THE MONEY MARKET.

New Zealand Herald, Volume LXIX, Issue 21224, 2 July 1932, Page 5

THE MONEY MARKET.

BANK OF ENGLAND RETURN.

REDUCED DISCOUNT RATE.

SHORT LOANS DEARER AGAIN

LONDON, June .'if), 'llio Bank of England return for the week ended June 29 is as follows: —

The principal items of tho above return compare as follows with those for last week, tho pro[>orlion of the reserve being shown in the last line:— Deposits— June 22. June 29. Public .. .. £35,577,-110 £17,982, 394 Bankers .. .. 73,0-19,400 80,505..'-,-VI Other Accounts . 33,115,452 8-1,736.257 £142,372,328 £139.284.005 Securities— C'overnment .. 00,044,050 67.109,050 Advances, etc. 14,111.032 14,889,401 Other .. .. 20.505.410 2G.351.7P0 Reserve .. 52,923.340 48,870,45:? Note circulation . 858,548,037 303,083,121 Coin nnd bullion 130,470.363 130,953.579 Proportion .. 37.10 35.00 SHORT LOANS AND BILLS. The Bank of England rate of discount is 2 per cent., to which it was reduced to-day from 2A per cent. Short loans are quoted at 13-16 per ccnU, compared with •J per cent, last week. The market rate of discount for best three months' bills is 1 per cent., as compared with 1 1-32 per cent. last week. CONSOLS AND COLONIAL STOCKS. The following table gives quotations for consols and colonial inscribed stocks, cornpared with those of June 2-3: —

FOREIGN EXCHANGES. STERLING A LITTLE EASIER. The following rates on foreign exchanges are current, compared with the cabled quotations on June 29 and par:—

Vienna, sch. .. 33 34.555 Pr.TMlo, kr. .. 121.50 1-21.75 104.25 Tlf'pinrrfor?, mark ?15 222.50 129.23 Madrid, pea. .. 4311-16 4311-16 25.221 Lisbon, escu. .. 110 HO 110 Athens, dr. .. 560 557.50 37d.00 Bucharest, lei. .. 605 020 Rio de Janeiro, mil. 5 St 5.899 d J Buenos Aires, dol. - Zij Montevideo, dol. 30 f 301 ->ld Bomhav, rupee . 17 63-64 17 31-3- 18d Shanghai, t'lel W 13-10 1!) 13-10 1 lunskons, rlol. . 15 11-32 15.2 c Yokohama. yen ■ If.S* iotn lin'Mvii il n -P n Belgrade, din .. 225 230 .276^1 Warsaw, zlotys .. 32.25 43.-38 {Nominal.

CUSTOMS EXCHANGE RATES. Rates of exchango ruling at the announced date of departure of the vessels named aro shown in the following table. They are subject to confirmation by tho Customs Department, when the exact time of departure is learned on the arrival of the vessels in New Zealand, finally declared rates being marked*: — Armadale. U.S.A., dollars . . . . 3.GS Golden Cloud, Canada, dollars . . *4.20 Golden Cloud, Vancouver, flour, ' dollars *4,.17 Golden Cloud. U.S.A., dollars *3 09 Canadian Highlander. Canada, dollars 4,21 Sydney Mam. Japan, yen .. 21, d Niagara, Canada, dollars .... 4.17 Canadian Conqueror, Canada, dollars 4.14 MINING RIGHTS ON KAWARAU. QUESTION OF CLOSING DAM. [BY TET/EOIi.AVTI. —OWN rOTIRESPONDENT.] DUNE DIN, Friday. Advice having been received from the Minister of Mines, Hon. C. E. Macmillan, that mining rights on the Kawarau are held by the Amalgamated Company, which should be consulted, representatives of the Cromwell Mining Association today approached Mr. James Ritchie, chairman of the company. While ho said he .was personally in favour of the proposal for closing the gates of the dam, he had to consult his co-directors, and had taken steps to do so. Something definito regarding tho attitude of the Amalgamated Company should therefore soon be known. The river is still very low and tho weather milder but settled. LONDON WOOL SALES. The Bank of New Zealand has received tho following report from its London office:—The list of arrivals for the fifth series of sales beginning on July 5 closed on Juno 27. TIN IN NEW YORK. NEW YORK, June 30. Tin (standard), July delivery, is quoted at 19.75 cents a lb., compared with 19.10 cents yesterday. MELBOURNE PRODUCE. MELBOURNE. July 1. Following are to-day's quotations on the Melbourne produce market:—Wheat, 3s 2d to 3s 3d. Flour, £B. Bran, £5 ss. Pollard, £5 ss. Oats, 2s to 2s Id. Barley, English, 3s 3d to 3s 4d. Maizo, 4s 4d. Onions: Supplies sufficient, market quiet at £1.9 to occasionally £20..

ISSUE DEPARTMENT. Notes issued:— In circulation £363,083,121 In banking dept. 48,059,633 Govt, debt £11,015,100 Other Govt. securities 209,532,290 Oilier securities .. 60,639,270 Silver coin 3,813,310 *£275,000,0110 Gold coin & bullion 136,142,751 £'111,142,751 £411,142,754 'Amount of fi iduciary issue. BANKING DEPARTMENT. Capital .. £14,553,000 Kent .. 8,443,045 Deposits— Public .. 17,082,301 Bankers, £85,505,354 Other ilea., £34,730,257 121,301,611 Seven dny, elc., bill3 1.245 Govt, securities .. £67,169,636 Advances, £14.889,101 Other securities, €26.351,780 41,241.181 Notes .. 48,059,033 Gold and silver coin 810,825 £157,281,205 £157,581,295

Price. Variation. £ s. d. p. d. Console, 2} per cent. f.7 0 0 40 0' Funding Loon, 4, 1900-9C 10 J 15 0 40 111 War Loan 5, 1920-17 . 101 15 0 5 0* Conversion Loan. 31 03 15 0 70 01 Victory Bonds, 4 . 101 10 0 35 01 Com'wealth 5, 1945-75 . 91 5 0 15 01 Com'wealth, G. 1931-41 . jOO 10 0 Same. Victorian, 3, 1959-19 05 0 0 27 01 Victorian, 31, 1929-49 or. 10 0 15 0* Victorian. 5}. 1930-40 95 12 0 12 l ? ,t Victorian. 5. 1932-12 90 5 0 40 0+ Victorian. 45, 1910-60 83 10 0 25 0+ N.S.W., 4, 1933 . . 9(5 0 0 2 01 N.S.W., 3, 1935 . . eo 7 6 00 0* N.S.W., 3*, 1930-50 OS 10 0 75 OS N.B.W., 5?, 1902-32 99 5 0 Snire. N.S.W , 01, 1930-10 100 15 0 12 Or N.S.W.. 6. 1930-40 96 10 0 Same Queensland. 5, ]910-f,0 S9 5 0 42 Ot Queensland, 3, 1922-47 05 10 (1 02 0+ Queensland. 0, 1930-40 9^ 10 0 10 0+ Xe'v Zealand, 41, 1918-5? 90 10 0 15 ot New Zealand, 3}, 19-10 80 10 0 37 01 New Zealand. 3, 1915 72 7, 0 27 01 New Zealand. ('. 1931-51 102 15 0 2 0* S. Australia. 31. 1939 . 81 0 0 55 01 R. Ails., 3, 1?10 or afte 55 15 0 35 01 S. Australia. 65. 1930-40 100 10 0 Same. Tasmania, 31, 1920-40 ». 80 2 6 52 ot Tasmania, 3. 1920-40 75 0 0 25 01 Tasmania, 05, 1930-40 . 100 10 0 5 Of W. Australia. 31. 1929-35 83 15 0 50 0+ W. Australia, 3. 1915-35 83 15 0 :i2 01 W. Australia, fi. 1930-40 97 0 0 !>0 ot + Hipher. * Lower.

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