THE MONEY MARKET

New Zealand Herald, Volume LXIX, Issue 21326, 29 October 1932, Page 5

THE MONEY MARKET

BANK OF ENGLAND RETURN RESERVE SHOWS INCREASE DISCOUNT RATE UNALTERED . LONDON, Oct. 27 The Bank of England return for the week ended October 26 is as follows •

SHORT LOANS AND BILLS The Bank of England rate of discount is 2 per cent, to which it was reduced on June 30 from 2g per cent. Short loans are quoted at 3 P. or cent, same as last week. The market rate of discount for best three months' bills is 13-16 per cent, same as last week. CONSOLS AND COLONIAL STOCKS WEAKER TENDENCY ALL ROUND The following table gives quotations for consols and colonial inscribed stocks, compared with those of October 20: —

FOREIGN EXCHANGES

STERLING WEAKER AGAIN The following rates on foreign exchanges are current, compared with the cabled quotations on October 26 and par:— • Oct. 27 Oct, 26 Pur. Montreal, do!. . . 3.63 3.615 4.8G6 New York, dol. . . 8.28} 3.29* 4.866 Paris, fr A3 9-16 83 11-16 1-24.21 Brussels, belea . . 23.G05 23 21-32 35.00 Geneva, fr. .. 17.005 17.07 "25.22 Amsterdam, fl. . . 8.16 8.185 12.10 Milan, lire . . . . 64; 65 5-16 92.46 Berlin, r.m. . . 13.805 13.855 20.43 Stockholm, k-r. . . 19.125 19.20 18.159 Copenhagen, kr. . 19.185 19.195 18.159 Oslo, kr 19.60 19.65 18.159 Vienna, srh. . . 28 28.50t 34.585 -Prajrue. kr. . 11l 111.25 164.25 TlelsiiiKfors, mark 230 230 129.23 Madrid, pes. . . 40< 40 1-3 25.221 Lisbon, escu. . . 10S 109.50 110 Athens, dr. . . . 570 575 375.03 Bucharest, lei. . . 555 555 813.6 KiodeJaneiro.mil. 5 5-321 5 9-32* 5.899 d Buenos Aires, dol. 1. t 47.619 d Montevideo, dol. . . 30+ 39+ old Bombay, rupee .. 18 11-61 18 11-64 lSd Shanghai, tael . . 21.75 21 11-16 <§- Hongkong, dol. . . 16.50 16| Yokohama, yen. . . 16 16;25 24.58 d Batavia, fl. •. .. -8.37 Belgrade, din. . . 243 255 276.31 Warsaw, zloyts . . 29.50 **- 43.38 ■fNominnl. % NEW YORK. Oct. 27 British currencies, continued to decline on the foreign exchange market at New York to day. The Canadian dollar fell 7-8 to 90 1-8 cents, and the pound £ to 3 dollars cents. * {'

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 arrival of the vessels in New Zealand, finally declared rates being marked* : . Australind, America, dollars . . .. 3.452 Canndian Constructor, Canndn, dollars 3.84 Brisbano Maru, Japan, yen . . . . 16{d Golden Cloud, America, dollars . . *3.46 (ioldcn Cloud. Canada, dollars .. *3.84 Niagara, Canada, dollars . . . . 3.78 Hauraki, America, dollars . . . . 3.45} Mariposa, America, dollars . . . . 3.39} Canadian Leader, Canada, dollars . . 3.68$ City of Adelaide. America, dollars . . 3.291 AUSTRALIAN STOCK EXCHANGES YESTERDAY'S BUSINESS (Received October 28 , 9.35 p.m.) SYDNEY, Oct. ?S On the Sydney Stock Exchange to-day there was a much better tone for bonds, owing to the announcement that the coming Federal loan is not to exceed £8,000,000 and to the fact that probably the effective rate of interest will bo under 4 per cent. The improvement extended to the rest of the market. This morning's sales were:—Commonwealth 4 per cent bonds, 1958, £lOl 16s 9d; 1941. £lOl 17s 6d; 1944. £IOO 10s; 3947, £IOO 6s 3d; 1950. £IOO 17s 8d; 1953, £lOl 2s 6(1; 1955, £lOl 7s 6d; 1959, £IOO ss; 1961, £IOO 10s. Bank of New South Wales, £32 15s; Tooth's Brewery, 35s 9d; Australian Glass. 46s 6d; Broken Hill Proprietary, 26s 9d; Henry Jones, 37s 3d; Wilcox and Moffliti, 6s 3d; Witichcombe Carson, 245. Closing sales were:—Bank of New South Wales, £32 13s; Commercial Bank of Sydney, £l7 2s 6d: Iluddart-Parker, 325; Howard Smith, 10s 3d; Fairymead Sugar, 26s 6d; Dunlop Perdriau, 17s 9d; British Tobacco, 365; Winchcombe Carson, 245; Tooth's Brewery, 365; ditto, New Zealand delivery, 365. Commonwealth 4 per cent bonds, 1938, £lOl 17s 6d; 1941, £lO2 ss; 1947. £IOO 17s 6d; 1950, £lOl 7 S 6d; 1953, £lOl 15s; 1955. £lOl 17s 6d; 1957, £lO2 ss: 1959, £IOO 15s; 1961. £lOl ss. Melbourne sales were:—National Bank (£5 paid), £6 10s; Metropolitan Gas, £ll 9s; British Tobacco, pref., 26s 6d; Electrolytic Zinc, pref., Herald and Weekly Times, 55s 9d; Myers, 26s 9cL

ISSUE DEPARTMENT Notes issued:— Govt, debt £11,015.100 In circuOther Govt. lation £358,430,512 securities 248.0G9.G04 In bankOther secuing dci>t, 55,901,582 rities 12,096,049 Silver coin 3.819,247 *£275,000,000 Gold coin & bullion 139,422,091 £414,422,094 £414,422,094 'Amount of fiduciary issue. BANKING DEPARTMENT Capital , . £14.553,000 Govt, secuRest . . 3,133,472 rities . . £66,998,094 Deposits— Advances. Public . . 25.420,187 £11.596,729 Bankers, Other secu£77,335,012 rities, Other aos.. £18,434,037 30.030.766 £33,'588,205 110,923,817 Notes .. . 55.991.5S2 Seven day. Gold and 1,018,859 etc., bills 2.825 silver coin £154,039,30f £154,039,301 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— 1 Oct. 19 Oct. 26 Public . . . . £30,751,192 £25,426,187 Bankers . . ' 71,933,830 77,335,612 Other accounts . ! 33,741,158 33,588.205 £130,426,180 £130,350,001 Securities— 66,998,094 (ioverninent . . < ">6,238,094 Advances, etc. .. 11,606,495 11,596,729 Other .. . . ; 20,048,184 18,434,037 Reserve . . . . 1 56,198,144 57,010.441 Note circulation . . 359,217.903 358.430,512 Coin and bullion . 140,410.047 140,440.953 Proportion 41.10 « 41.80

Price Variation £ 8 d s d Consols 2', per cent 76 0 0 15 0* Funding Loan, 4, 19fi0-90 108 5 0 17 6° War Loan. 5, 1929-47 . . 102 7 6 20 0* Assented War Loan. 31 . . 99 7 6 57 6 # : Conversion Loan, 3J 99 17 6 12 6" Victory Bonds, 4 Com'wealth, 5, 1945-75 . . 108 5 0 7 6° 105 12 6 10 0° Com'wealth, G, 1931-41 . . 101 0 0 5 0° Com'wealth, 31, 1936-37 . . 99 17 6 12 6" Victorian, 3. 1929-49 .. . 89 10 0 12 6* Victorian, 5}, ' 1930-40 . . 94 10 0 17 6° Victorian, 3i. 1929-49 101 5 0 5 0° Victorian, 5. 1932-42 100 7 6 5 0» Victorian. 4j. 1940-60 . . 102 16 3 1 3t N.S.W., 4. 1333 101 5 0 10 0* N.S.W., 3. 1935 98 12 6 .10 0 s N.S.W., .?!. 1930-50 94 12 6 15 0» N.S.W., 55, 1922-32 99 12 6 7 6" N.S.W., 6}. 1930-40 101 15 0 5 0* N.S.W., fi, 1930-40 100 5 0 2 6" Queensland, 5, 1940-60 . . 103 7 6 10 0» Queensland. 3. 1922-47 . . 89 5 0 40 0« Queensland, 6. 1930-40 . . 101 13 9 1 3t New Zealand. 4}, 1948-58 106 10 0 Same New Zealand, 35, 1940 . . 99 10 0 2 6* New Zealand. 3, 1945 . . 93 0 0 5 Ot New Zealand. 6, 1936-51 106 2 6 Same R. Australia. 3!, 1939 . . 98 0 0 30 0* S. Ana., 1916 or after . 78 10 0 17 6* S. Australia. 61. 1930-40 . 10J 17 6 0 6* Tasmania, 33, 1920-40 . . 99 5 0 5 0* Tasmania, 3, 192Q-40 . . 89, 0 0 Same Tasmania, fii. 193040 . . 102 7 6 7 Ct W. Australia. 31. 1929-35 99 10 0 15 0» W. Australia. 3, 1915-35 98 10 0 5 0* W. Australia# 6. 1930-40 101 17 6 2 6* tHigber. *Lower. JEx dividend.