THE MONEY MARKET

New Zealand Herald, Volume LXXI, Issue 21912, 22 September 1934, Page 7

THE MONEY MARKET

BANK OF ENGLAND RETURN

INCREASE IN DEPOSITS DISCOUNT RATES LOWER LONDON. Sept. 20 The Bank of England return for the week ended September 19 is as follows: ISSUE DEPARTMENT Notes issued:— Govt, debt £11,015,100 In circu- Other Govt. lation £376,379,740 securities 244,983,985 In bank- Other secuing dept. 75.441.762 rities .. 841,209 Silver coin 3,159,706 *£260,000,000 Gold coin & bullion 191.821.508 £451,821,508 J £451,821,508 •Amount of fiduciary ißsue. BANKING DEPARTMENT Capital . . £14,553.000 Govt, secuRest . . 3,703,041 rities . . £81,679,104 Deposits— Advances, Public .. 20,499,059 £6,137,838 Bankers, Other 5ecu£99,837.219 rities, Other aca., £12,227,965 18,365,803 £37,500,958 137,338.177 Notes . . 75,441.762 Seven day. Gold and etc., bills 5,060 silver coin 612,208 £176,098,937 £176,098,937 The principal items of the above return compare as follow with those for last week, the proportion of the reserve being shown in the last line: Deposits— Sept. 12 Sept. 19 Public . . . . £16,523,524 £20.499.059 Bankers . . . . 103,170.079 . 99,837,219 Other Accounts . 36,810,498 37,500,958 £156,504,101 £157,837,236 Securities— Government . . 84,884,164 81,679,164 Advances, etc.-.. 6,263,099 6,137.838 Other .. 10,224,135 12,227,965 Reserve 73,392.434 76,053,970 Note circulation . . 379,045.961 376,379.746 Coin and bullion 192.438,395 192,4^3,716 Proportion . . 46.80 48.10 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 J per cent, compared with i per cent last week* The, market rate of discount for best three months' bills is 21-82 per cent, as compared with J per cent, last week. CONSOLS AND COLONIAL STOCKS MUCH FIRMER MARKET The following table gives quotations for consols and colonial inscribed stocks, compared with those of September 13:—

FOREIGN EXCHANGES STERLING A SHADE WEAKER British Wireless RUGBY. Sept, 20 The following rates on foreign exchanges are current, compared with the cabled quotations on September 19 and

NEW ZEALAND MONEY ABROAD Current dollar exchanges as quotod by the New Zealand banks, are as under:— U.S. Dollars to £1 sterling. Buying Selling United States . 5.11 4.91 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 aro subject to alteration without notice:

The cost in New Zealand currency of the pound sterling, and of the principal foreign units, on the latest quotations, is as follows:

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 >a learned on arrival of the vessels in New Zealand, finally declared rates being marked*;— City of Winchester, America, dol. .. 6.OGJ Waikawa, America, dol. .. 6.03 i Golden Cloud, America, dol. ~ 4.99 Canadian Leader, Canada, dol. .. 4.88 i Aorapgi. Canada, dollars .. 4.85$ MELBOURNE PRODUCE MELBOURNE. Sept. 21 Following are to-day's quotations on riie* Melbourne produce market:— Wheat; Quiet and easier at 3s Hd to 3s 2d; flour, £8 7s 6d; pollard, £5 fia; bran, £5; oats, 2s 6d; barley, English. 2s lOd to 8s Id; maize, 3s 6cl to 3s 7d; onions, £7 to £7 2s 6d.

VariaPrice tion f 1 £ s d s d Consols, per cant .. 81 10 0 25 Ot Funding Loan, 4, 1960-90 116 5 0 10 Ot War Loan, 81 . j 105 10 0 11 3t Conversion Loan, 31 ., 104 10 0 25 Ot Victory Bonds, 4 112 15 0 7 6t Com'wealth, 6, 1945-76 110 2 6 32 6t Com'wealth, 5, 1935-45 102 16 3 7 6t Com'wealth, 4. 1948-48 102 16 0 7 6*: Com'wealth, 3|, 1948-53 102 2 6 22 6t Com'wealth, 31, 1936-37 102 16 9 12 .6t N.8.W., 3, 1935 101 1 3 6 3t N.8.W., 31, 1930-50 .. 99 11 3 33 9t N.S.W., 4), 1935-45 101 lo 0 6 3t N.S.W., 5, 1935-55 101 17 6 8 9t Viotorian, 8, 192949 ., 94 5 0 30 Ot Victorian, 4£, 1940-60 105 15 0 25 01 'Victorian, 5, 1915-75 ., 109 15 0 36 3t Queensland, .1, 1922-47 ,. 94 17 6 20 0t Queensland, 5, 1940-60 .. IOC 13 9 30 01 S. Aust., 3, 1916 or after 84 10 0 37 at S. Australia, 5, 1945-75 . . 109 18 9 43 9t W. Australia, 3, 1915-36 101 12 6 1 3" W. Australia, 4, 1942-62 102 15 0 31 3t Tasmania, 3}, 1920-40 .. 101 10 0 5 Ot Tasmania, 4, 1940-50 .. 102 lfi 0 32 6t New Zealand. 4*. 1948-58 1C8 10 0 12 6f New Zealand, 31, 1940 .. 1Q2 6 3 3 9t New Zealand, 3, 1945 .. 98 16 3 12 6t New Zealand, 6, 1936-51 106 11 3 5 Ot tHicher *Lower. JEx interest.

par: — Par. Sept. 20 Sept. 19 Montreal, dol. .. 4.84% 4.99% 4.85% 4.806 New York, dol. . 5.00% 4.866 Pari#, fr. 74% 75 124.21 Bruaaels, belga . 20.99/2 21.05 35.00 Geneva, fr. 15.11 15.15 25.22 Amsterdam, fl. . 7.27 7.28% 12.10 Milan, lire 57% 57% 92.46 Berlin, r.m. 12.34% 12.88 20.43 Stockholm, kr. . 19.39% 19.39% 18.159 Copenhagen, kr. . Oslo, kr. 22.40 22.40 18,159 19.90% 19.90% 18.159 Vienna, sch. 26% 118% 26% 118% 34.585 Prague, kr. 164.25 Helsingfors, mark 226% 226% 129.23 Madrid, pes. 36% 110% 36?/,. 25.221 Lisbon, eacu. . . 110% 110 Athens, dr. 5J6* 516 375.00 Bucharest, lei. .. 495 818,6 RiodfiJaneiro.mil. i l / 4 d* 4%d* 5.899d Buenos Aires, dol. 36%d* 36%d* 39%d* 47.619d Montevideo, dol. 39 T /„d* 5ld Bombay, rupee . 18'/«d )8%,d 18d Shanghai, dol. . . 17%«d 18%d 17d — Hongkong, dol. . 18 l '/,.d Yokohama, yen . 14 s /, ,d 14% ,d 24.58d Bntavia, fl. 7.25 7.27 12.10 Belgrade, din. .. 216 216 276.31 Warsaw, zloty .. 26.18 'Sellers. 43.38

T.T. On Demand To £1 N.Z. Currency SellingBuying Selling France, fr. 69.48 61.08 59.53 Noumea, fr. ' 58.73 63.13 58.78 Papeete, (r. 65.73 62.13 58.78 Belgium, belga 10.64.3 17.343 16.558 Germany, r.rn. 9.710 — 9.715 Italy, lire . . 45.55 — 45.59 Swit*erland, fr. .. 11.957 12.4.32 11.067 Holland, fl.. 5.722 6.022 5.726 Java, fl 5.710 5.985 5.714 N.Z. pence to Japan, yen18/"as — — Shanghai, Sol. .. 22 20%, 21"/,. India, rupee 22'Vaa 22% « 22 l %, Ceylon, rupee .. 22«/ aa 22'/,, 22 l %, Hongkong, dol. .. 24'/,a 22*y 3 j 24/8 Singapore, dol. .. 35 3 /. 34% a 85V,«

Present Price Par 8 d B d Australia, pound .. -19 10.81 20 0.00 London, pound .. .. 24 io.ee 20 0.00 New York, dollar .. 5 0.79 4 1.81 Montreal, dollar .. 5 2.71 4 1.31 Paris, franc . . .. 0 8.99 O 1.98 Berlin, reichmark .. 2 0.18 0 11.74 Copenhagen, kron» .. 1 1.33 1 1.22 Yokohama, yen .. .. 1 6.85 2 0.58