THE MONEY MARKET

New Zealand Herald, Volume LXX, Issue 21467, 15 April 1933, Page 5

THE MONEY MARKET

BANK OF ENGLAND RETURN GOLD HOLDING STILL HIGHER LARGER NOTE CIRCULATION (Received April 14. 6.35 p.m.) LONDON, April 13 The Bank of England return for the week ended April 12 is as follows: ISSUE DEPARTMENT Notes issued : Govt. debt. £11,015,100 In circu- Other Govt. lation £376,370,433 securities '23G,578,65G In bank- Other secuingdept. 02,140,539 rities .. 8.7-18,451 3ilver coin 3,657,763 *£2G0,000,000 Gold coin & bullion 178,510.972 £438,510,072 £435,510,972 'Amount of fiduciary issue. BANKING DEPARTMENT Capital .. £14.553,000 Govt sccuKcst ..• 3,099,280 rities .. £68,859,505 Deposits— Advances, Public .. 17,971,689 £11,632,097 Blinkers. Other 5ccu£88,663,327 rities, Other acs., £15,929,301 27,561,401 £35,095,269 123,758,590 Notes .. 02,140.539 Seven day, Gold and etc., bills 4.392 silver coin 825,512 £159,356,957 £159,386,957 The principal items of the above return compare as follows with those for last week, the proportion of the reservo being shown in the last line: Deposits— April 5 April 12 Public .. .. £14,082,902 £17.971.089 Bunkers .. .. 109.598,880 88.663,327 Other accounts . 31,495,482 35,095,209 £158,177,330 £141,730,285 Securities— Government .. 82,979.505 68.859.505 Avnnces, etc. .. 11.W8.71S 11.632.097 Other .. .. 15,517,287 15,929.304 Reserve .. .. 65.091,045 62,900.051 Note circulation .. 371,669.360 376,370.433 Coin and bullion 177.360.405 179.336,484 Proportion .. 41.50 44.40 SHORT 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 are quoted at I per cent, same as last week. The market rate of discount for best three months' bills is 19-32 per cent, as compared with 23-32 per cent last week. CONSOLS AND COLONIAL STOCKS The following table gives quotations for consols and colonial inscribed stocks, compared with those of April 6:—

FOREIGN EXCHANGES STERLING A LITTLE EASIER The following rates on foreign exchanges are current, compared with the cabled quotations on April 11 and par: April 12 April 11 Par

The selling rate for telegraphic transfers. London on Capetown, is £99 17s 6rl for £IOO sterling, and the luiying rat* £IOO 17s 6d, same as on AprilS. NEW YORK MARKET FOREIGN CURRENCIES RISE a " " (Received April 14, 5.5 p m.) NEW YORK. April 13 The pound sterling, rose 2 5-16 cents in the heavy trading to-day to close at the cable rate of three dollars 43$ cents. The Canadian dollar was 5-8 cents stronger at 83 7-8. Foreign exchanges generally rose sharply in relation to the American dollar, especially European gold currencies, the pound and the Canadian dollar. French francs enjoyed the best gains for many months, rising 4 5-16 points to the cable rate of three dollars 99 cents, the highest rate in recent years. New high levels for a year also were, recorded by Dutch guilders, which rose 22 points to 40.68. Belgian helgas rose 15J points to 14.11, and jSwiss francs advanced 2.'1 points to 19.60. Scandinavians also rose. The rises are attributed by somo dealers to speculative operations in Knrope, based principally upon reports of recent inflation discussions in Washington. 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 Customs Department when tho exact time of departure is loarned on arrival of tho vessels in New Zealand, finally declared rates being marked*:— Wirral, America, dollars . . . . 8.44J Niagara, Canada, dollars . . .. 4.1 IS Golden Eagle, America, dollars . . 8,421 Brisbane- Mam, Japan, yen . . 15 1-324 Waikawa, America, dollars . . 3.425 Mariposa, America, dolors . . 3.41J Canadian Cruiser, Canada, dollars 4.14 NEW ZEALAND MONEY ABROAD The cost in New Zealand currency of the pound sterling and of tho principal foreign units, on the latest quotations, is as follows: Present Price Par 8d s d London, pound .. .. 24 11.58 20 0.00 Australia, pound, . ..20 0.00 20 0.00 Now York, dollar . .. 7 6.55 4 1.31 Montreal, dollar . . .. 6 2.3(5 4 1.81 Pans, franc .. .. 0 3.40 0 1.9S Berlin, mark . . ~1 8.86 0 11.74 Copenhagen, krono .. 1 1.86 1 1.22 Yokohama, yen . . . . 1 6.65 2 0.58 These valuations represent the current rates at which banks sell drafts payable on demand.

Price Variat ion £ s d s d Consols 2} per cent . 76 5 0 2 fit Funding Loan, 4, 19G0-90 . Ill 2 G 2 fit War Loan, 3] . 102 0 0 10 Ot Conversion Loan, 3i . 101 0 0 10 Ot Victory Bonds, 4 . . ..110 0 0 10 Ot Com'wealth, 6, 1945-75 . . 107 15 0 G 01 Com'wealth, 6, 1931-41 . . 101 17 6 o fit Com'wealth. 3J. 1930-37 . . 101 12 6 12 fit Victorian, 3, 1929-49 . 90 15 0 5 01 Victorian, 3}, 1929-49 . 90 5 0 12 6» Victorian, 5j, 1930-40 . 102 0 0 10 01 Victorian, 5, 1932-42 . 101 5 0 2 6 J Victorian, 41, 1940-60 ; . 104 5 0 Same N.S.W., 4, 1933 . . . 101 15 0 5 01 N.S.W., 3, 1935 . . . 100 0 0 2 fit N.S.W., 3J, 1930-50 . 95 15 0 5 0" N.S.W., fii, 1930-40 . 102 8 9 1 3 a N.S.W.. 6, 1930-40 . 101 2 6 1 3° Queensland, 6, 1940-fiO . . 104 15 0 5 0" Queensland, 3, 1922-47 . . 91 5 0 7 fit Queensland, 6, 1930-40 . . 102 5 0 ■ o fit New Zealand, 4{, 1948-58 . 107 15 0 5 0° New Zealand, 3L 1940 . . 100 12 6 2 fit New Zealand, 3, 1945 . 94 0 0 5 Ot New Zealand, 6, 193R-51 . . 108 0 0 5 Ot S. Australia, 3*. 1939 . . 101 10 0 2 01 S. Aus., 3, 1910 or after 77 2 6 7 6' S. Australia, 6J. 1930-40 . . 102 7 6 2 6" Tasmania. 3S, 1920-40 . 100 12 fi Same Tasmania, 3, 1920-40 . 93 17 6 2 6° Tasmania, fij, 1930-40 . . 102 15 0 2 fit W. Australia, 3J, 1929-35 . 100 0 0 Sa ma W. Australia, 3. 1915-35 . . 99 10 0 12 G! W. Australia. 0, 1930-40 . . 102 10 0 5 Ot tHigher. * Lower.

Montreal, dol. .. 4.1(15 4.11 4.866 New York, dol. . 11.41 i 3.412 4.866 Paris, fr. pr, n-ir, 86| 124.21 Brussels, belga .. 24.425 24.445 35.00 Geneva, fr. 17.625 17.65 25.22 Amsterdam, fl. .. 8.44 8.45 12.10 Milan, lire 66 9-16 66i 92.46 Berlin, r.m. 14.305 14.375 20.43 Stockholm, kr. .. 18 20-32 18 29-32 18.159 Copenhagen, kr. . 22 7-10 22 7-16 18.159 Oslo. kr. 19.50 19.55 18.159 Vienna, sen. 33t 32.50* 34.585 Prague, kr. 114.50 114.50 164.25 Helsingfors, mark 227 227 129.23 Madrid, pes. 40 3-16 40 3-16 25.221 Lisbon, escu. .. 110 110 110 Athens, dr. 605 605 375.00 Bucharest, lei. .. 575 575 813.6 Rio dc Janeiro, mil. 5»t 53t 5.899d Buenos Aires, dol. 41.15 41 47.619d Montevideo, dol. 33t 331 51d Bombay, rupee . 18 5-04 d IS 1-lGd lSd 'Shanghai 14.SOd — — Hongkong, dol. . 15 13-16d 15.75d — Yokohama, yen . 14 15-16 — 24.58d Batavia, fl. 8.43 — 12.10 Belgrade, din. .. 252.50 252.50 276.31 tNominal. *No\v quoted pence to American dollars.