THE MONEY MARKET.

New Zealand Herald, Volume LXIX, Issue 21165, 23 April 1932, Page 7

THE MONEY MARKET.

BANK OF ENGLAND RETURN. DISCOUNT RATE REDUCED AGAIN RESERVE SHOWS INCREASE. LONDON, April 21. Tho Bank of England return for the week ended April 20 is as follo\vs: — ISSUE DEPARTMENT. Notes issued:— Govt, debt £11,015,100 In circu- * Other Govt. lalion £354,271,157 securities 208,G50,C35 In bank- Other sccuing debt. 41,544,341 rities . , 51,486,758 Silver coin 3,817,507 *£275,000,000 Gold coin & bullion 120,815,498 £395.815,498 £395,815.498 •Amount of fiduciary issue. BANKING DEPARTMENT. Capital . . £14,553.000 Govt, socuRcst . . 3,115,8157 rities . . £57,G05,90G Deposits— Advances, Public .. 9,149,015 £11,197,845 Bankers, Other 5ecu£72,839,057 rities, Ot.h acs., £23,252,500 34.480,345 £34.585,207 107,424,864 Notes . . 41,544,341 Seven dny, Gold and etc., bills 1.8G4 silver coin 014,018 £134,244,010 £134,244,010 Tho principal items of tlio above return compare as follow with those for last week, tlie proportion of tho reserve being shown in the last line:— Deposits— April 13. April 20. ' Public .. .. £12,258.974 £9,149.015 Bankers . . . . 78.440,795 72,839,657 Other accounts . 32,823,562 34,585,207 £123,529,33 L £116,573.879 Securities— Government . . 55.385,906 57,005,900 Advances, etc. . 31,267,453 11.197.845 Other . - . . 34,833.853 23,282,500 Beserve . . . . 39,695,590 42,158,359 Note circulation . 350,753.055 354,271,157 Coin and bullion . 121,448.645 121,429,516 Proporion . . 32.10 36.10 SHORT LOANS AND BILLS. The Bank of England rate of discount is 3 per cent., to which it was reduced to-day from per cent. Short loans are quoted at per cent., compared with 2| per cent, last week. The market rate of discount for best three months' hills is 2 1-16 per cent., as compared with 2 3-16 per cent, last week. CONSOLS AND COLONIAL STOCKS HEAVY DROP IN AUSTRALIANS. The following table gives quotations for consols and colonial inscribed stocks, compared with those of April 14: —

FOREIGN EXCHANGES. LITTLE CHANGE IN STERLING. The following rates on foreign exchanges are current, compared with the cabled quotations on April 2 and par:—

CUSTOMS EXCHANGE RATES. Rates of exchange ruling at the announced date of departure of the vessels named are shown in the following tablo. They are subject to confirmation by the Customs Department when the exact timo of departure is learned on the arrival of the vessels in New Zealand, 'finally declared rates being marked* : Golden Cross, U.S.A., dollars . . 3.79$ Brisbane Main. Japan, yen .. .. 21 Id Bonholm, U.S.A.. dollars . . . . 3.775 Canadian Challenger, Canada, dollars 4.19 AUSTRALIAN STOCK EXCHANGES. Y EST Ell DA Y' S BUS IN ESS. (Received April 22, 10.15 p.ru.) SYDNEY. April 22. On tho Sydney Stock Exchange to-day (ho market responded briskly to the High Court's rejections of Mr, Lang's applications against the Commonwealth and tho banks and a much healthier tone was in evidence. Commonwealth 4 per cent, bonds sold as follows: —1938, £95 10s; 1941, £94 2s 6d; 1944, £9l ss; 1947, £9l; 1959, £9O 7s 6d; 1955, £9O 18s 9d. Other sales were: —New Zealand debentures, 5j per cent., 1957, £lO9 ss; Commercial Bank of Sydney, £ls 10s; Colonial Sugar, £43 ss; Burns-Philp, 40s; Australian Provincial Assurance, 4s 3d; 11 uddart-Parker, 255; British Tobacco, 30s 3d; ditto, prof., 245; Dunlop-Perdriau, lis 3d; ditto, prof., 255; GoldsbroughMort, 24s 10J,d; Toohey's Brewery. 16s lO^d; Tooth's Brewery, 2{js 3d; South Broken Hill, 425. Melbourne sales were:—National Bank (£5 paid), 108s; Metropolitan Gas, £lO 4s; Broken Hill Proprietary, 15s 9d; Dunlop-Perdriau, lis 2d; South Broken Hill. 42s 6d : Electrolytic Zinc, 13s; Mount Lyell, 20s 6d. P. AND O. DEFERRED STOCK. P. and 0. deferred stock is quoted today at 14s compared with 15s ljd yesterday. MELBOURNE PRODUCE. MELBOURNE. April 22. Tho following are to-day's quotations on the Melbourne produce market :—Wheat, 3s 2d to 3s 3d. Elour, £7 12s 6d. Bran, £5. Pollard, £5 ss. Oats, 2s 3d to 2s 4d. Barley, unchanged. Maize, 3s lid to 4s. Onions, quiet and steady at £l3 10s to £l4.

Price. Variation. £ B. d. 8. d. Consols. 1\ per cent. 60 10 0 Same. Funding Loan, 4, 19H0-90 96 15 0 10 Ot War Loan, 5, 1929-47 . . Conversion Loan, 3i 103 o 6 o 6t 84 10 0 Same. Victory Bonds, 4 . OS 5 0 5 Ot Com'weallh, 5, 3915-75 . . 82 0 0 125 0* Com'wealth. 6, 1931-41 . . 91 10 0 92 6* Victorian, 3. 19'29-49 . . 56 10 0 80 0* Victorian. 8$, 1929-49 59 10 0 60 0* Victorian 61, 1930-40 73 0 0 290 0* Victorian, 5, 1932-42 76 0 0 125 0* Victorian, 4}, 1940-60 .1 . N.S.W., 4, 1933 . . 75 0 0 85 0* 77 0 0 110 0* N.S.W., 3, 1935 . . 63 0 0 130 0* N.S.W., 31, 1930-50 50 0 0 190 0* N.S.W., 51, 1922-32 89 10 0 87 6* N.S.W., 61, 1930-40 76 0 0 127 6* N.S.W.. 6, 1930-40 73 0 0 180 0* Queensland, 5, 1940-60 . . 72 5 0 197 6* Queensland, 3, 1922-47 . . 56 10 0 110 0* Queensland. 6. 1930-40 . . 90 10 0 40 0* New Zealand, 43, 1948-58 . 89 10 0 Same. New Zealand, 35, 1910 . . 82 12 6 27 6 New Zealand. 3, 1945 . . 70 10 0 30 0* New Zealand., 6, 1936-51 . 100 15 0 02 6* S. Australia, 31, 1939 61 0 0 250 0* S. Au 8., 3. 1916 or after 45 10 0 100 0* S. Australia. 61. 1930-40 . 91 15 0 35 0* Tasmania, 3J, 1920-40 . . 68 0 0 62 6* Tasmania, 3. 1920-40 67 10 n 40 0* Tasmania, 61, 1930-40 . . 90 5 0 125 0* W. Australia, 31, 1929-35 75 10 0 140 0* "W. Australia, 3, 1915-35 . 71 10 0 100 0* W. Australia. 6. 1930-40 . . 86 10 0 135 0* + Higher. * bower.

April 21. April 20. Par. Monlre.nl, dol. 4.185 4.19 4.866 New York, dol. . 3.76J 3.76J 4.866 Paris, fr. . . 95 7-16 95.50 124.21 Brussels, belga . 26.85 26.90 35.00 Geneva, fr. 10.35 19.40 25.22 Amsterdam, fl. . 9.283 9.30 12.10 Milan, lire 73 J 73.25 92.46 Berlin, r.m. 10.825 15.85 20.43 Stockholm, kr. . 20 3-16 20? 18.159 Copenhagen, kr. 18.25 18.25 18.159 Oslo, kr. . . 20 3-16 20i 18.159 Vienna, ecli. 32 32 34.585 Prague, kr. 127 128.25 164.25 Helsingfors, mark 215 215 129.03 Madrid, pea. 48 3-16 48 1-16 25.221 Lisbon, escu. 109.75 110.25 110 Athena, dr. 300 300 375.00 Bucharest, lei. 650 630 813.6 Rio de Janeiro, mi 4.25 4.25 5.899d Buenos Aires, dol 36 3-16 36.25 47.6l9d Montevideo, dol. 29 29 51 cl Bombay, rupee . 18 18 1-16 lSd Shanghai, lael . 19 31-32 19 29-32 — Hongkong, dol. . Mi H} — Yokohama, y en 21 1-16 2U 24.5Sd Bntavia, fl. 9.31 9.31 12.10 Warsaw, zlotys . 33.70 — —