THE MONEY MARKET

New Zealand Herald, Volume LXXI, Issue 21882, 18 August 1934, Page 7

THE MONEY MARKET

BANK OF ENGLAND RETURN NOTE CIRCULATION DOWN INCREASE IN THE RESERVE LONDON, August 1C The Bank of England return for the weok ended August 15 is as follows: ISSUE DEPARTMENT Notes issued:— Govt, debt £11,015,100 In circu- Other Govt. lat ion £384,108,627 securities 244,729,363 In hank- Other sealing dept. 67,568,333 rities . . 841,908 Silver coin 3,413,629 *£260,000,000 Gold coin & bullion 191,676,960 £451,676,900 £451,676,960 *Amount of fiduciary issue. BANKING DEPARTMENT Cnpital . . £14,553,000 Govt, secuRest . . 3,628,377 rities . . £84,138,781 Deposits— Advances, Public '. . 23,495,660 £5,506,820 Bankers, Other 5ecu£89.458,940 rities, Other acs., £10,139,501 15,646,324 £36,721,279 126,183,219 Notes . . 67,568,333 Seven day, Gold and etc., bills 6,215 silver coin 513,033 £167,866,471 £167,866,471 The 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— Aug. 8 Aug. 15 Public . . . . £23,882,943 £23,495,660 Bankers . . . . 82,001,205 89,458,940 Other Accounts . 35,660,031 3tt.724.279 £141,544,179 £149,678,879 SecuritiesGovernment . . 83,253,781 84,133,781 Advances, etc. . . 6,985,141 5,506,820 Other . . . . 10.072,569 10,139,504 Reserve . . .. 59,380,598 68,081.366 Note circulation . . 392.806,331 384,108,627 Coin and bullion 192,186,929 192,189,993 Proportion 41.90 45.40 The increase of £8,700,768 in the reserve is due to a similar contraction in the note circulation, representing a return of holiday money. SHORT LOANS AND BILLS The Bank of England rate of discount is 2 per cent, to which it was reduced ou June 30, 1932, from 2£ per cent. Short loans are quoted at J per cent, compared with per cent last week. The market rate of discount for best three months' bills is 13-16 per cent, same as last week. ICONSOLS AND COLONIAL STOCKS The following table gives quotations for consols and colonial inscribed stocks, compared with those of August 9: Price Variation £sd a d Consols, 2! per cent 80 10 0 10 0* Funding Loan. 1, 1960-90 115 10 0 2 6+ War Loan, 3} . . . . 104 10 0 Same Conversion Loan. 3} . . 101 18 9 13* Victory Bonds, 4 . . 114 0 0 Same Coin'wealth, 5, 1945-75 108 0 0 1 3* Com'wealth. 5. 1935-45 102 6 3 H Com'wealth, 4. 1943-48 102 3 9 Com'wealth, 32. 1948-53 100 12 6 U Com'wealth, 35, 1936-37 102 0 0 Same N.S.W., 3, 1935 . . 101 17 6 Same N.S.W., 3i, 1930-50 . . 97 )1 3 6 3* N.S.W., 41, 1935-45 .. 101 8 9 tt N.S.W., 5, 1935-55 . . 103 6 3 ft Victorian, 3. 1929-49 . . 93 3 9 1 3* Victorian, 4|. 1910-60 .. 104 10 0 2 6t Victorian. 5, 1915-75 .. 107 10 0 ft Queensland. 3, 1922-47 94 5 0 2 6* Queensland, 5, 1940-60 107 0 0 Same S. Aus., 3. 1916 or after 84 5 0 1 3+ S. Australia, 5. 1945-75 107 10 0 ' W Australia, 3. 1915-35 101 10 0 6 3t W. Australia, 4. 1912-02 101 1 3 +t Tasmania, 31, 1920-40 . . 101 5 0 Same Tasmania, 4. 1940-50 . . 101 10 0 t + New Zealand. 41. 1948-58 107 5 0 Same New Zealand, 31, 1910 101 18 9 1 3+ New Zealand, 3, 1945 98 17 6 7 fit New Zealand, 6, 1936-51 105 17 6 5 0 tHigher. "Lower It Quoted for the first time.

FOREIGN EXCHANGES DOLLAR AND THk FRANC British Wireless RUGBY. August 16 The following rates on foreign exchanges are current, compared with the cabled quotations on August 15 and par: — Aug. 16 Aug. 15 Pur. Montreal, dol. . . 4.96% 4.96% 4.866 New York, dol. . 5.08 5.08% 4.866 Paris, fr. . . 76% n 76% 124.21 Brussels, belga . '21.42% 21.41% 35.00 Geneva, fr. .. 15.4 lVa 15.40 25.22 Amsterdam, fl. . 7.42% 7.41% 12.10 Milan, lire .. 58 21-32 59% 92.46 Berlin, r.m. . . 12.87% 12.85% 20.43 Stockholm, kr. . 19.89% 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. . . 12iyi 8 121 3 <1 0 164.25 Beisingfors, mark 226% 226% 129.23 Madrid, pes. . . 36 53-64 36"/,, 25.221 Lisbon, eacu. .. 110% 110% 110 Athens, dr. . . 525* 525* 375.00 Bucharest, lei. . . 504 503 813.6 Rio de Janeiro, mil. 4%d* 4%d* 5.899 d Buenos Aires, dol. 36% d* 36% d* 47.019 c! Montevideo, dol. 38% d* 38 3 id* 51d Bombay, rupee . 18'/, s d 18%»d 18d Shanghai, dol. . . 16"/,« d 16'Vtnd Hongkong, dol. . 18 T /,„d 18% d Yokohama, yen . 14% d 14'*d 24.58 d Bntavia, fl. . . 7.40 7.10 12.10 Belgrade, din. . . 221 221 276.31 Warsaw, zloty . . 26.62 'Sellers, 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*:— Melbourne Maru, Japan, yen .. 14} d Port Hobart, America, dollars . . 5.03 11-16 Canadian Britisher, Canada, dol. 4,951 Golden State, America, dollars .. 5.03 7-16 Niagara, Canada, dollars . . . . 4.961 NEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by the New Zealand banks, are as under: — Buying Selling United States . . 5.18 4.98 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 s d s d Australia, pound .. 19 10.81 20 0.00 London, pound . . .. 24 10.50 20 0.00 New York, dollar .. 4 11.94 4 1.31 Montreal, dollar .. 5 1.55 4 1.31 Paris, franc . . . . 0 3.90 0 1.98 Berlin, mark . . 1 11.18 0 11.74 Copenhagen, krono . . 1 1.32 1 1.22 Yokohama, yen . . . . 1 5.72 2 o.uß These valuations represent the current rates at which the banks sell drafts payable on demand. DIVIDEND INCREASE HUDDART, PARKER. LIMITED The directors of Huddart, Parker, Limited, Melbourne, have declared interim dividends of 3 per cent on ordinary and preference shares for the half-year ended Juno 30. The forthcoming distribution on ordinary shares is an increase of $ per cent on last year, when an interim dividend of 2J per cent was paid. For the full year the dividend was, 5 per cent. The preference dividend is unaltered. WHEAT, FLOUR AND PULSE LONDON, August 16 Wheat. Cargoes: Canadians are steady and Australians are unchanged to 6(1 lower. River Plates are 3d to 6d easier. Parcels are quiet. Canadians and Australians are unchanged and River Plates 3d to 6d down. FuturesLondon: September. 24s 3d a quarter; December, 25s 8d: February, 265. Liverpool: October, 5s 9jjd a cental; December, 6s o|d; March, 6s 2|d; May, 6s 4Jd. Spot trade moderately active. Australian ex ship, 31s 6d. Flour — Quietly steady. Australian ex store, 20s to 21s. Oats, peas and beans —Steadily held. Raw sugar, beetroot basis, September delivery, 4s Bjjd a cwt.