THE MONEY MARKET

New Zealand Herald, Volume LXX, Issue 21450, 25 March 1933, Page 7

THE MONEY MARKET

BANK OF ENGLAND RETURN

COIN AND BULLION INCREASE BANKERS' DEPOSITS SHRINK LONDON. March 23 The Bank of England return for the week ended March 22 is as follows: — ISSUE DEPARTMENT Notes issued: — Govt, debt £11,015,100 111 circu- Other Govt. lation £364,330,571 In bank- Other sealing dept. 80,301,391 • rities . . 10,578,009 1 Silver coin 3,638,557 *£275,000,000 Gold coin & bullion 169,631,962 £444,631,962 £444,631,962 •Amount of fiduciary issue. BANKING DEPARTMENT Capital . . £14,553,000 Govt, secu- , Rest . . 3,G85,1G9 rities . . £55,717,779 Deposits— Advances, Public . . 29,026,481 £11,786,684 Bankers, Other 5ecu£84,944,825 rities, Other acß,, £17,879,241 29,665,925 £34,217.556 119,162,381 Notes .. 80,301.391 Seven day. Gold and etc., bills 1,010 silver coin 742,946 £166,428,041 £166,428,041 The principal items of the above return compare as follows with those for last week, the proportion of tho reserve being shown in,the last line:— Deposits— Mar. 15 Mar.22 Public .. .. £21,267.610 £29.026,481 Bankers . . 106.145,906 84,944,825 Other accounts . 33,885.904 34.217,556 £1(51,299.420 £148,188,862 Securities— Government .. 71.910,258 55.717.77!) Advances, etc., . 11.778.882 11,786,684 Of her .. 17,532.256 17,879,241 Reserve . . . . 78.318.723 81,044,337 Note circulation .. 363,810,268 364,330,571 Coin,and bullion . 167,134,991 170,374.909 Proportion' . . 45.80 54.60 SHORT LOANS AND BILLS The Bank of England rate of discount is 2 per cent, to which it was reduced on June 30 from per cent. Short loans are quoted at J per cent, same as 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 16: — VariaPrice tion .£a d s d Consols, 2{ per cent , . 75 15 0 50 0+ Funding Loan, 4, 19G0-90 112 10 0 30 0+ War Loan, 31 . . . . 101 5 0 35 Ot Conversion Loan, 3J . . 100 6 0 35 0+ Victory Bonds, 4 .. 110 2 6 32 6+ Com'wealth, 5, 1945-75 . . 107 10 0 20 Ot Com'wealth, 6. 1931-41 .. 101 17 6 2 Gt Com'wealth, 3i, 1936-37 . . 102 2 6 3 9t Victorian, 3, 1929-49 ..- 89 15 0 27 Gt Victorian, 3}, 1929-49 . . 95 10 O 12 Gt Victorian, SJ-, 1930-40 . . 102 0 0 Same Victorian, 5, 1932-42 . . 101 7 6 10 Ot Victorian, 42, 1940-60 . . 103 15 0 11 31 N.S.W., 4, 1933 . . . . 101 8 9 1 3t N.S.W., 3, 1935 . . . . 99 12 6 8 9+ N.S.W., 31, 1930-50 . . 95 0 0 22 6+ N.S.W., 6}, 1930-40 . , 102 2 6 Same N.S.W.. fi, 1930-40 . . 103 7 6 7 6t Queensland, 5, 1940-60 . . 104 2 6 13 9t Queensland, 3, 1922-47 . . 89 0 0 1 3 9t .Queensland, 6, 1930-40 . . 102 7 6 7 Gt New Zealand, 4*. 1918-58 107 17 6 1 5 Ot New Zealand, 31, 1940 . . 100 5 0 7 6t New Zealand. 3. 1945 . . 92 2 6 8 9+ New Zealand, R, 1936-51 108 5 0 17 6t S. Australia, 35, 1939 .. 101 10 0 7 6+ S. Aus. 3. 1916 or after 77 10 0 20 Ot S. Australia. 65. 1930-40 102 fi 3 3 9+ Tasmania, 31, 1920-40 . . 100 2 6 5 Ot Tasmania, 3. 1920-40 . . 98 0 0 80 Ot Tasmania. 6}, 1930-40 . . 102 10 0 12 Gt W. Australia. 3L 1929-35 101 10 0 10 Ot W. Australia, 3, 1915-35 . 100 10 0 15 0t W. Australia, fi. 1930-40 102 7 G 2 Gt t Higher. 'Lower. Business on the London Stock Exchange to-day was on modest lines. Gilt-edged stocks recorded a general advance of sto South African shares were firmer. A feature at the close was the strength of international stocks, following on a strong Wall Street opening. i FOREIGN EXCHANGES LITTLE CHANGE IN STERLING The following rates on foreign exchanges are current, compared with the cabled quotations on March 22 and par:— Mar. 23 Mar.22 Par. Montreal, dol. .. 4.115 4.12 4.866 New York, dol. . . 3.425 31425 4.866 Paris, fr 87J 87.25 124.21 Brussels, belga . . 21.58 24.595 35.00 Geneva, fr. .. 17.755 17.G95 25.22 Amsterdam, fl. , . 8.50 8.50 1 2.10 Milan, lire .. 665 Gfij 92.46 Berlin, r.m. .. 14.355 14.375 20.43 Stockholm, kr. .. 18.90 181- 18.159 Copenhagen, kr. . 22 7-16 22 7-16 18.159 Oslo, kr 19.50 19.50 18.159 Vienna, sell. . . 311 31+ 34.585 Prague, kr. .. 115.25 1.15 164.25 Helsingfors, mark 226.50 226.50 129.23 Madrid, pes. . . 40 15-32 40 7-16 25.221 List,on. escu. .. 110 110 110 Athens, dr. . . GOO 605 375.00 Bucharest, lei. . . 575 575 813.G RiodoJaneiro.mil. 521 SJI • 5.899 d Buenos Aires, dol. 41 41 47.619 d Montevideo, dol. . 33t 33 s!d Bombay, rupee .. 18 l-16d 18!|d 18d Shanghai, lael .. 20 11-16 d 2fll Hongkong, dol. . . Isjd 15.7 fid Yokohama, yen . 15 1-1 fid 14 15-16 d 24.58 d Bnfnvia, fl. ; . 8.52 Belgrade, din. . . 255 255 276.31 Warsaw, Jilotys . . 30.50 tNorhinal. CUSTOMS EXCHANGE RATES Rates of exchange ruling at tho announced date of departure of tho vessels named are shown in tho following table. They are subject to confirmation by tho j Customs Department when tho exact time of departure is learned on arrival of tho vessels in New Zealand, finally declared lates being marked*:— Oify of Cambridge, America, dollars 8.41 Canadian Leader, Canada, dollars . . 4.11 Sydney Maru, Japan, yen . . . . ll.oOd NEW ZEALAND MONEY ABROAD The cost in Now Zealand curroncy of ihe pound sterling and of the principal foroign units, on tho' latest quotations, is as follows: Present Price Par ad s d London, pound .. .. 24 11.58 20 'O.OO Australia, • pound . .. 20 0.00 20 0.00 New York, dollar .. 7 5.2 4 1.31 Montreal, dol. ~ 6 3,11 4 1.81 Paris, franc .. 0, 3.44 0 1.98 Berlin, puirk .. .. 1 8.88 0 11.74 Copenhagen, krone .. 1 1.36 1 1.22 Yokohama, yen ..' .. 1 6.8 L 2 0.58 These valuations represent tho current rates at which banks sell drafts payablo on demand. CANTERBURY MARKETS A VERY QUIET WEEK [BY TELEGRAPH —PRESS ASSOCIATION] CHRISTCRURCH, Friday Tins week has been a very quiet one. Little interest has been manifested so far from the North Island in any branch of produce. The demand for fowl wheat was activo for a few days, but has now quietened. Prices arc set at 2s - f.o.b., sacks extra, for prompt delivery and 33 3d fo.b. for spread. Offerings from farmers aro not. so free ah previously. Millers have been buying milling wheftt with a good deal of freedom and their storage accommodation is becoming filled. Quotations for potatoes on trucks range about 32s 6d a ton.

Oats are still lacking inquiry and chaff is in the same position. The nominal quotation for chaff is £3 a ton f.0.b.. sacks extra.

Cowgrass seed is commencing to come in. It is of good quality and is quoted at up to 7jd per lbj