THE MONEY MARKET.

New Zealand Herald, Volume LXIX, Issue 21112, 20 February 1932, Page 5

THE MONEY MARKET.

BANK OF ENGLAND RETURN. DISCOUNT RATE REDUCED. INCREASE IN RESERVE. LONDON, Feb. 18. The Bank of England return for the week ended February 17 is as follows: — ISSUE DEPARTMENT. Notes issued:— Govt, debt £11,015,100 In circji- Other Govt. lation £311,882,551 securities 251,294,351 In bank- Othersecuins dept. 50.853.927 rifcies .. 8.8-12,388 Silver coin 3,848,161 ♦£275,000,000 Gold coin & bullion 120,766,481 £395,766,481 £395,766,481 'Amount of fiduciary Issije. BANKING DEPARTMENT. Capital .. £14,553,000 Govt, secuRest .. 3,640,793 nties .. £33,495,906 Deposits— Advances, Public .. 15,358,981 £11,944,547 Bankers, Other necu£70,455,852 ji'ies, Other acs., £39.121,051 51.008.59S £31,988,874 102,444,726 Notes .. 50,833,927 Seven day. Gold and etc., bills 2,037 silver coin 551,106 £135,999.537 £135,999,537 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— Feb. 10. Feb. 17. Public .. .. £16,435,197 £15,358.981 Rankers . . . 06,997,662 70,455,852 Other accounts 32,727,469 31,988.87-1 £116,160,328 £117,803,707 Securities— Government . . 34,625.906 33,495,906 Advances, etc. . 13,007,628 11,944,517 Other . . . . 36,910,421 39,124,051 Reserve ■ • • • 49,774,736 51,435.033 Note circulation . 346,519,212 314,882,551 Coin and bullion 121,293,948 121,317.587 Proportion . . 42.80 43.60 SHORT LOANS AND BILLS. The Bank of England rate of discount is 5 per cent., to which it was reduced today from 6 per cent. Short loans are quoted at 4 per cent., compared with 5 per cent., last, week. The market rate of discount for best, three months' bills is 4 3-8 per cent., as compared with per cent, last v.-eek. CONSOLS AND COLONIAL STOCK. The following table gives quotations for consols and colonial inscribed stocks, compared with those of February 11:

FOREIGN EXCHANGES. STEADINESS OF STERLING. The following rates on foreign exchanges were current yesterday, compared with the cabled quotations on February 16 and par:—

CUSTOMS EXCHANGE RATES. Rates of exchange ruling at the announced date of departure of the vessels named are shown in the following table. They are subject to confirmation by the Customs Department when the exact time of departure is learned on the arrival of the vessels in New Zealand, finally declared rates being marked* Mariposa, U.S.A.. dollars .. . . 3.45 Aorangi, Canada, dollars . . . . 3.96 Port, Hunter, New York, dollars . . 3.4»i Canadian Conqueror. Canada, dollars 4.10 Melbourne Maru, Japan, yen . . 24.00 d GOLD AND SILVER. QUOTATIONS IN LONDON. LONDON. Feb. 1?. Gold is quoted to-day at £6 Os Id an 07... same as yesterday. Silver is quoted at. 19 916 d a or. spot and 19 11-16 d forward, same as yesterday. The quotation for silver at. per standard ounce is 19 9-16 d and at per fine ounce. 21 l-Bd, compared with 19 9-16 d and 19 9-16 d yesterday. CANTERBURY PRODUCE. EASIER TRICES FOR POTATOES. [by telegraph.—press association.] ■ CHRISTCHURCH, Friday. The advance in-the price of potatoes recorded in the middle of the week continued to a slight extent later and up to £5 12s 6d, f.0.b., was paid in a few cases. As a result of rain, however, there is an easier tendency, and to-day buyers are not operating at £5 10s for the April-June delivery, while the July-September delivery is quoted at £6 10s to £6 12s 6d. The' equivalent on truck price to the former quotation is from £4 7s 6d to £4 10s a ton, but 'the farmers have not ap peared much in the operations so far, the business being of a speculation cliaract er. Other active interest in the market is provided by onions. On the present Australian prices there is a. margin for export, but not a very subsantial one, and the market to farmers has improved by 10s a ton on truck, the price being £6. There is no change in the oats market Fowl wheat is quoted at. 4s 6d for prompt, delivery. The millers are not buying so freely. A break in the weather will interrupt deliveries. A little business has taken place, in small seeds with the North. Cocksfoot is scarcely so firm and Peninsula is quoted at 6d to a lb.; Plains, 4d to sd. White clover, which is likely to be in short crdp, is selling at Is 6d a lb., a casp or two of over this price for particularly good seed being recorded

VariaPrice tion. £ s d s d Consols. 2* per cent. . 55 12 6 17 6t Funding Loan, 4, 19!">0-90 88 5 0 40 Ot W;ir Loan, .5, 1929-17 . . 99 12 fi 22 6t Conversion Loan, 3i . . 77 5 0 40 Ot Victory Bonds, 4 91 10 0 20 Ot Com'wealtli, 5, 1915-75 . 80 0 0 Same. Com'wealth, fi 10:51-11 . 90 17r, 10 Of Viclorinn, 3, 1929-19 . 57 10 0 Same. Victorian, ol, 1929-19 . . 02 10 0 10 0' Victorian, oj. 1930-10 . . Pi 10 n 30 0) Victorian, 5, 1932-42 . . 75 0 0 17 6t Victorian. 42. 1010-60 72 10 0 30 o: X.S.W., 4, 1933 . . 79 10 0 20 ot N.S.W., 3. 1915 . . G9 in n 10 0--X.S.W.. 31, 1930-50 .57 0 0 20 0* X S.W , 52. 1922 32 89 0 n 70 0 + X.S.W. fit, 1930-40 83 0 0 10 0* X.S.W..' fi. 1030-10 80 10 0 10 0* Queensland, 5, 1910-00 . . 70 10 0 in ot Queensland, 3, 1922-17 . . 58 n 0 15 Ot Queensland. f>. 1030-40 . . SS 10 0 90 Ot Xew Zealand, 4}, 1918-58 81 0 n 20 0" New Zealand, 34. 1940 . . 77 7 fi 2 6* New Zealand, 3. 1945 . . fifi in 0 17 f>* New Zealand. 6. 1930-51 99 5 0 5 0* S. Australia, 3i. 1939 . . 07 10 0 Same. S. Aug.. 3. 1910 or after 45 10 0 Same. S. Australia. 6J. 1930-40 . 89 0 0 37 fit Tasmania. 3}, 1920-40 . . 08 in 0 45 nt Tasmania. 3. 1920-40 . . 63 0 0 Same. Tasmania, 0J. 1930-10 . . 90 10 0 20 0" \V. Australia, 31, 1929-35 78 10 0 30 Ot W. Australia. 3, 1915-35 72 15 0 5 Ot W. Australia, fi, 1930-40 . 88 0 0 10 Ot + Hife'her. "Lower. 1

Feb. 17. Feb. 16. Par. Montreal, dol. 3.95 3.05 4.866 Xew York, dol. . 3.44J 3.4 If 4.866 Parrs, fr. 87 7-16 87 7-16 124.21 Brussels, belsa .. 21.70 24.70 35.00 Geneva, fr. v .. 1"-V 17 21-32 25.22 Amsterdam, fl. .. 8.51 8.52 12.10 Milan, lire 0)6.25 66.25 92.46 Berlin, r.m. 14.525 14.50 20.43 Stockholm, kr. .. 17; 17{ 18.150 Copenhagen, kr. , 18J 18i 18.150 Oslo. kr. 18« 18? 18.150 Vienna, sch. 32 32 34.585 Prague, kr. 116.-25 116.50 164.25 Helsincfors, mark 220 220 1 °0 23 Madrid, pes. 4-1.50 41 0-16 25 2'21 'Lisbon, escu. 100.75 100.75 110 Athens, dr. 270 270 375.00 Bucharest, lei. 577.50 577.50 813.6 de Janeiro, mil 4 3-16 4 316 5.890d Buenos Aires, do!. 39.50 30.50 47.610d Montevideo, dol. 30.50 31 51 d Bombay, rupee. .. IS 5-32 18 5-32 lSd Shanghai, tael . . 23 3-16 23 5 32 — Hongkong, dol. 17 17-32 17 21-32 2-1.58(1 Yokohama, yen . 23 13-10 24.50 Batavia, fl. 8.56 8.56 12.10