THE MONEY MARKET

New Zealand Herald, Volume LXX, Issue 21426, 25 February 1933, Page 7

THE MONEY MARKET

BANK OF ENGLAND RETURN

TEN MILLIONS MORE GOLD RESERVE NEARLY £62,000,000 LONDON, Feb. 23 The Bank of England return for the week ended February 52 is as follows: ISSUE DEPARTMENT Notes issued:— Govt, debt £11,015,100 In circu- Other Govt. lation £356.549,195 securities 245,345,292 In bunk- Other secuintr dept. 00.996,836 rities .. 14,928,255 • Silvor coin 3,711,353 *£275,000,000 Gold coin & bullion 142,246,031 £417,246,031 £417,246,031 •Amount of fiduciary issue. BANKING DEPARTMENT Capital .. £14,553,000 Govt. secufiest .. 3,640,872 rities .. £36,380,258 Deposits— Advances) Public .. 26,181,171 £11.948,353 Bankers, Other secti--0n5,299,763 rities, Other DCS., £17,620,399 29,574,752 £35.008,802 133,308,625 Notes .. 60.990,836 Seven day. Gold and etc., bills 2,006 silver coin 736,828 £177,088,074 £177,688.674 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— Feb. 15 Feb. 22 Public .. . . £15.840,635 £26,184,171 Bankers . . . 106,327,281 08,299.763 Other.accounts . 32,766,410 35,008,862 £154,943,326 £159,492,796 Securities— Government . . 90.858,315 86,380,258 Advances, etc. . 11,970,324 11,948,353 Other . . . . 17,417,132 17.626,399 Reserve . . . . 52,873,605 61,733,664 Note circulation . . 355,073,533 356,219,195 Coin and bullion 132,947,138 142,'952,859 Proportion . . 34.10 38.70 SHOUT LOANS AND BILLS The Bank of England rate of discount is 2 per cent, to which it was reduced on June 30 from 2£ per cent. Short loans aro quoted at § per cent, same as last week. The market rate of discount for best three months' bills is g per cent, samo as last week. CONSOLS AND COLONIAL STOCKS The following table gives quotations for consols and colonial inscribed stocks, compared with those of February 16:— Price. Variation

GOLD AND SILVER QUOTATIONS IN LONDON LONDON, Feb. 23 Gold is quoted to-day at £6 2s an oz., compared with £6 Is 8d yesterday. Silver is quoted at 17 5-16 d spot and 17 3-8 d forward, compared with 17d and 17 l-16d yesterday.

The quotation for silver at per standard oz. is 17 5-16 d and at per fine oz. 18 11-16 d, compared with 17d and 18 5-l6d yesterday. FOREIGN EXCHANGES STERLING FIRMER AGAIN The following rates on foreign exchanges are current, compared with the cabled quotations on February 22 and par:—

CUSTOMS EXCHANGE RATES Bates 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*: —

Canadian Victor, Canada, dollars . . 3.82 Ardenvohr, America, dollars . . . 3.35 Niagara, Canada, dollars . . .. *4.08 Niagara, America, dollars . . . *3.36 Port Giebornc. America, dollars . . 3.381 Canadian Scottish, Canada, dollars 3.84 Melbourne Maru, Japan, yen . . 14 15-10 d Golden Cloud, America, dollars . . 3.38J

NEW ZEALAND MONEY ABROAD The cost in New Zealand currency of the pound sterling and of the principal foreign units, on the latest quotations, is as follows:

Present Price Par sd s d London, pound . . . . 24 11.58 20 0.00 Australia, pound . • 20 0.00 20 0.00 New York, dollar .. 7 5.73 4 1.31 Montreal, dollar . 6 2.3G 4 1.81 Paris, franc . . •. O 3.40 0 1.98 Berlin, mark .. .. 1 9.02 0 11,74 Copenhagen, krone . . 1 I.3tj 1 1.22 Yokohama, yen . .. 1 <5.03 2 0.58 These valuations represent the current rates at which banks sell drafts payable on demand. ' MELBOURNE PRODUCE MELBOURNE. Feb. 24 Following are to-day's quotations on the Melbourne produce market: —Wheat, 2s 8d to 2s 9d. Flour, £7 10s. Bran and pollard, both £4 15s. Oats, 2s to 2s Id. Barley—English, 2s 4d to 2a 6d. Maize, 5s to 5s Id. Onions—Dull, at £2 to £2 2s 6d.

P. AND O. DEFERRED STOCK

LONDON, Feb. .23

P. and O. deferred Itock is; quoted today at 16s 6d, compared with 17s yesterday.

£ ft d s d Consols, 2} per cent . . 74 0 0 2 6* Funding Loan, 4, 1960-90 110 5 0 5 0* "War Loan, 3J . . . . 99 5 0 Same Conversion Loan, 3i . . 99 17 6 Same Victory Bonds, 4 . . 107 12 6 37 6*2 Com'wealth, 5, 1915-75 . 106 5 0 1 at Com'wealth, G, 1931-41 . 101 15 0 1 3+ Com'wealth. 3J. 1930-37 . 101 11 3 1 3t Victorian, 3. 1929-49 . . 87 15 0 5 Ot Victoria!}, 3j, 1929-49 . . 96 5 0 5 Ot Victorian. St. 1930-40 . . 103 15 0 5 Ot Victorian, 5, 1932-42 . . 103 o 6 2 6t Victorian, 41, 1940-60 . . 103 2 6 Same N.S.W., 4, 1933 . . . . 101 6 3 3 9t N.S.W., 3. 1935 . . . . 100 0 0 Sartie N.S.W., 3}, 1930-50 . . 94 0 0 2 et N.S.W., 64, 1930-40 . . 101 18 9 2 fit NT S \V\. 6. 1930-10 . . 103 0 0 2 6t Queensland, 5, 1910-60 . . 104 15 0 Same Queensland. 3. 1922-47 . .' 8S 1 3 1 3* Queensland, 6, 1930-40 . # 101 15 0 7 6* New Zealand, 4$, 1948-58 107 15 0 7 6t New Zealand, 3*, 1910 .. 99 17 6 2 6t New Zealand. 3, 1945 , . 92 18 9 1 3+ Now Zealand. 6. 1936-51 107 0 0 Same S. Australia. 34. 1939 . . 100 15 0 Same S. Axis.. 3, 1916, or after 77 0 0 Same S. Australia. 6}, 1930-40 . 101 15 0 Same Tasmania. 31. 1920-40 . . 99 12 6 0 2 6* Tasmania, 3, 1920.40 . . 94 0 Same Tasmania. 6}. 1930-40 . . 102 0 0 5 0* W. Australia. 3}, 1929-35 101 5 0 2 6t W. Australia, 3. 1915-35 . 100 0 0 5 Ot W. Australia. 6, 1930-40 . 102 15 0 •2 6t tHigher. 'Lower. JEx interest.

Feb. 23 Feb. 22 Par Montreal, dol. .. New York. dol. . Paris, fr. Brussels, belga .. Geneva, fr. Amsterdam, fl. .. Milan, lire Berlin, r.m. Stockholm, kr. .. Copenhagen, kr. . Oslo, kr. Vienna, sch. Prague, kr. Helsingfors. mark Madrid, pea. Lisbon, cscu. Athena, dr. Bucharest, lei. Rio do Janeiro, mil. Buenos Aires, 'dol. Montevideo, dol. Bombay, rupee . Shftiiehfti. tael .. Hongkong, dol. . Yokohama, yen . Batavia, fl. Belgrade, din. .. Wavsaw, zlolys .. 4.095 3.415 86.50 24.265 17.505 8.435 66.75 14.255 18.85 22 7-16 19.50 301 1148 226.50 411 110 60S 570 511 41.50 33.50+ 18 5-32 20| 15i 14 7-16 8.425 250 30.37 4.085 3.401 86| 24.255 17.405 8.425 66 J 14.245 .18.85 22 7-16 19.50 ao+ • 1151 226.50 41 1-16 110 607.50 575 5.25t 41.50 33+ 18 5-32 20 3-16 15k 14 5-16 250 4.866 4.8G6 124.21 35.00 25.22 12.10 92.46 20.43 18.159 18.159 18.150 34.585 161.25 129.23 25.221 110 375.00 813.0 5.899(1 47.619d 51d 18d 24.58d 12.10 276.31 43.38 tNonlinal.