THE MONEY MARKET

New Zealand Herald, Volume LXXI, Issue 21906, 15 September 1934, Page 9

THE MONEY MARKET

BANK OF ENGLAND RETURN BANKERS' DEPOSITS UP DISCOUNT RATES UNCHANGED LONDON, Sept. 13 The Bank of Eugland return for the week ended September 12 is as follows: — ISSUE DEPARTMENT Notes issued:— Govt, debt £11,015,100 In circu- I Other Govt. latiou £379,045.961 securities 244,927.534 In bunk- Other secuing dept. 72,775,547 ritiea . . 851,884 Silver coin 3,205,482 *£260,000.000 Gold coin <Jc bullion 191,821,508 £451,821,508 £451,821,508 •Amount of fiduciary issue. BANKING DEPARTMENT Capital . £14,553,000 Govt, secuRest . . 3,701,661 rities . . £84,884,164 Deposits— Advances, Public .. 16,523,524 £6,263,099 Bankers, Other 5ecu£103.170.079 rities. Other acs., £10.224,135 16,487,234 £36,810,498 139.980.577 Notes . . 72,775,547 Seven day. Gold and etc., bills 5,070 silver coin 616,887 £174,763,832 £174,763,832 Tho 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— Sept. 5 Sept. 12 Publio .. .. £29,635.051 £16.523.524 •Bankers .. . . 88.946.917 103.170,079 Other Accounts . 36,930,438 36,810,498 £155,512,406 £156.504.101 Securities— Government .. 85.029,164 84,884,164 Advances, etc. .. 6,935,180 6,263,099 Other .. .. 10,763,506 10,224,135 Reserve . . .. 71.044.886 73.392.434 Note circulation .. 381,283,577 379.045.961 Coin and bullion 192.328.4G3 192,438.395 Proportion .. 45.60 46.80 "The increase in bankers' deposits is due to a transfer from public deposits connected with an excess of Treasury bill maturities. 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 f per cent, same as last week. The market rate of discount for best three months' bills is J 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 September 6: — Price Valuation

FOREIGN EXCHANGES MINOR FLUCTUATIONS

British Wireless RUGBY, Sept. 13 The following rates on foreign exchanges are current, compared with the cabled quotations on September 12 and par:— „ Sept. 13 Sept. 12 Par.

NEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by the New Zealand banks, are as under:— Dollars to £1 sterling Buying Selling United States .. 5.09 4.89 Canada .. .. 4.96 4.76 Following are the latest rates for purchases and sales of foreign exchange quoted by the Bank of New South Wales, Auckland. They are subject to alteration without notice: — T.T. On Demnnd

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

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 Net*Zealand, finally declared rates being marked*:— Canadian Britisher, Canada, dol. .. 4.951 City of Winchester. America, dol, .. 5.06| Waikawa, America, dol. . . .. 5.03$ Golden Cloud, America, dol. .. 4.99 Cunadian Leader, Canada, dol. . • 4.881 Aorangi, Canada, dollars .. .. 4.85} MELBOURNE PRODUCE MELBOURNE. Sept. 14 Following are to-day's quotations on the Melbourne produce market:— Wheat: Small business at 3s 4d. Flour, £8 15s. Bran, £5. Pollard, £5 ss. Oats, 2s 5d to 2s 6d. Barley, 2s lOd to 3s Id. Maize, 3s 6d to 3s 7d. Onions: Easier in tone at £7 to £7 2s 6d.

£ a d 8 d Consols, 2\ per cent .. 80 5 0 Same. r unding Loan, 4, 1900-90 115 15 0 5 0' War Loan, 34 .. 104 18 9 1 o* Conversion Loan, 31 .. 103 15 0 5 0* Victory Bonds, 4 ..112 7 6 5 0* Com'wealth, 5, 1945-75 .. 108 10 0 5 Ot Com'wealth, 6, 1935-45 .. 102 8 9 Same. Com'weulth, 4, 1943-48 . . 103 2 6 12 6+ Cam'wealth, 3J, 1948-53 101 0 0 6 3t Com'weaith, 3±, 1936-37 102 6 3 5 01 N.S.W., 3. 1935 .. 100 15 0 1 3* N.S.W., 3J, 1930 50 .. 97 17 6 6 ol N.8.W.. 4i, 1935-45 ..101 8 9 Same. N.S.W., 5, .1935-55 ..101 8 9 1 3+ Victorian, 3, 1929-49 . . 92 15 0 Same. Victorian, 4}, 1940-60 .. 104 10 0 10 0+ Victorian, 5, 1945-75 . . 107 18 9 6 3+ Queensland, 3, 1922-47 .. 93 17 6 3 91 Queensland, 5. 1940-60 ..105 3 9 7 6+ 8. Australia, 3,1916 or after 82 12 6 5 Ot S. Australia, 5, 1945-75 107 15 0 Same. W. Australia, 3, 1915-35 101 13 9 1 3t W. Australia. 4. 1942-62 101 3 9 2 6t Tasmania, 3i, 1920-40 ..101 5 0 5 Ot Tasmania. 4, 1940-50 ..101 2 6 5 Ot New Zealand. 41, 1943-58 107 17 6 3 9t New Zealand, 3J, 1940 ..102 2 6 2 6t New Zealand, 3, 1945 . . 98 3 9 6 3t New Zealand. 0. 1936-51 106 6 3 3 9t ••Higher. *I<pwer.

Montreal, dol. . . 4.85% 4.85% 4.866 New York, dol. . 5.00 13 /m 5.01 4.860 Paris, fr. 75 75 Ym 124.21 Brussels, belga . 21.06 21.07 35.00 Geneva, fr. 15.15 15.15% 25.22 Amsterdam, fl. . 7.30 7.30 12.10 Milan, lire 57 al /« 57'Y,. 92.46 Berlin, r.m. 12.41 12.41 20.43 Stockholm, kr. , 19.39% 19.39% 18.159 Copenhagen, kr. . 22.40 22.40 18.159 Oslo, kr. 19.90% 19.90% 18.159 Vienna, »ch. .. 26V, 118% 26% 34.585 Prague, kr. 119 164.25 Helsinsfors. mark 226% 220% 129.23 Madrid, pes. 36% „ nfo 25.221 Lisbon. escu. .. 110% 110 Athena, dr. 516* 516* 375.00 Bucharest, lei. .. 495 495 813.6 Rio de Janeiro, mil, , 4%d* 4%d* 5.899d Buenos Aires, dol. 36%d* 36%d* 47.619d Montevideo, dol. 39%d* 39%d* 51d Bombay, rupee . lSVtsd 18Y,.d 18d Shanghai, dol. .. 17d 17d — Honsrkong, dol. * 18 9 4d 18%d — Yokohama, yen . 14/nd U%d 24.58d Batavia, fl. 7.27 7.27 12.10 Belgrade, din. ,. 216 216 276.3! Warsaw, zloty , . 26.18 'Sellers. 43.38

To £1 N.Z. Currency Selling Buying Selling France, fr. 59.63 61.23 59.68 Noumea fr. 58.88 62.28 58.93 Papeete, fr. 58.88 / 62.28 58.93 Belgium, belga 16.595 17.395 16.610 Germany, r.in. 9.771 — 9.776 Italy, lira . . 45.69 — 45.69 Switzerland, fr. 1] .993 12.4(58 12.003 Holland, fl. 5.750 6.0.-.0 5.754 Java, fl. 5.731 6.009 5.738 N.Z. pence to 18%, Jnpan, yen — — Shanghai, dol. 21 20 V, „ 21"/,, India, rupeo 22 3, /„ 22 3 /,„ 12 l %, Ceylon, rupee 22 2, /„ 22'JB TTongkong, dol. 23 3, /, a 22*% a 23 2 % a Singapore, dol. 35% 84%a 35 V, B

s d s d Australia, pound .. 10 10.8120 0.00 London, pound .. .. 24 10.50 20 0.00 New York, dollar; .. 5 1.06 4 1.31 Montreal, dollar .. 5 2.71 4 1.31 Paris, franc . . Berlin, mark .. 0 3.98 0 1.9S .. 2 0.04 0 11.74 Copenhagen, krone .. 1 1.33 1 1.22 Yokohama, yen . . .. 1 6.19 2 0.58 These valuations represent the current rates at which the banks quote drafts payable on demand.