THE MONEY MARKET

New Zealand Herald, Volume LXXI, Issue 21804, 19 May 1934, Page 7

THE MONEY MARKET

BANK OF ENGLAND RETURN DECREASE IN DEPOSITS DISCOUNT RATES UNCHANGED LONDON, May 17 The Bank of England return for the week ended May 10 is as follows: — ■ ISSUE DEPARTMENT Notes issued:— Govt, debt £11,015,100 In circu- Other Govt. lation £378,442,751 securities 244,294,803 In bank- Other secuing dept. 72,790,439 rities . . 1,226,599 Silver coin 3,463.438 *£200,000.000 Gold coin & bullion 191,233.190 £451,233.190 £451,233.190 'Amount of fiduciary issue. BANKING DEPARTMENT Capital . . £14,553.000 Govt, securest . . 3,198,904 rities . . £75,412.635 Deposits— Advances, Public .. 11,215.132 £5.320,588 Bankers, Other 5ecu£99,928,490 rities, Other acs., £10.047,780 13,368.308 £35,482.364 135,110,854 Notes . . 72,790.439 Seven day, Gold and etc.. bills G. 532 silver coin 812.380 £164,384,422 £164,354.422 The 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— 'May 9 May 16 Public . . . . £7,480,210 £11,215.132 Bankers . . . 109,057,567 99,928,490 Other nccounts . 35,931,777 35,482.364 £152,469,551 £140,625,986 Securities— Government . . 81,457,635 75,412,6.?5 Advances, etc. . 5,329,699 5,320,588 Other . . . . 10.141.596 10,047.780 Reserve . . . . 73,295,814 73,603,419 .Note circulation . 378,789,448 378,44"2,751 Coin and bullion 192.085.262 192,046,170 Proportion . . 48.00 , 50.10 SHORT LOANS AND BILLS The Bank of England rate of discount is 2 per cent, to which it was reduced on June SO, 3932, from 2J per cent. Short loans are quoted at £ per cent, same as last week. The market rate of discount for best three months' bills is 29-32 per cent, same as last week. CONSOLS AND COLONIAL STOCKS The following table gives quotations for consols and colonial inscribed stocks, compared with those of May 10:

FOREIGN EXCHANGES SLIGHT FLUCTUATIONS British Wireless RUGBY, May 17 Tho following rates on foreign exchanges are current, compared with the cabled quotations on May 16 and par: —

NEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by the Ne - .v Zealand banks, are :is under: — Buying; Selling United States . . 5.21 5.01 Canada 5.20 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: — Present Price Par ad 0 <i Australia, pound . . „ 20 0.00 20 0.00 London, pound .. .. 2411.58 20 0.00 Now York, dollar . .. i 11.83 4 1.31 Montreal, dollar . ..4 11.94 4 1.81 Paris, franc .. .. 0 3.82 0 1.98 Berlin, mark . . . • 1 11.23 0 11.74 Copenhapeu, krone . . 1 1-38 1 1.22 Yokohama, yen .. .. 1 5.79 2 O.uS These valuations represent the current 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 arc 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*: —• Mariposa, Hawaii, dollars . . Mariposa, Canada, dollars . . Mariposa, America, dollars . . 5.12 Canadian Loader, Canada, dollars . 5.12s Golden Bear. America, dollars . . 5.13 City of Bedford. America, dollars . 5.14J Melbourne Maru. Japan, yen . 14 3-lfid BRADFORD TOPS MARKET VERY SLOW LONDON. May 17 The Bradford tops market is very slow. Following are to-day's quotations and those for previous weeks: — Apl. 2G May 3 May 10 May 17 Per lb. Per lb. Per lb. Per lb. d d d d Seventies . . 38% 38% 37% 37 Sixty-fours .. 37 37/ 3 3b/ a 3» Sixties • . $5 4? Fifty-sixes . . 25% 25% 25 24/ i Fifties . . If, 18 Forty-sixes . . 14% 14/1 14 13/ a Forties . . ll'Ti 11A H/* -11/ i CANNED FRUIT BRITISH PRODUCTION (Received May 18, 6.45 p.m.) LONDON, May 18 The Daily Herald states that British canners in'the coming season will produce 100,000,000 tins of fruit. They are masters of the canned vegetable market, but find that people prefer the cheaper imported pineapples, peaches and apricots. IRON AND STEEL DUTIES (Received May 18. 6.25 p.m.) British Wireless RUGBY, May 17 An order was made to-dav for the rntnornl of the present time limit on the iron and stcl duties

Price Variation £ B d b d Consols, 25 per cent 78 12 6 7 6* Funding Loan. 4, 19G0-90 113 10 0 Same War Loan, 3J 102 12 6 2 6* Conversion Loan, 3i 103 5 0 Same Victory Bonds. 4 . 111 10 0 Same Com'wealth, 5, 1945-75 . . 110 13 9 1 3* Com'wealth, 6. 1931-41 . . 101 . 0 0 32 6*t Com'wealth, 3J, 1936-37 . 101 17 6 5 0t Victorian, 3, 1929-49 95 13 9 I 3* Victorian, 3}, 1929-49 99 13 9 5 Ot Victorian, 45, 1910-G0 . . 106 17 6 Same N.S.W., 3. 1935 . . 101 8 9 J. 3" N.S.W., 3i, 1930-50 99 12 6 Same Queensland, 5, 1940-60 . . 107 8 9 Same Queensland, 3, 1922-47 . . 96 7 6 6 3+ New Zealand, 4J, 1948-5S . 107 2 6 1 3+ New Zealand, 3i, 19-10 . . 101 17 6 2 6* New Zealand, 3, 1945 . . 97 17 6 3 91 New Zealand, 6, 1936-51 107 12 G 5 Ot S. Australia, 3}, 1939 . . 102 0 0 Same S. Aus., 3, 1916 or after 86 0 0 Same Tasmania, 35, 1920-40 . . 101 12 6 1 3* Tasmania, 3, 1920-40 99 8 9 8 9t W. Australia, 3J, 1929-35 101 5 0 1 3+ \V. Australia, 3, 1915-35 . 100 15 0 2 0* t Higher, * Lower, :e x interest.

May 17 May 16 Par. Montreal, dol. 5.10'/ 4 5.10% 4.806 New York, dol. . 5.11 5.11% 4.866 Paris, fr. 77% 6 77% 6 124.21 Brussels, belga . 21.82 21.71 35.00 Geneva, fr. 15.68 — 25.22 Amsterdam, fl. . 7.52 7.53 % 12.10 Milan, lire 60 60%« 92.46 Berlin, r.m. Stockholm, kr. 12.90 12.91 20.43 19.40 19.40 18.159 Copenhagen, kr. 22.39% 22.39% 18.159 Oslo, kr. 19.90% 19.90% 18.159 Vienna, sell. 23 28 34.585 Prague!, kr'. 122% 122% 164.25 "Helsingfors, mark 226% 37% o 226% . 129.23 "Madrid, pes. 37% n 25.221 Lisbon, escu. no 110 110 Athens, dr. 530* 533* 375.00 Bucharest, lei. 510 510 813.6 Bio de Janeiro, mil 4'/id* 4%d* 5.899d Buenos Aires, dol 36%d* 36d* 47.619d Montevideo, dol. 38%d* 38V<d* old Bombay, rupee . 18 l-32d 18%„d 18d Shanghai, dol. 15%d 15%d 16%d — Hongkong, dol. .- 17%d — Yokohama, yen. . 14%d 14%d 24.58d Batavia, fl. 7.49 7.50 12.10 Belgrade, din. 225 225 276.31 "Warsaw, zloty- . 27 — 43.38 Sellers.