THE MONEY MARKET.

New Zealand Herald, Volume LXVIII, Issue 20982, 19 September 1931, Page 7

THE MONEY MARKET.

BANK OF ENGLAND RETURN. GOLD RESERVE LOWER. MARKET RATE STEADY. (Received September 18, 5.5 p.m.) LONDON, Sept. 17. The Bank of England return for the week ended September 16 is as follows: — ISSUE DEPARTMENT. Notes issued:— Govt, debt £11,015,100 In circu- Other Govt. lation £351,617,507 securities 250,120.041 In bank- Other secuing dept. 58,950,185 rities . . 9,810,875 Silver coin 4,053,984 *£'275,000,000 Gold coin & bullion 135,573,752 £'410,573,752 £410.573,752 •Amount of fiduciary issue. BANKING DEPARTMENT. Capital .. £14,553,000 Govt, secuRest .. 3,537,917 rities .. £49,390,906 Deposits— Advances, Public .. 10,773,6-19 ,£8,320,794 Bankers. Other 5ecu£58,4.37,109 rities, Other acs„ C 25.757.831 34.105.025 £50,458,550 108,895,725 Notes . . 58,950,18 a Seven day. Gold and etc., bills 1,925 silver coin 1,300,500 £143.762,216 £143,762,216 Tho 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— Sept. 10. Sept. 17. Public . . . . £21.807,574 110,773,649 Bankers . . . 54,645.471 58,437.169 Other accounts . 50,532,945 50,458,550 £127,185,993 £125,669,374 Securities— Government .. 51,145,900 49,390,906 Advances, etc. .. 8,291,359 8,320,794 Other . . . . 27,742,581 25,787,831 Reserve • ■ . • 58,275,580 60,262,685 Note circulation . 353,930,664 351,617,567 ♦Coin and bullion 137,206.244 ■ 136,880.'252 Proportion . . 45.80 48.00 ♦September 10, 1930, £156,573,751., . 1931: Maximum, July 8, £165,810,946; minimum, August 12, £132,854,228. SHORT LOANS AND BILLS. The Bank of England rate 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., compared with 33 per cent, last week. The market rate of discount for best three months' bills is 4 9-32 per cent., same as last week. FOREIGN EXCHANGES. The following rates on foreign exchanges are current to-day, compared with the cabled quotations on September 15 and par:— Sept. 17. Sept. 15. Par. Montreal, dol. .. 4.91 4.90S 4.860 New York, dol. . 4.86 4.86 1-16 4.866 Paris, fr. .. 123.965 1 23.97 1 24.21 Brussels, belga .. 34.945 34.95 35.00 Geneva, fr. .. 24.895 • 24.91 25.22 Amsterdam, fl. .. 12.041 12.045 12.10 Milan, lire .. 92.905 92.905 92.46 Berlin, r.lll. .. 20.595 20.645 20.43 Stockholm, kr. .. 18.16 18.156 18.159 Oslo, kr. .. 18.185 18.18 18.-159 Copenhagen, kr. . 15.185 Vienna, sch. .. 31.58 in.6 34.585 Prague, kr. .. 104 i 104 24.02 Helsingfors, mark 1931 193 129.23 Madrid, pes. .. 53.05 53.9 25.225 Lisbon, escu. .. 110 110 4 = Athens, dr. .. 375 375 375.00 Bucharest, lei. .. 817 810 25.225 Rio de Janeiro, mil. 3 1-32 3 1-32 5.899 d Buenos Aires, dol. 293 29S 47.57(1 Montevideo, dol. 21} 211 47.57 d Bombay, rupee .. 17? 17, 18d Shanghai, tnel . 143 14 5 Hongkong, dol. .. 11.' 11, Yokohama, yen . 24 13-32 24 13-32 24.58 d Batavia, fl. .. 12:045 12.04J 12.10 CONSOLS AND COLONIAL STOCKS. Tho following table gives quotations for consols and colonial inscribed stocks, compared with those of September 10: — VariaPrice. tion. £sd s d Consols, 2J per cent. : . 57 10 0 30 01 Funding Loan, 4. 1900-90 91 12 0 27 01 War Loan, 5, 1929-47 . . 09 15 0 10 0* Conversion Loan, 3J . 78 2 6 17 Ot Victory Bonds. 4 . . 93 2 6 25 Ot Com'wealth, 5, 1945-75 . . 60 10 0 70 0" Com'wealth. 6. 1931-41 . . 75 10 0 70 0* Victorian, 3, 1929 19 . . 50 0 0 Same Victorian, 31, 1929-19 . . 49 0 0 80 0" Victorian, s{, 1930-40 . . 75 0 0 120 Ot Victorian. 5. 1932-42 . . 70 0 0 100 0* Victorian. 4.'. 1910-60 . . 60 0 0 160 0* N.S.W., 4, 1933 . . 63 0 0 30 0* N.S.W., 3. 1935 . . 54 0 0 20 0* NS W 3}, 1930-50 ..4 1 0 0 20 0' N.S.W., 51. 1922-32 . . 76 0 0 20 0' NSW., 6J, 1930-40 . . 73 0 0 30 0" N.S.W.. 6. 1930-40 . . 75 0 0 5 0* Queensland, 5, 1910-60 . . 60 0 0 10 0* Queensland, 3, 1922-47 . . 43 0 0 10 0" Queensland. 6, 1930-40 . . 78 0 0 Same New Zealand, 41. 1948-58 86 5 0 15 0* New Zealand. 31. 1910 . . 82 0 0 10 0* New Zealand, 3, 1945 . . 72 10 0 10 0 New Zealand, 6. 1936-51 . 300 2 fi 17 6* S. Australia. 31. 1939 . . 56 0 0 Same S Aus 3. 1916 or after 43 0 0 Same S'. Australia. 6\. 1930-40 . 80 0 0 80 0t Tasmania. 35. 1920-40 . . 55 0 0 50 0* Tasmania, 3. 1920-40 . . 60 0 0 100 01 Tasmania. 64. 1930-40 . . 85 0 0 40 0t W \u«tralia. 31. 1929-35 . 60 10 0 10 Of W' Australia. 3, 1915-35 . 65 0 0 Same W. Australia, fi. 1930-10 . 80 0 0 00 0 tHigher. 'Lower. NEW YORK CALL MONEY. NEW YORK, Sept. 17. Call money was at K per cent, all day. COLD FOR HOLLAND. OUTGOINGS FROM LONDON. LONDON. Sept. 17. The drain of gold to Holland is unabated. A further £500,000 worth was forwarded to-day, and there is a prospect of the same amount being sent to-morrow. The Bank of England is availing itself of the legal provision to sell only £old bars in future, not sovereigns. DANK OF ENGLAND. DIVIDEND OF 6 PER CENT. LONDON, Sept.' 17.' At the annual meeting of the Bank of England, Sir Ernest Harvey, the deputychairman, in moving tho payment of the usual dividend of 6 per cent., said that in spite of tho difficulties through which they were passing the directors hoped that when they met next year they would be in as good a position as they were now. NEW COMPANIES. SO UTHER N REGISTRATION S. The following private companies have been registered in Southern centres: — W. S. Ward find Company, Limited. New Plymouth, wholesale and retail provision merchants, etc. Capital, £2OOO. in £1 shares. Subscribers: W. S. Ward, 350 shares; Kilby and Calgher, Limited, 300 shares; J. C. Barclay, A. A. Hammond, J. Morris, H. J. Mills, J. McLean, and J. McNeill, 150 shares each; Dunbars Cash Stores, Limited, and Gadds, Limited, 149 shares each; W. T. Johnsoil and J. Hey, 75 shares each; F. E. Gadd and W. H. Fuller, 1 share each. W. T. Mathcson and Company, Limited, Invercargill, bakers and pastry cooks, etc. Capital, £2OOO, in £1 shares. Subscribers: W. T. Mathcson, 1000 shares; A. Brown, 850 shares; A. B. Martin, 150 shares. FAT SHEEP AGAIN' CHEAPER. [IIV TELEGRAPH. —PRESS ASSOCIATION.] FEILDING, Friday Prices for fat sh<jep declined at the stock sale to-day, thdugh the quality was good. Kat. wethers sold up to 17s 9(1; fat ewes, to 16s 9(1; fat lioKsets, to 14s 3d; store wether hoggets, to 10s 4d; ewe hoggets, in wool, | 13s 6d; shorn, lis lid: black-faced hoggets, I9s 8d; white-faced. 9s 10d.. Beat dairy heifers made up to £8 15a.