THE MONEY MARKET.

New Zealand Herald, Volume LXIX, Issue 21118, 27 February 1932, Page 7

THE MONEY MARKET.

BANK OF ENGLAND RETURN. MARKET RATES EASIER. LARGER NOTE CIRCULATION. LONDON, Feb. 25. The Bank of England return for the week ended February 24 is as follows: — ISSUE DEPARTMENT. Notes issued : Govt, debt £11,015,100 In circu- Utlier Govt. lation £316,404,346 securities 253,573,405 In b;ink- Other secuing dept. 40,308,302 rities .. 6.562,637 Silver coin 3,848,858 •£275,000,000 Gold coin & bullion 120,772,648 £395,772,648 £395,772,64S 'Amount of fiduciary issue. BANKING DEPARTMENT. Capital .. £1 1,553,000 Govt, secuRest .. 3,031,366 rities .. £33,675,906 Deposits— Advances. Public .. 14.125,133 £11.492,953 Bankers. Other 5ecu£67,924,058 rities, Other acs., £37.320.003 48,813.802 £32,198,355 100,122,413 Notes .. 49,308,302 Seven day. Gold and elc., bills 1,283 silver coin 575.125 £132,433.195 £132,433,195 The principal items of tho above return compare as follows with those for last week, the proportion of the reservo being shown jn the last line: — Deposits— Feb. 17. Feb. 24. Public £15,358,981 £14,125,133 Bankers . . . 70.455,852 07,924,058 Other accounts 31,938,874 32,198,355 £117,803,707 £114,217,540 Securities — Government . . 33,495,900 33,075,900 Advances, etc. . 11,944,547 11,492,953 Other . . . . 39.124,05 ! 37,320,909 Reserve . . . . 51,435,033 49,943,427 Note circulation 344,882,55 1 340,401,346 Coin and bullion 121,317.587 121,347.773 Proportion . . 43.00 43.70 SHORT LOANS AND BILLS. Tho Bank of England rate of discount is 5 per cent., to which it was reduced on February 18 from 6 per cent. Short loans are quoted at 3 7-8 per cent., compared with 4 per cent, last week. Tho market rate of discount for best three months' bills is 4 per cent., as compared with 4 3-8 per cent, last week.

CONSOLS AND COLONIAL STOCKS

The following table gives quotations for consols and colonial inscribed stocks, compared with those of February 18:

FOREIGN EXCHANGES. STEADINESS OF STERLING. The following rates on foreign exchanges were current yesterday, compared with cabled quotations on February 23 and

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 ihe vessels in New Zealand, finally declared rates being marked*:— Port Hunter, New York, dollars . . 3.45! Canadian Conqueror. Canada, dollars 4.10 Melbourne Mnru. Japan, yen . . 2-1.50 d WOOLWORTH'S PROFITS. UNITED KINGDOM BUSINESS. REMARKABLE ACHIEVEMENT. The preliminary statement for 1931 cf F. W. Woolworth and Company, the chain-store business covering the United Kingdom, is the most remarkable that has been issued by a commercial undertaking for a long time past, states the London Times. Net, profits, struck after charging all expenses, including depreciation and directors' and managers' remuneration, but before providing for taxation, amounted to £4.211,356, an increase of £527,000. Sinco the company was established its turnover and profits have never failed to exceed those of the previous year.

After payment of preference dividends, providing £608.607 for taxation to date and allocating £96,960 for the purpose of writing off new issue expenses, the bnlanco of profit permits of a dividend of 3s 6d, or 70 per cent., for tho year on tho 5s ordinary shares, and the raising of the carry-forward from £1,277,131 to £2,279,420.

The present capital of F. W. Woolworth and Company is £8,750,00Q» divided into £5,000.000 of 6 per cent, cumulative preference shares and £3,750,000 of ordinary shares. Virtually the whole of this capital represents a capitalisation of reserves, for the company's enormous business, carried on in branches that six months ago numbered 444, has been built up to its present dimensions entirely out of profits. The public became interested in Woolworths in Juno last year, when it was offered 4,060,000 preference shares at par and 2,250.000 ordinary shares of 5s each at £2 a sharo. MELBOURNE PRODUCE. MELBOURNE, Feb. 26. To-day's produce, prices are: —Wheat, 3s 3d to 3s 4d. Flour, £7 15s. Pollard, £5 ss. Bran, £5 ss. Oats, 2a Id to 2s 3d. Barley, English, 3» Id to 5s 3d. Maize, 3s 9d.

Price. Variation. s d 8 d Consols, 25 per cent. .. 57 10 0 37 01 Funding Loan. 4. 10(-.0-90 92 0 0 75 ol War Loan, 5. 1929-17 . . 100 5 0 12 61 Conversion Loan. 31 . . 73 10 0 25 01 Victory Bonds, 4, 91 5 0 5 0' Com'wealth, 5, 1945-75 . . SO 10 0 10 01 Coni'wealth, 6, 1931-11 . . 91 IS 9 21 31 Victorian, 3, 1929-49 . . 58 10 0 20 0! Victorian, yj, 1929-49. . . 04 0 0 30 01 Victorian, 55, 1030-40" . . 81 5 0 5 0* Victorian, 5, 1932-42 . . 79 5 0 2o 01 Victorian, 1910-fiO . . 72 10 0 Same. X.S.W., 4, 1933 . . 79 0 0 10 0* X.S.W., 3. 1935 f:9 10 0 Same. X.S.W., 3i. 1930-50 . . . 57 10 0 10 ot X.S.W., 53, 1922-32 88 17 6 2 6* \ T .S.W„ GS, 1930-1C 85 0 0 ■10 01 N.S.W., 6. 1930-40 82 0 0 30 ol Queensland, 5, 1910-60 . . 77 0 0 10 ot Queensland, 3, 1922-47 . . 59 0 0 20 01 Queensland, 6, 1930-10 . . 86 10 0 40 0* New Zealand, 45, 195S-5S 81 15 0 15 01 Xevv Zealand, 35, 1940 . . 77 5 0 2 6* Xew Zealand, 3, 1915 . . 68 7 6 37 61 Xew Zealand, (3, 1936-51 99 15 0 10 Ot S. Australia. 35, 1939 . . 67 10 0 Same. S. Ans.. 3. 191 <» oi afler ■15 10 0 Same. S. Australia, 65. 1930-10 89 10 0 10 0! Tasmania, 35, 1920-10 . . r, 9 15 0 25 01 Tasmania, 3. 1920-40 . . 112 10 0 10 0* Tnsmania. 65. 1930-10 . . 94 0 0 70 01 V.\ Australia, 3i, 1929-35 79 0 0 10 ol W Australia, 3. 1915-35 73 10 f) 15 01 \V. Australia. 6, 1330-10 57 0 0 20 0* tHighor. 'Lower.

par:— Feb. 21. Feb. 23. Par. Montreal, dol. 3.9.i 3.93 4.866 New York, dol. . .3.431 3.48! 4.866 Paris, fr. 8S2 88.50 124.21 Brussels, belga .. 24.975 25 35.00 Geneva, fr. 17} 17.85 25.22 Amsterdam, fl. 8.63 8.63 12.10 Milan, lire 66 15-16 66! 92.46 Berlin, r.m. 144 MS 20.43 Stockholm, kr. .. 18.10 18.10 18.159 Copenhagen. kr. . 18i 18} 18.159 Oslo, kr. 18 7-lfi 18 1-16 18.159 Vienna, sch. 32 32 34.585 Prague, kr. 117.50 1 17.50 164.25 Helsinstfors, mark 220 220 129.23 Madrid, pes. 45 Mr, 45 1-16 25.221 Lisbon, escu. 109.75 109.75 110 Athens, dr. 270 270 375.00 Bucharest, lei. 580 580 813.6 Rio do Janeiro, mil 4 3-1 r, 1 3-16 5.8!)9d Buenos Aires, dol. 391 39 11-16 t7.6l9d "Montevideo, dol. 30.50 30.50 ' 51d Bombay, rupee. .. 18 5-32 18 9-64 18d Shanghai, fael .. 231 22 1-16 — IfonjTkonsr'X dol. . 17! 17 13-16 — Yokohama, yen . oo 23 24.58d Bal avia, fl. 8?68 8.62 12.10