THE MONEY MARKET.

New Zealand Herald, Volume LXIX, Issue 21130, 12 March 1932, Page 7

THE MONEY MARKET.

BANK OF ENGLAND RETURN. DISCOUNT RATE REDUCED. INCREASE IN DEPOSITS LONDON. March 10. The Hank of England return for (he week ended March 9 is as follows: ISSUE DEPARTMENT. Notes issued: — Govt. debt £11,015,100 In oircu- Other Govt. lation £354,475,000 securities 249.022,515 In bank- Otliei sealine deiit. 41,320,751 riiies .. 11,108,352 Silver coin 3,701,033 *£275,000.000 Gold coin & bullion 120,801,751 £305.801,751 £305.801,751 'Amount of fiduciary issue. BAN KING DEPARTMENT. Capital . • £14,553,000 Govt, securest .. 3,1589.115 lilies .. £54,370,900 Deposits— Advances, Public .. 7,835,025 £11,545,0,15 Hankers, Other 5ecu£03,5(55,017 nties, Other acs., ('41.030,328 5(5,475,.'(i.i JUU3.18a.133 120,747,150 Notes .. 41,32(5.751 Seven day, Gold and etc., bills 1,795 silver coin 053,0(55 £152.8-20,(585 £152,820,085 The principal items of the above return compare as follows with those for last week, (he proportion of the reserve being shown in the last line: —

SHORT LOANS AND BILLS. The Bank of England rate of discount is 4 per cent., to which it was reduced to-day from 5 per cent. Short loans are quoted at 2£- per cent., compared with 3 7-8 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 March 3:—

FOREIGN EXCHANGES. LITTLE CHANGE IN STERLING. The following rates' on foreign exchanges were current yesterday, compared with the cabled quotations on March 8 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 Uie Customs Department when the exact time of departure is learned on the arrival of tlie vessels in New Zealand, finally declared rates being marked*:—• Wniknwa, Canada, dollars .. ~ 3.86 Wuikawa, U.S.A., dollars .. . . 3.15 Sierra. U.S.A. dollars . . . . . • 8.483 Wirrall, U.S.A., dollars 3.45J Canadian Cruiser, Canada, dollars . . 3.94 Niagara, Canada, dollars 3.03 GUARANTEE CORPORATION. RESULT FOR HALF-YEAR. INTERIM DIVIDEND QUESTION. [IIV TKLEGKArir. —PI! ESS ASSOCIATION.] WELLINGTON, Friday. The chairman of the New Zealand Guarantee Corporation, Limited, Mr. Sidney Kirkcaldie, announces that the result of the half-year's operations ending February 29 discloses a reasonable profit under the existing circumstances, the elimination of all liabilities, including bank overdraft and deposits, and the accumulation of a substantial cash credit balanco. The question of llio declaration of an interim dividend will be considered when tho Government's financial proposals have been made public. Last year the company paid an interim dividend of 3£ per cent, on the preference shares, 3d a share on the 8s paid ordinary shares, and 7jd a share on the fullypaid ordinary shares. The final distribution was 3J, per cent, on preference shares, 2d on the ~Bs paid ordinary shares and 5d on the fully-paid ordinary shares. The profit for the year ended August 31 last was £lllO, as against £23,203 in the previous year, and £1903 was brought forward. Tho transfer of £.10,000 from rcsprves was made and the balance carried forward was £1489. The annual report slated that tho called-up capital was £214,390, and tho uncalled capital £285,585. It was stated that the overdraft, which stood at £131,775 in 1930, had been practically extinguished. AMERICAN WHEAT MARKETS. CHICAGO, March 10. Wheat.—March, 57£ cents a bushel; May, 60g centsj July, 62$ cents; Septernber, 64| cents. . The New York quotation for cash is 71 cents.

Deposila^Mar. 2. Mnr. 9. Public £7.022.690 £7,835,625 Bankers . 80.482.ft70 93,5(55,017 Other accounts . 33.175,807 33,182,133 £120,981,007 £131.582,775 Securities— Government 47.235.90li 51,370,906 Arlvancea, etc. . 11,356,045 11,515,035 Other 35,918,011 41,930,328 Reserve . . 14,607,109 41,980,416 Note circulation . 351,785.820 354,475,000 Coin and bullion 121.153,715 121,155,110 Proportion 30.90 31.10

Price. Variation. £ s. d. 8. d. Console, 2} per cent. . . 00 0 0 17 6t Funding Loan, 4, 10(10-90 96 7 0 2 6+ War Loan, 5, 1029-47 . . 101 17 6 17 6+ Conversion Loan, 3i • . 83 2 6 1'2 Gt Victory Bonds, 4 . . 90 17 6 2 6* Com'wealth, 5, 1945-75 . . 87 5 0 15 Ot Com'wealth, 6, 1931-41 . . 97 0 0 10 Of Victorian, 3, 1929-49 . . 60 0 0 20 0* Victorian, 3J, 1929-49 . . 60 0 0 30 0t Victorian, 5}, 1930-40 . . 89 15 0 45 Ot Victorian, 5, 1932-42 . . 83 10 0 30 Ot Victorian, 4}, 1940-60 . . 79 0 0 65 Ot N.S.W., 4, 1933 85 10 0 35 Ot N.S.W., 3, 1935 73 5 0 35 Ot N.S.W., 31, 1930-50 60 0 0 37 6t N.8.W., 52. 1922-32 97 0 0 00 Ot N.S.W., 61. 1930-40 91 0 0 50 Ot N.S.W., 6, 1930-40 88 15 0 7 6t Queensland, 5, 1940-GO . . S3 10 0 45 Ot Queensland, 3, 1922-47 , . 03 0 0 60 Ot Queensland, 6, 1930-40 . . 92 15 0 25 Ot New Zealand, 45, 194S-58 90 5 0 35 Ot New Zealand, 31, 1910 . . 84 0 6 22 6t New Zealand, 3, 1945 . . 72 10 0 20 0+ New Zealand, 6, 1930-51 . 100 10 0 5 Ot S. Australia, 31, 1939 . . 72 0 0 80 Ot S. All8., 3, 1910 or after 51 0 0 85 Ot S. Australia, tit. 1930-40 90 0 0 47 Gt Tasmania, 31, 1920-40 . . 75 o 6 92 6t Tasmania, 3, 1920-40 . . 70 0 0 150 Ot Tasmania, Gj, 1930-40 . . 96 0 0 20 ot W. Australia, 31, 1929-35 84 0 0 20 Ot W. Australia,. 3, 1915-35 73 10 0 Same. W, Australia/ 6, 1930-40 93 7 0 17 Gt * Lower.

Mar. 9. Mar. 8. Par. Montreal, dol. •1.08J 4.12 4.866 New York, dol. . 3.00 3.1)92 4.866 Paris, fr. 92i 91 124.21 Brussels, helga .. 2*1.25 2(5 9-10 35.00 Geneva, fr. IS 7-1G 19.075 25.22 Amsterdam, fl. .. 9.06 9.18 12.10 Milan, lire 70 J 71 1-1G 92.40 Berlin, r.m. 15 5-16 15.45 20.43 Stockholm, kr. .. 185 181 18.159 Copenhagen, kr. . 18.15 18.15 18.159 Oslo, kr. 18 7-1G 18.35 18.159 Vienna, sch. 32 32 34.585 Prague, kr. 12.1 12-1.50 164.25 Helsinsfora. mark 217.50 217.50 129.23 Madrid, pes. 48 48? 25.221 Lisbon, escu. 110 110 110 Athens, dr. .. 285 280 ,175.00 Bucharest, lei. 615 (125 813.G Rio do Janeiro, mil. 4 4 5.899d Buenos Aires, dol. asj .18 1-16 47.619d Montevideo, dol. ,10.50 29.50 61 d Bombay, rupee . 18 9-04 18 9-64 lSd Shanghai, tnel .. 21.50 21 9-16 — Hongkong, dol. . 10 1-16 16.25 24.58d Yokohama, yen . 21 20 j Batavia, fl. 9.18 — 12.10