THE MONEY MARKET

New Zealand Herald, Volume LXXI, Issue 21758, 24 March 1934, Page 7

THE MONEY MARKET

BANK OF ENGLAND RETURN LARGER GOLD HOLDING .DEPOSITS SHOW DECREASE LONDON, March 22 The Bank of England return for tho week ended March 21 is as follows: —■ ISSUE DEPARTMENT Notes issued:— Govt, debt £11,016,100 In circu- Other Govt. lation £300,465,497 . securities 245,257,821 In bank- Other soouinffdept. 81,615,017 rities .. 184,196 Silver coin 3,643,383 *£ 260,000,000 '■■"•■■• v Gold coin & bullion 191.080.514 •Amount of fiduciary issue. BANKING DEPARTMENT . Capital ..£14,563,000 Govt, fiecuReat .. 3,689,440 rities .. £72,894,732 Deposits— Advances, Public .. 12,167,229 £5.617,584 Bankers, Other 5ecu£107,555,912 rities. Other aefl., £12,844,316 18,461,900 £36.060,501 143,616.443 Notes .. 81,616.017 Seven day. Gold and etc., bills 1,019 silver coin 1,055,482 £174,027,131 £174,027,131 The principal items of tho above return compare as follows with those for last week, the proportion of tho reserve being shown in the last line:Deposits— Mar. 14 Mar. 21 Public .. a. £12,244.317 £12,167.229' Bankers .. ~ 111,735,031' 107,555,942 Other Accounts . 35,101.435 36,060,501 / ' . £160,080,783 £155,7831672 Securities— Government .. 78,594.732 72.894,732 Advances, etc. .. 5,629,840 5,617,584 v Other .. .. 11,705,197 12,844,316 Reserve .. .. 83,388,875 82,670.499 Note circulation .. 369.632,045 398,465,497 Coin and bullion 192,020,920 192,135,995 Proportion .. 61.40 53.00 SHORT LOANS AND . BILLS The Bank of England rate of discount js 2 jper cent, to which it was reduced on June 80, 1932, from 2£, per cent. Short loans are quoted at | per cent, same as last week. The market rate of discount for best three months' bills is | per cent, as compared with 29-32 per cent last week. CONSOLS AND COLONIAL STOCKS The following table gives quotations for consols and colonial inscribed, stocks, compared vnih. those of March 15:—

FOREIGN EXCHANGES STEADINESS OF DOLLAR, British Wireless EITGBY, March 22 The following rates on foreign exchanges are current, compared with the cabled quotations on March 21 and par:—

NEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by the New Zealand banks, are as under: — Dollars to £1 United States Canada Buyini? .. . . 6.19 6.20 Selling . . . . 4.99 5.00 The cost in New Zealand currency of the pound sterling and of the principal foreign units, on the latest quotations, is as follows:

These valuations represent the curr ' rent rates at , which the banks sell drafts payable 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 New Zealand, finally declared rates being marked*:— City of Canberra, America, dollars 5.083 Golden Coast, America, dollars .. S.OSJ Sydney Maru, Japan, yen . .. 14 8-16 d Wniruna, America, dollars .. .. 5.08J Canadian' Conqueror, Canada, dollars 5.10 Mariposa, America, dollars . . •. *5.08 Mariposa, Canada, dollars . . . . *5.10 Mariposa, Hawaii, dollars . . » . . -5.11 RABBITSKIN MARKET PURCHASES IN AUSTRALIA • The state of the rabbitskin market was' discussed yesterday by Mr. Max Liebman, of New York, a through passenger on the Mariposa. Mr. Liebman is making his 15th voj-age to Australia and is one of the largest American buyers of .rabbitskins. The extent of his business can be gauged from his purchase last year of 8,000,000 rabbitskins from the Commonwealth. "Prices have risen 200 per cent higher than they were two years ago, when they were at the lowest in the history of the industry," said Mr. Liebman. "New Zealand is steadily increasing her output, there being twice as many sold last year as irj. the previous year." Mr. Liebman advised caution in speculation in this line. The prices had risen too rapidly and buyers should be content with normal trading. „.;-■■' '.SALES IN LONDON LONDON. March 22 At the London rabbitskin sales 2400 bales were offered. There was a good attendance and fair competition and about 1100 bales were sold. Compared with January rates hatters' sorts advanced 20 per cent, bucks 50 per cent, soft-felted; about September parity.

Price i Variation £ 8 d B d Consols, 2i per cent . . 80 10 0 Same. Funding Loan, 4, 1960-90 114 0 0 10 Of War Loan, 3i ... . 103 15 0 5 Of Conversion Loan, 81 . . 103 0 0 5 Ot Victory Bonds, 4 ""' . . 110 15 0 5 0i Com'weilth, 5, 1945-75 . ; in o 0 1 3t Com'wealth, 6. 1931-41 , , 103 3 9 3 Ot Com'wealth; t\, 1936-37 . 103 0 0 2 6* Victorian, £ 1929-40 . . 95 0 0 Same. Victorian, 3i, 1929-49 . .98 0 0 15 0* Victorian, 5, • 1932-42 . . 100 10 0 2 6+ Victorian, 4}, 1940-CO .■ . J07 0 0 8 9* N.S.W., 8, 1935 , . . . 101 0 0 1 3t N.S.W., 3i, 1930-50 . 99 6 3 4 3* Queensland, 5, 1940-60 . . 106 18 9 1 8* Queensland, 8, 1922-47 . . 95 5 0 2 6t New Zealand, 4), 1948-58 107 6 3 6 3* New Zealand, 3i, 1940 . . 102 5 0 2 6t New Zealand, 3, 1945 . . 97 5 0 5 0+ New Zealand, 6, 1936-51 . 107 0. .0 3 9t S. Australia, 31, 1939 . . 101 15 • 0 2 6+ 8. Aus., 8, 1916 or after 85 5 0 45 0+ Tasmania, !H, 1920-40 . . 101 12 6 2 6* Tasmania, 8, 1920-40 . . 99 0 0 Same, W. Australia, 8}. 1929-35 103 0 0 2 6* W. Australia. 3. 1915-35 101 17 6 2 et ♦Higher. * 'Lower.

Mar. 22 Mar. 21 Par. Montreal, dol. .. 5.11% 5.11% 4.866 New York, dol. . 5.11 5.11 4.866 Paris, fr. i. 77 l /< i 77% 124.21 Brussels, belga .. 21.87 21.91 35.00 Geneva, fr. 15.77% 7.56% 15.80 25.22 Amsterdam, fl. .. 7.58% 12.10 Milan, lire 49% 59% 92.46 Berlin, r.m. 12.84 12.89 20.43 Stockholm, kr. .. 19.89V, 22.88% 19.39% 18.159 Copenhagen, kr. . Oslo, kr. 22.89% 18.159 19.90 19.90 18.169 Vienna, sch. 28 28 34.685 Prague, kr. 122% 122% 164.25 Helsingfors, mark 226*%. 226%129.28 Madrid, pes. Lisbon, escu. .. 37% 109 109%* 25.221 110 Athens, dr. _ .. 620' 535* 875.00 Bucharest, lei. .. 510 510 81S.6 Rio de Janeiro, mil, ; 4%d' 4%d* 5.899d Buenos Aires, dol. S6%d* • — 47.619d Montevideo, dol. 38d* 386" 51d Bombay, rupee .. 18 3-32d 18 8-82d 18d ' Shanghai, dol. .. 16%d 16Md 18%d — Hongkong, dol. . 18 — Yokohama, yen . 14%„d UM.d 24.58d Batavia, 8. 7.62 7.55 12.10 Belgrade, din. .. 225 225 276.31 Warsaw, zloty .. 27.12 t ''Sellers. 48.38

Present Price Par » d B d Australia, pound . . , 20 0.00 20 0.00 London, pound .. . . 24 11J58 20 0.00 New York, dollar .. 5 0.07 4 l.St Montreal, dollar . .. 4 11.94 4 1.81 Paris, franc .. 0 S.P8 0 1.9S Berlin, mark . . 1 11.34 0 11.74 Copenhagen, krone .. 1 1.88 1 1.22 Yokohama, yen .. .. 1 5.58 2 0.58