THE MONEY MARKET

New Zealand Herald, Volume LXXI, Issue 21876, 11 August 1934, Page 7

THE MONEY MARKET

BANK OF ENGLAND RETURN DECLINE IN DEPOSITS SHORT LOANS UNALTERED LONDON, August 9 The Bank of England return for the week ended August 2 is as follows: ISSUE DEPARTMENT Notes issued:— Govt, debt £11,015,100 In ciicu- Other Govt. lation £392,806,331 securities 244,777,590 In bank- Other secuingdept. 58,870,029 rities .. 741,930 Silver coin 3,405,374 *±'260,000,000 Gold coin & bullion 191,070,960 £'451,676,960 £451,670,900 ♦Amount of fiduciary issue. BANKING DEPARTMENT Capital .. £14,553,000 Govt, secuRest .. 3,588,227 rities . . £83,253,781 Deposits— Advances, Public .. 23,882,943 £6,985,141 Bankers, Other 5ecu£82,001,205 rities, Other acs., £10,072,569 17,057,710 £35,060,031 117,601,236 Notes . . 58.870,629 Seven day, Gold and etc., bills 6,683 silver coin 509,969 £159,692,089 £159,692,089 The principal items of the above return compare as follows with those for last week, the proportion of the reserve being ahown in the last line: — Deposits— August 1 August 8 Public .. .. £11,859,964 £23,882,943 Bankers .. 96,506,961 82,001,205 Other Accounts . 36,926,722 35,600,031 £145,293,647 £141,544,179 Securities— Government .. 81,248,781 83.253,731 Advances, etc, .. 8,808,748 6,985,141 Other .. .. 10.475,915 10,072.569 Reserve . . .. 62,848,078 59,380,598 Note circulation . . 389,309.715 392.806,331 Coin and bullion 192,157.793 192,186,929 Proportion . . 43.20 41.90 SHORT LOANS AND BILLS Tho 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 ! 13-16 per cent, as compared with 27-32 I per cent last week.

CONSOLS AND COLONIAL STOCKS The following table gives quotations for consols and colonial inscribed stocks, compared with those of August 2: —

FOREIGN EXCHANGES THE FRANC UNALTERED British Wireless RUGBY, August 9 The following rates on foreign exchanges are current, compared with the cabled quotations on August 8 and

VEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by the New Zealand banks, are as under:— Buying Selling United States 5.14 4.94 Canada . . • • 5.05 4.85 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 sd s d Australia, pound . . 19 10.81 20 0.00 London, pound . . .. 2-1 10.50 20 0.00 New York, dollar .. 5 0.43 4 1.31 Montreal, dollar • • 5 1.55 4 1.31 Paris, franc .. •• 0 3.90 0 1.98 Berlin, mark .. . • 1 11.14 0 11.74 Copenhagen, krone .. 1 1.32 1 1.22 Yokohama, yen .. .. 1 5.72 2 0.58 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 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*:— Canadian Highlander, Canada, dol. 4.99 Brisbane Mnru. Japan, yen . . *l4]d Brisbane Maru. Hongkong, dollars *lßd Benholm. America, dollars . • ■ 5.033 Monterey, Canada, dollars .. 1 .. *4.99 Monterey. America, dollars 5.04 Melbourne Maru, Japan, yen .. 14id > Port Hobart. America, dollars .. 5.03 11-1G PRICES OF METALS TIN AND COPPER FIRMER (Received August 10, 7.35 p.m.) LONDON, August 9 Following are to-day's quotations on the London metal market, compared with thoso of August 8:

INCREASES OF CAPITAL The following increases in companies' capital have been registered:— Hikurangi Dairy Company, Limited. Capital increased by additional £IO.OOO • bovond the registered capital ot £:io.ooo. * ' ' Mining House (N.Z.I, Limited. Christehurch. Capital increased from £SOO to £SOOO, by creation of 4500 ordinary shares of £1 each.

Price Variation £ 3 d s >d. Consols, 21 per cent . . 81 0 Funding Loan, 4, 1960-90 115 7 0 lp Of 6 2 6t War Loan, 31 .. 104 10 0 5 01 Conversion Loan, 31 .. 105 0 0 5 Ot Victory Bonds, 4 .. 114 0 0 15 ot Commonwealth, 5, 1945-75 108 1 3 1 3* Commonwealth, 6 1931-41 100 17 6 2 6+ Commonwealth, 31. 1936-37 102 0 0 Same, Victorian, 3, 1929-49 .. 93 5 0 10 0* Victorian, 31, 1929-49 .. 99 17 6 5 01 Victoriun, 4J, 1910-60 .. 104 7 6 2 6* N.S.W., 3. 1935 . . .. 101 17 6 2 6* N.S.W., 31, 1930-50 .. 97 17 Queensland, 6, 1940-60 . . 107 0 6 7 6+ 0 2 Cl Queensland, 3, 1922-47 . . 94 7 6 Same. New Zealand, 4}, 1948-58 107 5 0 10 Ot Now Zealand, 31. 1940 . . 101 17 6 12 6+ New Zealand, 3, 1945 . . 98 10 0 5 01 New Zealand. 6, 1936-51 106 2 6 7 61 S. Australia, 3!. 1939 . . 101 5 0 5 Ot S. Australia, 3, 1916 or after 84 3 9 1 31 Tasmania, 3}, 1920-40 ..-101 5 0 Same. Tasmania, 3, 1920-40 ' . . 99 2 G 2 61 W. Australia, 31, 1929-35 101 10 0 5 0* W. Australia, 3, 1915-35 101 3 9 1 3* tHigher. *Lower.

par: — Par. Aug. 9 Aur. 8 Montreal, dol. . . 4.95% 4.95% 4.S6G New York, dol. . 5.04 13 /,, S.OGVic 4.866 Paris, fr. 76% A 76'/, R 124.21 Brussels, belga . 21.43 21.44 35.00 Geneva, fr. 15.42 15.42 25.22 Amsterdam, fl. . 7.44 7.44 12.10 Milan, lire 58% 58 ll / 10 92.4G Berlin, r.m. 12.89 12.89 20.43 Stockholm, kr. . 19.39% 19.39% 18.159 Copenhagen, kr. . 22.39% 22.39% 18.159 Oslo, kr. 19.90% 19.90% 18.159 Vienna, sch. 27 27 34.585 Prague, kr. lQl'/.o 1217-18 164.25 Belsingfors, mark 22G% 226'/; 129.23 Madrid, pes. 36"/, 8 3G 13 / I6 25.221 Lisbon, escu. . . 110% 110% 110 Athens, dr. _ 525* 525* 375.00 Bucharest, lei. 503 503 813.6 Hio de Janeiro, mil, . 4%d* 4%d* 5.899d Buenos x\ires, dol. 36%d* 36%d* 47.619d Montevideo, dol. 38^d* 38 3 /;d* aid Bombay, rupee . 18% f d 18% 6 d 18d Shanghai, dol. . . 16%d 16% „d — Hongkong,' dol. . 18%d 19%d 24.58d Yokohama, yen . 14%d 14%d Batnvia, fl. _ 7.42 7.42 12.10 Belgrade, din. .. 221 221 270.31 Warsaw, zloty . . 26.62 •Sellers. ~ 43.38

Aiir. 9 Aug 8 Per ton Per ton £ s d £ s d Copper, stun., spot . . 28 M -It 28 13 n Copper, stun., 3 mos. '29 1 105 29 0 7} •Copper, electrolytic.. 31 15 0 31 15 0 to to :t'2 5 0 32 5 0 Copper, elcc., "wire liars :t'2 5 0 32 5 0 Lend, soft, spot . . 10 17 0 10 15 0 Lend, soft, forward . 11 5 0 11 2 0 Spelter, spot. 13 1*2 r> 13 11 9 Spelter, forward . ■ 13 15 0 13 13 Tin, stun., -<pot 228 IS 9 227 7 (> Tin, stun., !) mos. • • '2'2S 18 9 '227 8 9 * American 9 cents i 11).