THE MONEY MARKET.

New Zealand Herald, Volume LXVIII, Issue 20988, 26 September 1931, Page 5

THE MONEY MARKET.

BANK OF ENGLAND RETURN. GOLD RESERVE LOWER. MARKET RATE RAISED. (Received September 25, 5.5 p.m.) LONDON. Sept. 24 The Bank of England return for the week ended September 23 is as follows : ISSUE DEPARTMENT. Notes issued:— Govt, debt £11,615.100 In circu- Other Govt. lation £352,673,537 securities 227.829,857 In bank- Other secuins dept. 55,952.384 ritius ~ 32,112,936 Silver coin 4,042,107 *£275,000,000 Gold coin &. bullion 133,627,921 £408.1327,921 £408,627,921 •Amount of fiduciary issue. BANKING DEPARTMENT. Capital . £14,553,000 Govt, secuRest .. 3,743,639 rit-es .. £60,175,906 Deposits— Advances, Public .. 23,018,048 £13,5.79.165 Bankers,. Other 5ecu£64.915,0C0 rities. Other aca.. £26,141.408 39.720.573 £50.902.913 115,877,975 Note 3 55.952,384 Seven day, Gold! and etc., bills 1.905 silver coin 1.345.707 £157.194,570 £157.19-1,570 The principal items of the above return campare as follows with those for last week, the proportion of the reserve being shown in the last line: — Deposits— Sept. 16. Sept. 23. Public . . . . £16.773,643 £23.018,048 Bankers • . . " 58,437,169 64.915,060 Other accounts . 50.458.55f-! 50,962,918 £125.669,371 2133,896,026 Securities — Government . . 49.390,906 30,173.906 Advances, etc., . 8.320,794 13,579.165 Other -• .. 25,737,831 26,141,403 Reserve • • . . 60,262,683 57,298,091 Nate circulation .. 351,617,567 352,675,537 •Coin and bullion 136,880.252 134.973.628 Proportion . . 45.00 41.20 •September 24. 1930. £157,427,240. 1931: Maximum, July 8, £165,810,946; minimum, August 12,' £132^54,228. SHORT LOANS AND BILLS. The Bank of England rate of discount is 6 per cent., to which it was raised on September 21 from per cent. Short loans are quoted at 5 per cent., compared with 3£ per cent. last week. The market rate of discount for best months' bills is 5 9-16 per cent., as compared with 4 9-32 per cent. last week. CONSOLS AND COLONIAL STOCKS. The following table gives quotations for consols and colonial inscribed stocks, compared with those of September 17: —

THE PRICE OF GOLD. Gold is quoted nominally at 103s 5d per oz. NEW YORK CALL MONEY. NEW YORK, Sept. 24. Call money was at per cent, all day. HEAVY FALL OF STEELING. FOREIGN EXCHANGE RATES. DISCOUNT OF 20 PER CENT. (Received September 24, 5.30 p.m.) British Wireleaa. RUGBY, Sept. 24. The following rates on foreign exchanges are current to-day, compared with the cabled quotations on September 17 and pax - : —

The latest quotations, representing the state of the foreign exchanges on the fourth day since the suspension of the gold standard, display a profound movement against sterling in nearly all the important centres. On September 17, the Canadian dollar was at a discount; the next five quotations on the list were all against the pound. Sterling is now at a discount of 13 per cent, in the Montreal quotation, nearly 20 per cent New York, 21 per cent. Paris and Brussels and 22 per cent. Geneva. The premium in the Dutch quotation has fallen to a discount of 11 per cent., while in terms of German marks, the pound is at a discount of nearly 17 per cent. Exchange with Denmark has fallen to a discount of less tha.n 4 per cent. There has beeq on 'y a slight movement also in the three South American quotations, currencies which were already * heavily depreciated. SOUTH AFRICAN EXCHANGE. i CABLE TRANSFERS AT PAR. CAPETOWN. Sept. 24 Drafts on England were quoted at a premium of 10 per rent, for two hours yesterday which was cancelled during the activity of speculators. Busi- ! ness was transacted to-day at par. NEW PRIVATE COMPANIES. REGISTRATIONS IN AUCKLAND. The following private companies have been registered in Auckland:— Mannings Pharmacies, Limited. Hamil ton, retail chemists and druggists, etc. Capital, £3600. in £1 shares. Subscribers: Hubert'R. Fall well, 3590 shares; Samuel C. Fallwell. 10 shares. R. Walton, Limited, boot and shoe manufacturers, general merchants and importers, etc. Capital, £I3OO, in £1 shares. Subscribers: Harold Walton, 924 shares; Robert H. Walton, 545 shares; Arthur M. Walton, 231 shares; Robert B. Scott, 100 shares.

V ariaPrice. tion. £ 3 d s d Consols. 24 per cent. . . 53 10 0 SO 0* Funding Loan, 4. 1360-90 84 0 0 153 6" War Loan, 5, 1329-47 .. 94 10 0 105 0" Conversion Loan, oi 72 0 0 122 6* Victory Bonda, 4 90 0 0 62 6* Com'wealth, 5, 1945-75 . , 63 10 0 60 0* Com'wealth, 6. 1331-41 . . 74 0 0 30 0* Victorian, 3. 1929-43 50 0 0 Same. V ictorian, 3*1, 1929-49 . . 40 0 0 ISO 0* Victorian, 5i, 1930-40 68 0 € 140 0* Victorian, 5, 1932-4:2 . . 70 0 0 Same. Victorian. 41, 1940-60 . • 52 0 0 160 0* N.S.W., 4, 1933 . . 71 0 0 160 0+ y.S.W., 3. 1935 . . 55 0 0 20 0+ -V.S.W., 3K 1930-50 52 2 6 162 6f N.S.W.', 5L 1922-52 74 0 0 40 0* NjS.W., 6J, 1930-40 70 0 0 60 0* N.S.W.. 6, 1930-40 71 0 0 80 0* Queensland, 5, 1940-60 . . 58 0 0 40 0" Queensland, 3, 1922-47 .,. 48 0 0 100 0+ Queensland, 6, 1930-40 . . SO 0 0 40 0+ Xew Zealand. 4&. 1948-58 . 83 0 0 85 0* Xew Zealand. 3i, 1940 . . 79 0 0 60 0* New Zealand, 3, 1945 64 0 0 170 0* Xew Zealand. 6, 1936-51 . . 95 0 0 102 6* S. Australia, 3 V. 1939 . _ 61 G0 100- 0+ S. Aust., 3. 1916 or after 43 0 0 Same. S. Australia, 6*. 1930-40 , . 80 0 0 Same. Tasmania, 3}, 192Q-40 55 0 0 Same. Ta.sm.mia, 3. . . 55 0 0 1C0 0" Tasmania, 61, 1930-40 .. 70 0 0 300 0" W. Australia, 3 J ; , 19'29-35 . 69 5 0 5 0* W. Australia, 3, 1915-35 .. 60 0 0 100 0* TV. Australia. 6. 1930-40 .. 75 0 0 100 C 'Lower.

Sept. 24. Sept. 17. Par. Montreal, dol. .. 4.23 4.91 4.866 New York, dol. . 3.535 4.86 4.866 Paris, fr. 98.50 123.365 124.21 Brussels, belga .. 27.50 34.945 35.00 Genera. fr. 19.50 24.896 25.22 • Amsterdam, fL .. 9.75 12.04 i 12.1-0 *| Milan. lire 75.50 92.905 92.46 Berlin, r.m. ir 20.595 20.43 Stockholm, kr. 15.50 IS. 16 18.159 Oslo, kr. 17.30 lS.lJ^S 18.159 Copenhagen,kr. . 17.50 18.185 18.159 Vienna, sch. 32 34.58 34.585 Prague, kr. 140 164 i 24.02 Helsingfors, mark 175 193 i 129.23 Madrid, pea. 43.50 53.65 25.225 Lisbon, escu. 110 110 4J Athens, dr. 337.50 375 375.00 Bucharest, lei. .. 725 817 25.225 Rio de Janeiro, mil. 3i 3 1-32 5.399d Buenos Aires, dol. 32 291 47.57d Montevideo, dol. 22 21 i 47.57d Bo mbay,_ rupee .. * 17 i ISd Shanghai, tael .. i-t Wi- — Hongkong, dol. .. 1:2 i lli — Yokohama, yen . 28} 24 13-32 24.58d Batavia, d. — 12.042 12.10 * Nominal.