THE MONEY MARKET

New Zealand Herald, Volume LXXI, Issue 21888, 25 August 1934, Page 7

THE MONEY MARKET

BANK OF ENGLAND RETURN PUBLIC DEPOSITS HIGHER DISCOUNT RATES UNALTERED LONDON, August 23 The Bank of England return for the week ended August 22 is as follows: ISSUE DEPARTMENT Notes issued : Govt, debt £11,015,300 in circa- Other Govt. lation £379,370,305 securities 244,995,521 lr: bank- Other eecuinj: dept. 72,300,055 nties . . 627.521 Sliver com 3,361 ,£>sß •£200.000,000 Gold coin & bullion 391,670,900 £451,676,960 £453.676.900 "Amount cf fiduciary issue. BANKING DEPARTMENT Capital -. £34,553.000 jGovt, secuRest . . 3,652,593 rities . . £84,504.709 Deposits— Advances. Public . . 37,393.340 £5,770,557 Bankers. Other 5ecu£82,099.542 rities. Other acs., I £10.253,835 30,054,392 £35.701.668 117,801.210 Not.es .. 72,306,655 Seven day. Gold and etc., bills 5.5751 silver coir, 539,967 £373,405.7231 £373.405.723 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. 15 Aug. 22 Public . . . . £23,495,660 £37,393,340 Bankers . . . . 89.458,940 62,099.542 Other Accounts . 36,724.279 35.701.56S £139,678.679 £355.394.550 Securities Government . 54.135.751 84,504.709 Advances, etc. . . 5,506.820 5.770,557 Other . . 30.139,504 30.283.835 Reserve . . . . 68,051,356 72.546.622 Note circulation . . 384,308,627 379,370.305 Coin and bullion 392,389,993 392,216.927 Proportion . . 45.40 46.90 The increase in public deposits this week and the decrease in bankers' deposits are due to revenue payments. 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 | per cent, same as last week. The market rate of discount for best three months' bills is 13-16 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 August 16: V ariaPrice tion £ s d so Consols, 21 per cent .. 80 15 0 a Ot Funding Loan, 4, 19(0-90 lla -2 6 - 6, War Loan. 3» • - -- 3M 7 6 2 6 Conversion Loan. 3j . 105 1 3 - oT Victory Bonds, 4 n ; J? ® 2 : Cota'wealth, 5, 1945-i5 10. »a o u ComVealtb, 5. 1935-45 102 6 3 Same Com'wealth, 4. 1943-48 102 5 0 lot i ComVealth, 35. 1948-53 100 7 6 sOt Cora'wealth. 31. 1936-37 101 18 9 1 3 N.S W„ 3, 1935 . . 301 17 6 barr.e N S W.,, 31, 1930-50 . 97 8 9 2 6* X S W., 41, 1935-45 . . 101 2 6 6 3 NSW„ 5. 1935-55 . . 103 7 6 13t Victorian, 3, 1929-49 . . 93 0 0 3 9 ■ Victorian, 4|[, 1940-60 . . 104 0 0 10 0^ ; Victorian, 5, 1945-75 . . 107 5 0 a 0" : Queensland, 3, 1922-47 . . 93 5 0 20 V Queensland, 5, 1940-60 106 12 6 < 6 S. Aust., 3, 1916 or niter 83 16 3 8 9 S. Australia. 5, 1945-75 . . 107 S 9 1 3 W. Australia, 3, 1915-35 101 li b / ot W \ustralia. 4. 1942-62 103 3 9 2 Ot | Tasmania. 31. 3920-40 .. 100 15 0 10 0 I Tasmania. 4. 1940-50 . . 301 5 0 0 : New Zealand. 41. 1948-58 107 7 6 2 6+ ! New Zealand, SJ, 1940 . . 101 13 9 5 0 i New Zealand. 3. 1945 . . 98 17 6 Same ! New Zealand. 6, 1936-51 306 0 0 2 Ot ! tHigher. "Lower. lEx interest.

FOREIGN EXCHANGES STEADINESS OF FRANC British Wireless RUGBY. Auc. 23 The following rates on foreign exchanges are current, compared with the cabled quotations on August 22 and

NEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by the New Zealand banks, are as under:— Buying Selling ,United States . . 5.20 5.00 Canada • . • • 5.05 4.SG Tho cost in Now Zealand currency of the pound sterling and of the principal foreign units, on tin: latest quotations, is as follows - — Present Prieo Pnr s <1 s d Australia, pound .. 10 10.SI *2O 0.00 London, pound . . .. '24 10.50 '2O 0.00 New York, dollar .. 1 10.50 4 1.31 Montreal, dollar .. 5 1.41 4 1.31 Paris, franc .. 0 3.92 0 1.93 Berlin, mark .. .. ' 11.30 0 11.74 Copenhagen, krone .. 1 1.32 1 1.22 Yokohama, yen .. -. 1 5.70 2 0.5S These valuations represent the current rates at which tho 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. Tliey are subject to confirmation by the Customs Department when the exact time of is learned on arrival of the vessels in New Zealand, finally declared rates being marked*: — Melbourne Mam, Japan, ven .. Port Hobart, America, dollars . . a.03 11-16 Canadian Britisher, Canada, dol. 4.95 i Golden State. America, dollars . . 5.03 7-16 Niagara. Canada, dollars . . . . 4.9G1

PUKEKOHE HORSE SALE [FROM OUII OWN COItBESPONDENT] PUKEKOHE. Friday \ yarding fully tip to advertised numbers whs offered at the fortnightly horse sale conducted at Pukekohe to-day by Alfred Duckland and Sons. Limited. Tko attendance of buyers was good und the whole offering, which consisted of genuine farmers horses, met with a keen demand. Medium to heavy draughts, for which any trial was Riven, brought from £37 to £3S: medium. £26 to £33; good light farm sorts. £lB to £2l: other farm sorts, £l2 to £18: backo, £5 to £S; Shetland ponies, up to £l. CALL AND DIVIDEND LIST Dividends— , Due Bunk N.S.W.— quarterly. 5s a share • • • • • • • • Auj?. -.9 Rawang Tin—iid (sterling) a share Aug. 30 Gillespie's Beach —Id a share . . Aug. 81 C. L. Innes and Co.—prof.. -1 p.c. p.a. . . • • Aug. HI Mason-Struthers —'24 p.c. . . . . Aug. Elder Smith—final 34 P.c. . Sept. 1 Standard Ins.—final. Is 3d a share Sept. 3 Elec. Zinc—ord.. annual. 4 p.c.; pref., 8 p.c. p.a. ... ... Sept. 7 Huddnrt-Parker. Ltd.—int.. Old. and pref.. 3 p.c.. .. . Sept. 13 Broken Hill South—int.. Is Gd a share hc Dt, 15 Bank A'asia—interim. 3s (VI (stor ling) ft share, less tux at 4s (>d in the £ SecL ' 2b North Broken Hill-final. Is fid. bonus Js a snare • • bept. zo Northern lioller Mills—ord., 1903 _ issue, tliird, 5s a share .. beDt. a

par: — A us. 23 Aug. 22 Par. Montreal, do). . . 4.93/4 4.95/ a 4.866 New York, dol. . 5.09', 5.09 A .866 Paris, ir. 76', i« 7b/!,, 124.21 Brussels, belga . 21.35'/ 3 21.37' 35.00 Geneva, fr. 15.3a 15.36''a 25.22 Amsterdam, fi. . 7.39! a 7.40'/, 12,10 Milan, lire 58* i« 58 15-32 92.46 Berlin, r.m. 12.81 12.76 20.43 Stockholm, kr. . . 19.39V» 19.3fJ'a 16.159 Copenhagen, kr. . 22.39'j 22.;»Va 18.159 Oslo. kr. 19.90 Vi 19.90'/a 18.159 Vienna, sch. 27 27 34.585 Prague, kr. 120*4 120® i 164.25 Helsingfors, mark 226/4 226*4 129.23 Madrid, pes. 36 21-32 36'V; s 25.221 J/ishon, crch. . . 110% 110'j 110 Athens, dr. 523* 523* 375.00 Bucharest/lei. . 502 502 813.6 Rio de Janeiro, rail. 4v;d* 4v;d* 5.899d Buenos Aires, dol. 36Vad* 36' 'jd * 47.019d Montevideo, dol. SS%d* 38 "id * 5 Id Bombay, rupee . lSV«d lPVUd 18d Shanghai, dol. . . 16 3 id 16"/„d — Hongkong. dol. . lSV„d lR'-id — Yokohama, yen . liv:d UV'.d 2-l.SSd Batavia, fl. 7.38 " 7.39 12.10 Belgrade, din. . . 221 221 276.31 "Sellers.