THE MONEY MARKET

New Zealand Herald, Volume LXX, Issue 21562, 5 August 1933, Page 7

THE MONEY MARKET

BANK OF ENGLAND RETURN SHORT LOAN RATE UP DECREASE IN DEPOSITS LONDON, Aug. 3 The Bank of England return for the week ended August 2 is as follows: — . ISSUE DEPARTMENT . Notes issued:— Govt, debt i11.015.10n In circu- Other Govt. lation i 352.184.173 securities 243.844.725 In bank- Other secuing dept. 67.971.341 rrties .. 1,500.012 Silver coin 3,640,163 *£260,000,000 Gold coin & bullion 190,155,514 £450,155,514 £450,155,514 "Amount of fiduciary issue. BANKING DEPARTMENT Capital .. £14,553,000 Govt, securest .. 3,576,919 rities .. £90,020.963 Deposits— < Advances, Public .. 21,517,023 £11.171,929 Banker*. Other 5ecu£89,457,395 rities, Other acs., £12,385,345 23,557,274 £53,8'J9,854 143,267,249 Notes .. 67,971,341 Seven day, Gold and etc., bills 1,061 silver coin 1,365,674 £182,915,252 £182,915,252 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— July 26 Aug. 2 Public .. •.. £14,136,414 £21,517,023 Bankers . . 98.510,742 89.457,395 Other accounts . . 57,659,219 53,809,854 £170,306,375 £164,784,272 Securities— , Government .. 90.595.963 90,020,963 Advances, etc. . . 11,213.296 11.171,929 Other .. : .. 12,419.716' 12,385,345 Reserve . . . . 74,159,782 69,337,015 Note circulation . . Coin and bullion . 191.380.134 191,521.188 Proportion . . 43.50 42.00 SHORT LOANS ANb BILLS The Bank of England rate of discount is 2 per cent, to which it was reduced on June 30, 1932, from 2} per cent. Short loans are quoted -at ] 1-16 per cent, compared with 5-16 per cent last week. The market rate - of discount for best three months' bills is 7-16 per cent, same as last week. CONSOLS AND COLONIAL STOCKS The following table gives quotations for consols and colonial inscribed stocks, compared with those of July

-FOREIGN EXCHANGES ) - DOLLAR RATHER WEAKER The following rates on foreign exchanges are current, compared with the cabled quotations on August 2 and par:

tNominal. new Zealand money abroad Current dollar exchanges, as quoted by the New Zealand banks, are as under, compared with previous quotations: — U.S. Dollars to £1 July 22* July 28 July 31 Aug- 1 Auk. 4 Buying , 4.75 4.63 4.63 4.57 4.61 Selling . 4.55 4.43 4.43 4.37 4.44 Canadian Dollars to £1 Buying . 4.98 4.90 4.97 4.91 4.91 Selling . 4.78 4.79 4.77 4.71 4.71 - The cost in New Zealand currency of the pound sterling and of the principal foreign units, on the latest quotations, is as follow^: —

These valuations represent the current rates at which banks sell drafts payable on demand. j. s CUSTOMS EXCHANGE RATES Rates of exchange ruling at the announced dates 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": — Brisbane Maru, Japan, yen . . . . 15 l-32d Wnikawa, America, dollars . . . . 4.79J Pinko, America, dollars . . . . 4.26 Port Fternantle, America, dollars . . 4.535 Canadian Highlander, Canada, dol. 4.66 Melbourne Maru, Japan, yen . 14 13-l(>d MATAWHERO HORSE FAIR BEST OF RECENT YEARS [by telegraph —own correspondent] GISBORNE. Friday The horse fair held at Matawhero was the best of recent years, prices going up to £4l 10s. There was an entry of 200 horses and competition was good for every eliißs. All farm horses of good stamp were keenly sought, mainly by outside buyers and the best of the yarding went outside the district. Compared with entries of a few years ago station lines of unbroken horses were not much in evidence. Good horses of this stamp, mostly four-year-olds, sold at £2l to £29. while smaller three-year-olds made £l2 to £l4 ss. Light unbroken horses sold up to £6 10s. In the class for heavy horses, broken to harness, there were many good animals from five to seven years old, prices ranging from about £3O to £4l 10s. Several sales of this class of back country horses, broken to chains, made £'2s to £3O; aged horses, £lB to £l4. Several stylish weight-carrying hacks brought good competition, making from £8 10s to £lO 10s. Urdinary hacks sold from £4 upwardi.

Price Variation Consols. 2J per cent £ s d s d 72 15 0 5 Of I* unding Loan. 4. 19GO-90 109 17 6 2 6t War Loan. 31 .. .. 99 0 0 Same. Conversion Loan, 3i 99 7 G 2 Gt Victory Bonds. 4 . . . t . 103 10 0 10 Ot Com'wealth, 5, 1945-75 . 100 10 0 5 Ot Coni'wealth, G. 1931-41 . . 100 17 6 47 g*: Com'wealth, 3}. 193G-37 . 100 11 3 3 9* Victorian, 3, 1929-19 87 7 G 7 Gt Victorian, 3$, 1929-4!) . . 93 15 0 Same. Victorian, 5S. 1930-40 . . 102 15 0 5 0* Victoriun, 5. 1932-42 102 18 9 3 9t Victorian, 41, 1940-00 . . 102 5 0 Same. N.S.W., 3. 1935 . . 100 0 0 2 Gt N.S.W., 35. 1930-50 92 10 0 " o Gt N.S.W., 6}, 1930-40 100 0 0 5 o*: N.S.W,. (i.. 1930-40 102 6 3 1 3t Queensland, 5. 1940-00 . . 105 10 0 5 ot Queensland, 3, 1922-47 . . 87 10 0 7 ■ Gt Queensland. 6, 1930-40 . . 100 18 1} 0 7Jt New Zealand. 4}. 1948-58 101 12 6 32 g*; New Zealand. 31, 1940 . . 99 15 0 5 Ot New Zealand. 3, 1945 92 7 G 5 Ot New Zealand, C, 103G-51 . 105 15 0 10 Ot S. Australia, 31. 1939 . . 1C0 0 0 5 0^ S. Australia. .1. 1916 or after 72 0 0 5 0* S. Australia. 6?. 19:10-40 100 0 0 5 o*: Tasmania, 35, 1920-40 . . 98 15 0 Same. Tasmania. 3. 1920-40 . . 9(5 0 0 5 0* Tnsmania, fij, 1930-40 . . 100 0 0 5 o*: W. Australia, 3J, 1929-35 1C0 0 0 5 0* W. Australia, 3, 1915-35 . 99 0 0 2 G* W. Australia, 6, 1930-40 . 101 7 6 2 6t 1 Higher. 'Lower. :Ex : Interest.

' . • Aug. 3 Aug. 2 Par Montreal, dol. .. 4.815 4.79 4.866 New York, dol. . 4.53 4.465 4.866 Paris, fv. 84 21-32 84 25-32 124.21 Brussels, belga .. 23.755 23.775 35.00 Geneva. fr._ . 17.135 17.15 25.22 Amsterdam,~fl. .. 8.205 8.22 12.10 Milan, lire 63 3-16 63'/. , 92.46 Berlin, r.m. 13.90 13.925 20.43 Stockholm, kr. .. 19.375 19.375 18.159 Copenhagen, kr. . 22.40 22.40 18.159 Oslo, kr. 19.90 19.90 1S.1O9 Vienna, sch. 301 30t 34.585 Prague, kr. 111 8 /, 112 164.25 Helsingfors. mark 226.50 226.50 129.23 Madrid, pes. 39% 39.75 25.221 Lisbon, escu. 110 110 110 Athens, dr. 587.50 587.50 375.00 Bucharest, lei. 565 565 813.6 Rio de Janeiro, mil. 4'/id 4.25d 5.899d Buenos AireB, dol. 42.50d 42d 47.619d Montevideo, dol. 34dt 34dt Bid Bombay, rupee .. 18 3-32d 18 3-32d 18d Shanghai, dol. .. ISV^d 15V,«d — Hongkong, dol. . 16 27-32d 16 29-32d Yokohama, yen . 14'Jd 14%d 24.58F1 Batavia, fl. 8.23 12.10 Belgrade, din .. 245 •245 276.31

i Present s d Price Par 8 d London, pound . . . 24 11.58 20 0 a f• Vm Hi i Mor xorit, uoiiiir , ■ oi ltreal, dollar . . . 5 3 OU 1 1 B2 4 1 Ol 31 Par is. franc . . .. 0 3 93 Ber in. mark .. .. 19 74 Con eihngen, krone .. 11 38 11. 22 Yok ohama, yen . . .. 16 53