THE MONEY MARKET

New Zealand Herald, Volume LXXI, Issue 21792, 5 May 1934, Page 7

THE MONEY MARKET

BANK OF ENGLAND RETURN DISCOUNT RATES UNALTERED INCREASE IN DEPOSITS LONDON, May 3 Tho Bank of England return for the week ended May 2 is as follows: — ISSUE DEPARTMENT Notes issued : Govt, debt £11,015,100 In circu- Other Govt. lation £378,508,821 securities 244,371,414 In bank- Other secuing dept. 72.724.3G9 rities .. 1,152,071 Silver coin 3,400,815 *£2(50,000,000 Gold coin & bullion 191,233,190 £451,233,190 £451,233,190 •Amount of fiduciary issue. BANKING DEPARTMENT Capital .. £14,553,000 Govt, sccuRest .. 3,179,089 rities .. £89,329,209 Deposits— Advances, Public .. 7,840,485 £5,345,808 Bankers, Other 5ecu£110.210,757 rities. Other acs., £9,778,850 15,124,658 £36,297,482 152,508,239 Notes .. 72,724,309 Seven day, Gold and etc., bills 6,300 silver coin 908,877 £178,087,113 £178,087,113 Tho principal items of the above return compare as follows with those for last week, tho proportion of the reserve being shown in the last line: Deposits— April 25 May 2 Public .. ' £15,829,211 £7,840.485 Bankers .. .. .99,505,115 116.210.757 Other Accounts . 36,956,389 3G,297.432 £152,290,715 £100,348.724 Securities — Government .. 75,694,209 89,329,209 Advances, etc. .. 5,281,998 5,345,808 Other .. .. 10,621,056 9,778.850 Reaervo .. .. 78.387.380 73.633.246 Note circulation .. 373,703,629 378,508,821 Coin and bullion 192,091,009 192,142.007 Proportion .. 51.40 45.90 SHORT LOANS AND BILLS Tho Bank of England rate of discount is 2 per cent, to which it was reduced on June 30, 1932, from 2i per cent. Short loans are quoted at J per cent, same as last week. Tho market rate of discount for best three months' bills is 15-16 per cent, same as last week. j CONSOLS AND COLONIAL STOCKS Tho following table gives quotations i for consols and colonial inscribed stocks, j compared with those of April 26: l'rice Variation £ad s d Consols, 2i per cent . . 79 7 G 7 6+ Funding Loan, 4. 1960-90 113 10 0 10 0t War Loan, 3i . . . . 102 17 6 2 6t Conversion Loan, 3i . . 103 10 0 Same. Victory Bonds. 4. . . . 11l 5 0 Same. Com'wealth, 5, 1915-75 . . 110 15 0 1 3* Com'wealth, G. 1931-41 . . 102 13 9 1 3* Com'wealth. 3i. 1936-37 . 101 12 6 2 Gt Victorian, 3, 1929-19 . . 95 0 0 5 Ot Victorian, 35. 1929-49 . . 99 10 0 10 Ot Victorian. 5, 1932-42 . . 99 17 6 14 4S*t Victorian. 4J. 1910-00 . . 107 0 0 2 Ot N.S.W., 3. 1935 . . . . 101 8 9 2 Gt N.S.W.. 31, 1930-50 . . 99 11 3 1 3t Queensland, 5. 1940-00 . . 107 10 0 1 3t Queensland. 3, 1922-47 . . 96 0 0 Same. New Zealand, 4i, 1948-58 107 5 0 Same. New Zealand, 31, 1940 . . 101 17 6 2 G* New Zealand, 3, 1945 , . 97 8 9 Same. New Zealand, 6, 1936-51 . 107 3 9 Same. South Australia, 3}, 1939 102 0 0 3 9* S. Aus.. 3. 1916 or after 86 0 0 Same. Tasmania. 35, 1920-40 .. 101 10 0 5 0* Tasmania, 3. 1920-40 . . 99 2 6 2 Gt "W. Australia, 3j, 1929-35 101 2 6 2 0* W. Australia, 3, 1915-35 . 100 10 3 Same. 1 Higher. 'Lower. tEx interest. FOREIGN EXCHANGES DOLLAR A SHADE WEAKER British "Wireless RUGBY, May 3 Tho following rates on foreign exchanges are current, compared with the cabled quotations on May 2 and par:— May 3 May 2 Par. Montreal, dol. .. SJO'/i 5.10% 4.866 New York, dol. . 5.12 V; 5.10% 4.866 I Paris, fr. .. 77 5 /,„ 77V& 124.21 Brussels, belga .. 21.87 21.83 35.00 Geneva, fr. .. 15.7514 15.73 25.22 Amsterdam, fl. .. 7.5-4 7.53 12.10 Milan, lire .. GO 59 29-32 92.46 Berlin, r.m. .. 12.97 12.94 20.43 Stockholm, kr. .. 19.40 19.40 18.159 Copenhagen, kr. . 22.39 Vi 22.39% 18.159 Oslo, kr. • .. 19.90Va 19.90% 18.159 Vienna, sell. ..28 28 34.585 Prrtgue, kr. ~ 122% 122% 164.25 Helsingfors, mark 226% 226% 129.23 Madrid, pes. .. 37®/, e 37 9-32 25.221 Lisbon, escu. ..110 110 110 Athens, dr. .. 530* 530* 375.00 Bucharest, lei. .. 510 512'/j 813.0 RiodeJaneiro.mil. 4V;d* 4!4d* 5.899 d Buenos Aires, dol. OOVjd* 06Vad* 47.015 d Montevideo, dol. 38'/d* 3S%d* 51d Bombay, rupee .. 18 3-32 dlB 3-32 d 18d Shanghai, dol. .. 14% d 15d Hongkong, dol. . IGVid 10% d Yokohama, yen . liV 4 d 14% d 24.58 d Batavia, fl. .. 7.50 Belgrade, din. .. 225 225 270.31 Warsaw, zloty .. 20.93 'Sellers. NEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by tho New Zealand banks, aro as under: — Buying Selling United States . . 5.23 5.03 Canada . . . . 5.22 5.02 The cost in Now Zealand currency of tho pound sterling and of the 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 11.58 4 1.31 Montreal, dollar . . . 4 11.70 4 1.31 Paris, franc . . . . 0 3.88 0 1.98 Berlin, mark . . . . 1 11.10 . 0 11.74 Copenhagen, krone . . 1 1.38 1 1.22 Yokohama, yen . . . . 1 5.79 2 0.58 These valuations represent the current rates at which the banks sell drafts payable on demand. CUSTOMS EXCHANGE RATES Hates of . exchange ruling at tho announced dates of departure of tho vessels named are shown in tho following tabic. They are subject to confirmation by tho Customs Department when the exact time of departure is learned on arrival of the vessels in Now Zealand, finally declared rates being marked*: — Canadian Britisher, Canada, dollars 5.153 Winton, America, dollars . . . . 5.17 ft Waikawa, America, dollars .. .. 5.10} Niagara, Canada, dollars . . . . 5.123 Mariposa, America, dollars .. .. 5.102 APPLES IN CANADA NEW ZEALAND SHIPMENT (Received May 4. 7.15 p.m.) MONTREAL, May 3 Twenty-one thousand cases of New Zealand apples wore landed a few days ago at Halifax and tho fruit was on the Montreal market to-day. Brokers said they would be absorbed quickly in Montreal, Toronto and Ottawa. They do not compete with Canadian apples at this part of the season. PRICES OF METALS SHARP DROP IN TIN (Received Mny 4, 7.35 p.m.) LONDON, May 3 Following are to-day's quotations on the London metal market compared with those of May 2:— May 3 May 2 Per ton Per ton £sd £ s d Copper, stun., spot . . 32 11 10J 32 18 1J Copper, stall., 3 mos. . . 32 10 7J 33 1 loi •Copper, cleglrolyUc . . 35 12 0 35 15 0 to to 30 0 0 M 5 0 Copper, elec., wire bars 36 0 0 36 5 0 Lead, soft, spot II 6 3 11 7 6 Lead, soft, forward . . 11 13 9 It 13 9 Spelter, spot . . . . 14 16 3 14 10 3 Spelter, forward . . 15 2 0 15 2 0 Tin, plan., spot . 23.'} 17 6 238 12 0 Tin, stall., 3 mos. . . 231 17 6 236 2 6 *American 8.50 cents a lb.