THE MONEY MARKET

New Zealand Herald, Volume LXXI, Issue 21781, 21 April 1934, Page 7

THE MONEY MARKET

BANK OF ENGLAND RETURN DISCOUNT RATES UNCHANGED GOLD HOLDING STEADY LONDON, April 19 The Bank of England return for the week ended April 18 is as follows: — , ISSUE DEPARTMENT Notes issued:— Govt, debt £11.015,100 In circu- Other Govt. lation £373,803,653 securities 2-14,963,427 In bunk- Other aecuing dept. 77,27G,898 rilies .. 557,G20 Silver coin 3,-163,853 *£260,000,000 Gold coin <k bullion 191,170,551 £451,170,551 £451,170.551 'Amount of fiduciary issue. BANKING DEPARTMENT Capital .. £14,553,000 Govt, secuRcst .. 3,112,503 rities .. £79,199,371 Deposits— Advances, Public .. 14,383,801 £5,375,078 Bankers, ' Other 5ecu£103,388,348 rities, Other ftcs., £11,195,466 16,570,564 £38,808,677 142,197.025 Notes .. 77,276,893 Seven day, Gold and etc., bills 6,210 silver coin 905,706 £174,252,539 £174,252.539 Tho principal items of tho above return compare as follows with those for last week, the proportion of tho reserve being shown in tho last line:— Deposits— April 11 April 18 Public .. .. £15,856.004 £14.383,801 Bunkers .. .. 103,861,800 103.388.34S Other Accounts . 37,008,535 38,808,677 £156,727,239 £ISG, 580.826 SecuritiesGovernment. .. 84.00i.336_ 79,499.371 Advances, etc. .. 5,433,551 5,375,078 Other .. .. 9,939,429 11,195.486 Reserve .. .. 75,015,042 78,182,601 Note circulation .. 377,146,347 373,893.653 Coin nnd bullion 192,171,389 192,076,257 Proportion .. 47.60 49.90 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 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 31-32 per cent, samo as last week. CONSOLS AND COLONIAL STOCKS Tho following table eives quotations for consols and colonial inscribed stocks, compared with those of April 12: —

FOREIGN EXCHANGES The following rates on foreign exchanges are current, compared wit;i the cabled quotations on April 18 and nar:— 1

NEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by the New Zealand banks, are as under: — United States Canada Buying . . . . 5.25 ft.24 Selling . . . . 5.05 5.01 The cost in New Zealand currency of tho pound sterling and of the principal foreign units, on tho latest quotations, ie nc fnllniVQ •

These valuations represent the current rates at which the banks sell drafts payable on demand. ' CUSTOMS EXCHANGE RATES Pates 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 timo of depa v rture is learned on arrival of the vessels in New Zealand, finally declared rates being marked*:— City of Tokio, America, dollars . . *5.11 City of Tokio, Canada, dollars, . . *5.09 Golden Cross, America, dollars . . 5.121 Bnsbano Mnru, Japan, yen .. 14 3-lGd Canadian Britisher, Canada, dollars 5.155 "Winton, America, dollars . . . . 5.17S Monterey. Cannda, dollnra . . . . *§-19 Monterey, America, dollars . . . . *5.15 Waikawa, America, dollars , . . S.IGJ

CANTERBURY MARKETS

POTATO VALUES EASIER [BY TELEGRAPH —PRESS ASSOCIATION] CHRISTCHURCH, Friday The potato market is slightly easier, duo to an excess of shipments for a limited Auckland market. So fnr tlio inquiry from the North has been within small limits, and arrivals wero too heavy for the demand. Some sales have been made at £3 17s 6d, f.0.b., sacks included, for prompt delivery, and values to farmers are from £2 15s to £2 17s 6d. Few potatoes are being offered at this figure. A good deal of digging is going on among the earlier crops, but is not general so far. Fowl wheat is quoted at 3s 4d, f.0.b., sacks extra, for prompt delivery, and to 3s 5Jd for May to September delivery. Peas show no change, and are worth 3s 6d a bushel on trucks. Tho little business last week was due to operators having to cover earlier sales. Oats are attracting no interest in the trade. They are worth Is lid to 2s on trucks for A Gartons and is 8d for B's. s MELBOURNE PRODUCE MELBOURNE. April 20 Following are to-day's quotations on the Melbourne produce market: — Wheat: Shippers' limits, 2s sd; parcels, nominally, 2s 6sd. Flour: Quiet at £7 2s 6d. Bran, £4 ss. Pollard, £-1 15s. Oats: Slow.* Good milling, 2s 3d. Barley: Good English malting, 2s 7d to 2s 9d. Maize: Best, 3s 6d. Onions: Quiet. Selling more freely. Prime, £2 to £2 7s 6d.

Price Variation £ s d s d Consols. 21 per cent. 80 10 0 Same. Funding Loan. 4, 1960 00 113 5 0 5 Ot War Loan, 31 104 15 0 10 0+ Conversion Loan, 3j 10 i 10 0 5 0+ Victory Bonds, 4 . . 111 5 0 6 0i Com'wealth, 5. 19(5-73 . . 110 17 6 1 3* Cora'wealth, C, 1931-41 . . 102 16 3 8 9* Com'wealthj 3}. 1936-37 . 101 10 0 3 St Victorian, 3. 1929-49 95 7 6 7 6t Victorian, 31, 1929-49 . . 99 2 6 1 3* Victorian, 5. 1932-42 , . 100 8 9 Same. Victorian, 4!. 1910-00 106 16 3 1 3t N.S.W.. 3, 1935 . . 101 5 0 Same. N.S.W.. 3i. 1930-50 99 12 6 Same. Queensland, 5, 1940-60 . 107 8 9 5 0t Queensland. 3, 1922-47 . . 93 35 0 77 6* New Zealand, 4i. 1918-58 307 7 6 1 3t New Zealand,. 3}, 1940 . . 102 1 3 3 9t New Zealand. 3, 1945 97 10 0 7 Gt New Zealand, C, 1936-51 107 5 0 1 3t S. Australia, 31, 1939 . • 102 7 6 Snme. S. Australia, 3,1916 or after 86 0 0 7 6t Tasmania, 3}, 1920-10 105 13 9 83 9t Tasmania. 3, 1920-10 99 6 0 85 0+ W. Australia, 31. 1929-35 101 0 0 Sam*. W. Australia. 3. 1915-35 . 300 10 0 Same. tHigher. 'Lower.

. Apl. 19 > *2CD Par. Montreal, dol. .. 5.13V* 5.12V, 4.866 New York, dol. . 5.14/4 5.13V, 4.866 Paris. fr. IV/, 77% 124.21 Brussels, belga .. 21.9R 21.97 35.00 Geneva. fr. 35.(55 15.86 25.22 Amsterdam, fl, .. 7.56 7.58 12.10 Milan. lire GOV,. 60/4 92.46 Berlin, r.ro. 13.05 13.04 Va 20.43 Stockholm, kr. .. 19.40'/a 19.40 18.159 Copenhagen, kr. . 22.39V, 22.39'/j 18.159 Oslo, kr. 19.90Va 19.90/3 18.159 Vienna, seh. 28 28 3-1.585 Prnsrue, kr. 123% 123 7 / h - 16-J.25 Helsintrfors. mark 226% 22f>% 129.23 Madrid, pes. 37% 37*/,, 25 221 Lisbon, escu. 110 110 ho" Athens, dr. .. 535* 537 » 375.00 Bucharest, lei. .. 510 515 813.6 Hio de Jnneiro.mil. 4Vid* 4Vnd* 5.899d Buenos Aires, dol. 3r,y,d* 36V,d' 47.619J Montevideo, dol. 38d* 3Rd* 51d Bombay, rupee .. IB 3-32d 18 3-32d 18d Shanghai, dol. .. ir,d 16d — Honskong. dol. . 17%d 17%d — Yokohama, . 14 a /Ud 14'X,d 24.58d Bntavia, fl. 7.56 — 12.10 Belgrade, din. .. 225 225 276.31 Warsaw, r.loty . . 27.IS — 43.38 'Sellers.

is ns louows: — Present Price Par s d n d Australia, pongd . . . 20 0.00 20 0.00 London, pound .. . . 21 11.58 20 0.00 New Yorki dollar .. 4 11.35 i 1.31 Montreal, <lollar . . . 4 11.56 - 4 1.31 Paris, franc . . 0 3.85 0 1.9S Berlin, mark .. 1 10.93 0 11.74 Copenhagen, krone . , 1 1.38 1 1.22 Yokohama, yon . . . 1 5.53 2 0.58