THE MONEY MARKET

New Zealand Herald, Volume LXXI, Issue 21769, 7 April 1934, Page 7

THE MONEY MARKET

BANK OE ENGLAND RETURN INCREASE IN DEPOSITS LARGER NOTE CIRCULATION LONDON, April 5 The Bank of England return for the week ended April 4 is as follows: — ISSUE DEPARTMENT Notes issued:— Govt, debt £11,015,100 In circil- Other Govt. lation £','181,822,417 securities 215,415,203 In bank- Other sccuingdept. 0!),258,097 rities .. 100,120 Silver coin . 3,40.3,503 *£200.000,000 Gold coin & bullion 191,080,514 £451,080,514 £451,080,514 'Amount of fiduciary issue. BANKING DEPARTMENT Capital .. £14,553,000 Govt, secuRest ... 3,095.919 rities .. £92,077,738 Deposits— Advances, Public .. 12,128,980 £5,708,697 Bankers, Other 5ecu£110,833,859 rities, Other acs., £10,279,940 15,988.043 £37.070.020 147,954.179 Notes 09,258.097 Seven day. Cold and etc., bi 113 0,710 silver coin 1.014,04 C £ 178,339,118 £ 178,339,11S '1 lie 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— ; Mar. «JR A pi. 4 { Public .. J. £17,513,72(1 £12.125.920 Bankers .. ;. 91.4W.743 110,883.859 Other Accounts . 30,910,440 37,070.020 £145,898.909 £100,083,459 Securities— Government .. 77.099,732 92.077.73S Advances, etc. .. 5.034,209 5.708,097 Other .. .. 11,042.991 10.279.940 Reserve .. .. 73,373.733 70,272.7:17 Note Circulation .. .378,779,139 381,822.417 Coin and bullion 192,152.872 192,095.154 Proportion .. 49.20 43.80 SHORT LOANS AND BILLS The Bank of England rate of discount is 2 per cent, to which it was reduced on Juno 30, 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 31-32 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 with those of March 29: —- Price Variation £sd a d Consols 2£ per cent .. 81 0 0 10 Ot Funding Loan, 4, 1900-90 113 0 0 10 Ot War Loan, 31 . . . . 104 5 0 5 0+ Conversion Loan, 3} . . 103 5 0 3 91 Victory Bonds, 4. . . . 110 17 6 Same. Com'wealth, 5, 1945-75 . . 11l 2 6 13 + Com'wealth, 0, 1931-41 .. 103 10 0 1 8* Com'wealth, 31, 1930-37 .. 101 S 9 35 0*: Victorian, 3,- 1929-49 :*. 95 6 3 8 9+ Victorian, 3}, 1929-49 . . 99 8 9 3 91 Victorian, 5, 1932-42 . . 100 6 3 2 6" Victorian, 4J, 1940-CO . . 107 Q 6 2 6+ N.S.W., 3. 1935 . . .. 101 7 6 3 91 N.S.W., 31, 1930-50 . . 99 13 9 6 3 + Queensland, 5, 1910-60 . . 307 7 6 7 6+ Queensland, 3, 1922-47 . . 95 15 0 10 0+ New Zealand, 41, 1948-58 . 107 8 9 1 3+. New Zealand, 31, 1940 . . 102 '2 6 13+ New Zealand, 3, 1945 . . 97 0 0 1 3* New Zealand, 6, 193G-51 . 107 6 3 3 9+ 8. Australia, 31, 1939 . . 102 6 3 1 3+ S. Aus., 3, 1916 or after 85 0 0 10 0* Tasmania, 3 J", 1920-40 . . 101 7 6 5 0* Tasmania, 3, 1920-40 . . 99 0 0 Same. 'W. Australia, 31, 1929-35 . 100 13 9 28 9\ W. Australia. 3. 1915-35 . 100.10 . 0 28 9*: + Higher. 'Lower. ■ 5Ex interest. FOREIGN EXCHANGES The following rates on foreign exchanges are current, compared with the cabled quotations on April 4 and par:— ' r; • ApL 5 A pi. 4 Par, Montreal, dol: „ 5.14% 5.15% New York, doL . 5.16% 5.18% Paris, fr. .. 178% 78 /3 124.21 Brussels, belga . 22 22.10 35.00 ; Geneva, fr. .. 15.90 Amsterdam, fl. .. i- 7.61 7.64% 12.10 ! Milan, lire .. 59 29-32 59 15 / 10 92.46 | Berlin, r.m. .. 12.95 . 13. , 20:43 ! Stockholm, kr. .. 19.39 19.39 .18.159 I Copenhagen, kr. . 22.39% 22.39% 18.159 Oslo, kr., .. 19.90 19.90% 18.159 Vienna, set. ..28 28 - 34.585 'Prague, kr. .'. 124% 124% 164.25 Helsingfors, mark 226% 226% 125.23 Madrid, pes. .. 37»/ in 37"/ I6 25.221 Lisbon, escu. .. .110 110 110 Athens, dr. .. 535* 537* 375.00 Bucharest, lei. .. 517% 512 813.6 Rio-de Janeiro, mil. 4%d* 4%d* 5.899 d Buenos Aires, dol. !>6%d* 3G%d* 47.619 d Montevideo, dol. 37 l %„d* 37% d* 51d. Bombay, rupee .. 18 3-32 dlB 3-32 d 18.d Shanghai, dol. 16% d 16% d Hongkong, dol. . 18d lSd Yokohama, yen . 14% d 14% d 24.584 Batavia, fl. .. 7.0,1 Belgrade, din. .. 225 225 276.31 Warsaw, zloty .. 27.37 •Sellers. CUSTOMS EXCHANGE RATES Ratesi 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*:— Sydney Maru, Hongkong, dollars . . *lßid Sydney Maru, Japan, yen'.. .. *l4{d Canadian Conqueror, Canada, dollars 5.10 City of Tokio, America, dollars . . 5.10} Hauraki, America, dollars . . . . 5.10i_ Golden Cross, America, dollars .. 5.121 NEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by the New Zealand banks, as as under:-—-'' ' '' ' ... .- - * Buying ' Selling United States 5.27 5.07 Canada . . ... 5.27 ". 5.07 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 " sd s d Australia, pound . . 20 0.00 20 0.00 London, pound . . . . 24 11.58 20 0.00 New York, dollar . . 4 11.01 4 1.31 Montreal, dollar . . . 4 11.01 4 1.31 Paris, franc . . . . 0 3.83 0 1.98 Berlin, mark .. .. 111.14 - 0 11.74 Copenhagen, krone . . 1 1.38 1 1.22 Yokohama, yen . . . . 1 5.61 2 0.58 Tlieso valuations represent the current rates at which the banks sell drafts payable on demand.