THE MONEY MARKET

New Zealand Herald, Volume LXXI, Issue 21716, 3 February 1934, Page 7

THE MONEY MARKET

BANK OF ENGLAND RETURN INCREASED GOLD HOLDING DISCOUNT RATES UNALTERED LONDON, Feb. 1 The Bank of England return for the week enued January 31 is .<*» follows: ISSUE DEPARTMENT Notes issued:— Govt, debt £11,015,100 Id circu- Othe- Govt. lation £366,061,673 securities 214,800,43 a In bank- Other oecuing dept. 34,240,881 rities .. 640,900 Silver coin 3,543,502 *£260,000,000 Geld coin & bullion 190,902,554 £450,902,554 £450,902,551 'Amount of fiduciary issue. BANKING DEPARTMENT Capital .. £14.053,000 Govt, securest .. 3,579,094 rities .. £77,057,869 Deposits— Advances. Public .. 25,154,593 £8,178,324 Bankers, Other 5ecu£100.593,585 rities, Other acs., £11,318,082 19,495.406 £37,806,908 138,400,553 Notes .. 84,210.881 Seven day, Gold and etc., bills 913 silver coin 393,297 £181,668,453 £181,688,453 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— Jan. 24 Jan. 31 Public .. £12.815.455 £-25.154.293 Bankers .. .. 118,060.089 100,593,585 Other Accounts . 36,906,153 37.806.968 3~ £167,781,697 £163,554,846 Securities— Government .. 78,792,869 77,057,869 Advances, etc. .. 8,097,940 8.178,324 Other .. .. 11,500,345 11,318,082 Reserve ~ .. 87,609,230 85,134,178 Note circulation .. 364,212,789 366,661,673 ! Coin and bullion 191,722.019 191,795,851 'Proportion .. 52.10 52 SHORT LOANS AND BILLS The Bank of England rate of discount is 2 per cent, to which it was -reduced on June 30, 1932, from 2J per cent. Short loans are quoted at i per cent, same as last week. The market rate of I discount for best three months' bills is 1 per cent, sams* as last week. CONSOLS AND COLONIAL STOCKS The following table gives quotations ' for consols and colonial inscribed stocks, ! compared with those of January 25: — Price Variation £sd s d ! Consols, 2J per cent . . 75 15 0 5 0+ i Funding Loan, 4, 1960-90 112 0 0 2 6t j War Loan, 3} . . .. 101 12 6 7 6+ Conversion Loan, 3i . . 102 7 6 5 01 Victory Bonds, 4 . . . . 110 17 6 2 6t Com'wealth, 5, 1945-75 .. 108 17 6 2 6+ Com'wealth, 6, 1931-41 . . 100 2 6 Same Com'wealtli, 3i. 1936-37 . 102 6 3 21 31 Victorian. 3. 1929-49 . . 91 5 0 7 6* Victorian. 3i, 1929-49 . . 97 13 9 1 3* Victorian, 51, 1930-40 . . 102 0 0 2 6t Victorian, 5." 1932-42 . . 101 17 6 2 6+ Victorian, 4J. 1910-60 .. 105 0 0 5 Of N.S.W., 3, 1935 . . , 101 li 3 3 fit N.S.W., 3J, 1930-50 .. 96 11 3 3 9* Queensland, 5, 1940-60 . . 107 15 0 Samo Queensland, 3, 1922-47 . . 92 5 0 7 61 New Zealand, 41. 1948-53 . 107 13 9 1 3* New Zealand, 31, 1940 . . 101 6 3 1 31 New Zealand, 3, 1945 . . 96 2 6 2 6+ New Zealand, 6, 1936-51 , 105 18 9 G 8t S. Australia, 3j, 1939 101 5 0 Same S. Aus., 3, 1916 or after 79 15 0 Same Tasmania, 3}, 1920-40 . . 101 2 6 Same Tasmania, 3, 1920-40 . . 99 5 0 45 Ot W. Australia, 31. 1929-35 101 12 6 2 6* W. Australia. 3, 1915-35 . . 101 0 0 1 3t t Higher. * Lower. FOREIGN EXCHANGES DOLLAR WEAKER AGAIN British Wireless RUGBY, Feb. 1 The following rates on foreign exchanges are current, compared with the cabled quotations on January 31 and par: Feb. 1 Jan. 31 Par. Montreal, dol. .. 5.00 5.01Va 4.866 New York, dol. . Paris, fr. .. 78% 79 s /,« 124.21 Brussels, belga .. 21.98% 22.42 35.00 Geneva, fr. .. 15.84 16.12 25.22 Amsterdam, fl. 7.62% 7.76 12.10 Milan, lire I. 5S l A 59 7 /„ 92.46 Berlin, r.m. .. 12.89% 13.18 20.43' Stockholm, kr. .. 19.39% 19.39% 18.159 Copenhagen, kr. . 22.40 22.40 18.159 Oslo, kr. .. 19.90 19.90 18.159 Vienna, sell. .. 29 29 34.583 Prague, kr. .. 103% 105% 164.25 Helsingfors, mark 226% 226% 129.23 Madrid, pes. .. 37 29-32 38% 25.221 Lisbon, escu. .. 110 110 110 Athens, dr. .. 530 545* 375.00 Bucharest, lei. . . 520 530 813.6 Rio de Janeiro, mil. 4%d* 4%d* 5.899 d Buenos Aires, dol. 36% d* 36% d* 47.619 d Montevideo, dol. 37'/id* 37% d* 51d Bombay, rupee 18 3-32 d 18 3-32 d 18d "Shanghai, dol. .. 16% d 16 s -l e d Hongkong, dol. . 18d 18d Yokohama, yen . 14 9-32 d 14y l(s d 24.58 d Butavia, fl. .. 7.61 Belgrade, din. .. 227 230 276.31 "Warsaw, zloty .. 27.75 'Sellers. NEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by the New Zealand banks, are as under: — Dollars to £1 Buying Selling United States . . . 5.10 4.90 Canada . . . . 5.14 4.94 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 « d Australia, pound . . . 20 0.00 20 0.00 London, pound . . . . 24 11.58 20 0.00 New York, dollar .. 5 1.16 4 1.31 Montreal, dollar . .. 5 0.66 4 1.31 Paris, franc . . .. 0 3.83 0 1.93 Berlin, mark .. .. 1 11.24 1 11.74 Copenhagen, krone .. 1 1.38 1 1.22 Yokohama, yen . . . . 1 6.73 2 0.58 These valuations represent the current rates at which '.lie banks sell drafts pay aWe on demand. 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 Now Zealand, finally declared rates being marked*: — Brisbane Maru, Japan, yen . . 14 15-32 d Canadian Cruiser, Canada, dollars 5.09 Wirral, America, dollars . . . . 5.091 VVnihemo, America, dollars .. 5.001 Port Alma, America, dollars . . 4.982 PRICES OF METALS TIN SLIGHTLY FIRMER (Received February 2, 7.35 p.m.) LONDON, Feb. 1 Following are to-day's quotations on the London metal market, compared with those of January 31: — Feb. 1 Jan, 31 Per ton Per ton £ad £ s d Copper, stall., spot . . 33 6 3 33 11 101 Copper, stun., 8 mos. 33 8 9 33 14 4$ *Copper, electrolytio . 36 5 0 36 10 0 to to 36 10 0 37 0 0 Copper, elec., wire bars 36 10 0 37 0 0 Lead, soft, spot . . 11 7 6 11 fi 3 Lead, soft, forward 11 13 9 11 8 9 Spelter, spot . . .. 14 12 6 14 10 3 Spelter, forward .. 15 0 0 14 18 9 Tin. stan., spot . . 226 12 6 226 7 6 Tin, stan., 3 mos. . . 225 18 9 225 17 6 'American, 8 cents a lb., name aa on January 31. MELBOURNE PRODUCE MELBOURNE,. Feb. 1 Following are to-day's quotations on the Melbourne produce market: — Wheat, 2s 6d to 2s GJd- Flour, £7 2s (3d. Bran, £4 ss. Pollard. £4 15s. Oats, 2s 4d to 2s sd. Barley: English, 2s lid. Maize, 4s to 4s Id. Onions: Steady at £2 to £2 2s 6d.