THE MONEY MARKET.

New Zealand Herald, Volume LXVIII, Issue 21030, 14 November 1931, Page 7

THE MONEY MARKET.

BANK OF ENGLAND RETURN. GOLD RESERVE HIGHER. AUSTRALIAN' STOCKS RISE. LONDON, Nov. 12. Tlio Bank of England return for the week ended November 11 is as follows: ISSUE DEPARTMENT. Notes issued:— Govt, debt £'11,015.100 In circu- Other Govt. lation £357,195,202 securities 243,929,691 In hank- Other rccuing dept. 38,503,130 rities ... 1('.,001.341 Silver coin 4,053,868 *£275,000,000 Gold coin & bullion 120,698,392 £'395,698,392 £395,693,392 "Amount of fiduciary issue. BANKING DEPARTMENT. Cap it al .. £.14,553,000 Govt, secuRest .. 3,168,341 rities .. £54,993,906 Deposits— Advances. Public .. 19,113,347 £11,677.207, Bankers, Other secu'£(•>o,46l,l23 rities, Oilier ncs.. f29,355,878 41.033,08.") £"8,343,177 98,804,300 Notes .. 38,503,130 Seven day. Gold and etc., bills 1.328 silver coin 1,138,195 £135.670,316 £135,670,316 The principal items of (lio above return compare as follows with those for last week, the proportion of the reserve being shown in the Inst line:— Deposits— Nov. 4. Nov. 11. Public .. .. £19,877,160 £19.143.347 Bn nkcis • . fi0.035.340 60.461,121 Other accounts 40.-208,514 35.343.177 £•121,022.014 £117,947,617 Securities — Government . . 57,825,906 54,905,006 Advances, etc. .. 10,750,890 11,677,207 Other . . . . 32,000.489 29.355,878 Reserve ■ . . . 38.051,882 39.641,325 Note circulation . 858.856,922 357,195,262 •Coin and bullion 121.908.F01 121.836.587 Proportion . . 31.40 33.60 "November 12, 1930, £161.542,243. 1931: Maximum. July 8, £165,8L0,946; minimum, November 11, £121,836,587. 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 per cent. last week. The market rate of discount for best three months' bills is per cent., as compared with per cent, last week.

CONSOLS AND COLONIAL STOCKS. The following table gives quotations for consols and colonial inscribed stocks, compared with those of November s:

FOREIGN EXCHANGES. STERLING SLIGHTLY LOWER. Tlie following rates on foreign exchanges are. current to-day, compared with the cabled quotations on November 11 and par: —•

STEELING AT MONTREAL. MONTREAL, Nov. 12. Sterling is quoted to-dav at 4 dollars 19j cents, compared with 4 dollars 24 cents on Tuesday. FARMERS' FREEZING CO. NORTH CANTERBURY PROFIT. DEFICIT REDUCED BY £2240. A profit of £2240 is disclosed in the 16th annual report of the directors of the North Canterbury Shoepfarmers' Cooperative Freezing Export and Agency Company, Limited, Christchurch, for the year ended September 30, as against a loss of £5411 for the previous year. The directors recommend that the balance should be transferred to the credit of the appropriation account, thus reducing the loss brought forward to £18.590. In view of tho universal trading difficulties due to the abnormal depression, the directors regard the results as satisfactory. The increased number of stock killed at Kaiapoi during the previous year had been almost, equalled by the past year's figures. In view of drought conditions in the earlier part of the. season the turnover was satisfactory, as was the amended contract, for the sale of the whole of the company's meat purchases. 'I he "open door" policy of the company had proved its valuo to the company's farmer shareholders, as tho quantity of stock handled on farmers' own account was much greater than usual, and was easily a record for the whole period of the company's operations. The company paid a dividend of 6 per cent, in 1927. but in 1928 sustained losses exceeding £BOOO, and in 1929 exceeding £29,000. These extinguished all its reserves and left a deficit of £15.419, which was increased last year to £20.830, but has now boon reduced to £18,590. PUKEKOHE POTATOES. INDICATION OF SHORTAGE. A report from Pukekoho states that lack of rain was having a serious effect upon local crops and there was every indication of an acute shortage. Supplies so short last week that Pukckohe merchants refused business in many instances and that, had revived the demand for old Canterbury potatoes. During the week prices ranged from 9s to lis 6d, according to quality, any good lines being readily placed at the'latter figure. For the coming week a better supply seemed to bo in sight, but still not sufficient for the demand at this time of the year.

VariaPrice. tion. £ s d s d Consols, 2| per cent. . . 50 0 0 27 e« Funding Loan, 4. 1900-90 85 5 0 35 o a Witr Loan, 5. 1929-47 . . 97 0 0 7 0* Conversion Loun. 3£ . . 74 10 0 30 0' Victory Bonds, 1 92 0 0 22 0" ('om'wealtli, 5, 1945-75 . . 82 10 0 90 01 Coiu'wealtli, B, 1931-41 . . 93 o 0 95 01 Victorian, 3. 1929-49 . . 58 10 0 70 ot Victorian, 31, 1929-49 . . 00 0 0 (',0 01 Victorian, 55, 19110-40 84 15 0 255 01 Victorian, 5, 1932-42 . . 79 0 0 142 6+ Victorian. 45. 1940-00 79 0 0 210 0t N.S.W., 4, 1933 87 10 0 110 ot N.S.W., 3. 1935 . . 75 0 0 95 01 N.S.AV., 31, 1930-50 03 0 0 115 ot N.S.W., af, 1922-32 90 15 0 95 ot N .S.W., (>L 1930-40 91 15 0 110 ot N.S.W.. 6. 1930-40 80 5 0 105 01 Queensland, 5. 1940-fi0 . . 77 2 G 102 ot Queensland, 3. 1922-47 . . 58 0 0 .110 01 Queensland, 15, 1930-40 . . 90 0 0 65 ot New Zealand, 41, 1948-58 . 8S 0 0 30 01 New Zealand, 35, 1940 . . 80 10 0 2 6* New Zealand, 3, 1945 . . 73 0 0 12 6+ New Zealand, fi, 1930-51 . 102 7 fi 2 r,» S. Australia, 31, 1939 . . 09 0 0 92 fit S. Aust.. 3, 1916 or after 47 15 0 2 G a S. Australia. 6J, 1930-40 . 91 17 0 97 <>• Tasmania, 3J, 1920-40 . . 08 10 0 130 Ot Tasmania, 3. 1920-40 . . 05 10 0 210 ot Tasmania, fij, 1930-40 . . 91 0 0 80 ot \V. Australia, 34. 1029-35 80 10 0 85 ot W. Australia, 3, 1915-35 74 JO 0 40 ot "V. Australia, 0, 1930-40 01 15 0 115 ot {.Higher. "Lower.

Nov. 12. Nov. 11. Par. Montreal, dol ■1.185 . 4.205 4.866 New York. dol. . 3.775 3.795 4.866 Paris, fr. 91; 3-its 96.5 124.21 .Brussels, belga .. 27 3-1G 27 3-16 35.00 (Jeneva, fr. 191 19 7-16 25 22 Amsterdam, fl. .. 9i 0 7 -1.6 12J0 Milan, lire 7 1.25 73 a 92.46 Berlin, r.m. Hi 16 1-10 20.13 Stockholm, kr. 17.75 17 13-10 18.159 Oslo, kr. 17 15-IB 17 J 18.159 Copenhagen, kr. , 17 11-1G 17.75 18.159 Vienna, seh. 09 28 34.585 Prague, kr. 128 128 24.02 Helsinsfors, mark 192.5 191.5 129.23 Madrid, pes. 4-.n 43.5 25.225" Lisbon, escu. 109.75 109.75 4 i Athens," dr. 315 315 375.00 Bucharest, lei. .. 630 632.5 25.225 Rio de Janeiro, mil 3 15-1G 3 15-1G 5.S99d Buenos Aires, dol. •10 39 47.57d Montevideo, dol. — 28 47.57d Bombay, rupee . .18 J 18J lSd Shanghai, tael . .. 22 22 — Hongkong, dol. . 15 — 24.5Sd Yokohama, yen . 312 311