The market rate of discount for best three months'hills is 4 7-32 per cent., as compared with 4 9-16 per cent, last week. FOREIGN EXCHANGES. The following rates on foreign exchanges are current to-day, compared with the cabled quotations on September 1 and par:— Sept. 3. Sept. 1. " Par. Montreal, dol. 4.88 7-16 4.8713-16 4.8G6 New York, dol. . 4.861 4.86 5-32 4.866 Paris, fr. .. 123.955 123.971 124.21 Brussels, belga .. 34St 3-1.88 35.00 Geneva, fr. .. 24.95 24.97 25.22 Amsterdam, fl. ~ 12.065 12.051 12.10 Milan, lire 92.955 92.925 92.46 Berlin, r.m. .. 20.525 20.505 20.43 Stockholm, kr. .. 18,15| 18.16 18.159 Oslo, kr. .. 19.37$ 18.175 18.153 Copenhagen, kr. . 18.18 18.175 18.159 Vienna, ach. .. 34.6 34.6 34.585 Prague, kr. .. 1641 1641 24.02 Helsingfors, mark 193 193 3-16 129.23 Madrid, pes. .. 63.85 53.65 25.225 Lisbon, escu. .. 110 110 4J Athens, dr. .. 375 375 375.00 Bucharest, lei. .. 817 817 2'5.225' Rio de Janeiro, mil. 3 1-16 3 1-32 5.899 d Buenos Aires, dol. 31 11-16 313 47.57 d Montevideo, dol. 22 22 47.57 d Bombay, rupee .. 17} 17J 18d Shanghai, tael .. 141 141 Hongkong, dol. ..11l 71 Yokohama, yen . 24 13-32 24 13-32 24.58 d CONSOLS AND COLONIAL STOCKS. The following table gives quotations for consols and colonial inscribed stocks, compared with those of August 27: VariaPrice. tion. £ad s d Consols 21, per cent. . , 57 0 0 23 9* Funding Loan, 4, 1960-90 91 15 0 17 6* War Loan, 5, 1929-47 .. 100 15 0 5 Ot Conversion Loan, 31 . . 78 5 0 15 0* Victory Bonds, 4 . . 92 0 0 17 6* Com'wealtb, 5. 1945-75 . . 71 15 0 7 6* Corn-wealth, G, 1931-41 . . 81 10 0 15 0* Victorian, 3, 1929-49 . . 50 0 0 Same. Victorian, 31. 1929-49 . . 49 5 0 5 0t Victorian, 51. 1930-40 . . 75 0 0 40 0* Victorian, 5, 1932-42 . . 64 17 6 32 6* Victorian, 4f, 1940-60 . . 68 0 0 Same. N.S.W., .4, 1933 . . 68 0 0 40 Ot K.SAV., 3, 1933 . . 58 15 0 55 0* N.S.W., 31, 1930-50 . . 55 0 0 80 Ot N.S.W., s}, 1922-32 . . 77 10 0 35 0* N.S.W., 61, 1930-40 . . 75 0 0 70 0* N.S.W.. 6, 1930-40 . . 75 15 0 15 Ot Queensland, 5, 1940-60 . . 65 0 0 30 0* Queensland. 3, 1922-47 .. 50 0 0 160 0* Queensland, 6, 1930-40 .. 79 0 0 215 0* New Zealand, 4}, 1948-58 79 5 0 New Zealand, 31, 1940 . . 83 10 0 15 0* New Zealand, 3, 1945 . . 74 10 0 20 0* New Zealand, 6, 1930-51 . 101 0 0 10 0* S. Australia, 31, 1939 . . 56 0 0 15 0* S. Aus., 3. 1916 or after 43 0 0 80 Ot S. Australia. 6}. 1930-40 79 0 0 140 0* Tasmania, 35, 1920-40 . . 59 10 0 Same. Tasmania, 3, 1920-40 ~ 55 0 0 Same. Tasmania, 6}, 1930-40 . . 85 0 0 Same. W. Australia, 31, 1929-35 74 10 0 Same. W. Australia, 3. 1915-35 62 10 0 50 Ot W. Australia, fi, 1930-40 83 0 0 Same. +Higher. 4 Lo\ver. Consols, Victorian 8} and 5 per cents., New South Wales 3 per cents., Queensland 5 per cents, and New Zealand 3 per cents, are quoted ex dividend. NEW YORK CALL MONEY. NEW YORK, Sept. 3. Call money for renewal was at 1£ per cent, to-day. MILBURN LIME AND CEMENT. DIVIDEND MAINTAINED. [BY TELEGRAPH. —OWN CORRESPONDENT.] DUNEDIN, Friday. The annual report of the "directors, of the Milburn Lime and Cement Company, Limited, states that the profit and loss account, after writing off depreciation and making provision for incomo tax for the current year, shows a credit balance of £26,133, including £3002 brought into the accounts from tho previous year. An interim dividend of 3f per cent, was paid in March, amounting to £7500, leaving it balance of £18,633 to be dealt with. The directors recommend that this balance should be appropriated as follows:—To reserve account, £1000; to employees' provident fund, £1000; to doubtful debts reserve, £1500; to payment of dividend for the six months ended July 31 of per cent., £12,500: and to carry forward tho } balance, £2633. j

The company's net profit of £23,131 compares with £21,904 for the previous year. Dividend is at the same rate, namely, 10 per cent, for the year. CANTERBURY MARKETS. POTATOES STILL LOWER. [BY teleoraph.—-PRESS ASSOCIATION*.'] CERISTCHURCH, Friday. It would seem that potatoes at 35s a ton, sacks and rail included, could not go any lower, but to day they were dealt in at 32s 6d. Farmers are being paid 17s 6d a ton, but sacks are included, so the net price, with sacks at 5d each, ia approximately 13s n ton. Nobody in the trade can remember such prices. The North Island is receiving all the potatoes it noeds from consignments. Good milling wheat is scarce. Fowl feed has been sold at 5s f.o.b., s.e. Oats, chaff and small seeds are attracting little attention, although small business in seeds is taking place for spring sowing. SHEEPSKIN SALES. Dalgety and Company, Limited, hns received the following cablegram from its London house, dated September 3:—At tlie sheepskins sales there \v(is a fair attendance and a very poor demand. # As compared with closing rates of last series, prices were 15 per cent, lower on the average when Bold. About 80 per cent,, was withdrawn at bids 20 ner cent, to 25 per cent, lower as compared with the last sale.