THE MONEY MARKET

New Zealand Herald, Volume LXXI, Issue 21954, 10 November 1934, Page 9

THE MONEY MARKET

BANK OF ENGLAND RETURN DECLINE IN DEPOSITS GOLD HOLDING STEADY LONDON, Nov. 8 The Bank of England return for the week ended November 7 is as follows: ISSUE DEPARTMENT i Noteß issued:— Govt, debt i 11,015.100 In circu- Other Govt. lation JE379.786.991 securities 245,406,952 In bank- Other secuing dept. 72,263,339 rities . . 634.212 Silver coin 2.943.73G *£260,000.000 Gold coin & bullion 192,050.330 £452,050.330 £454050,330 "Amount of fiduciary issue. BANKING DEPARTMENT Capital .. £14,653,000 Govt, secuR?st .. 3,185.890 rities .. £79,803,835 Deposits— t Advances, Public . . 9.983.923 £9.641.533 Bankers. Other 5ecu£107.165.239 rities. Other acs., £10.655.231 20.29G.7G4 £38,066.369 145.231.608 Notes . . 72.263,339 Seven day. Gold and etc.. bills 5,040 silver coin 695,523 £172,959.461 , £172,959,461 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— Oct. 31 Nov. 7 Public . . . . £16.893,757 £9,083.923 Bankers . . 100,419,410 107,165.239 Other Accounts . 39,812,122 38,066.309 £157.125.289 £155.215.531 Securities— Government . . 80,894,164 79.803.835 Advances, etc. .. 8,901.297 9,641,533 Other . . . . 10,747,576 . 10,655.231 Reserve . . . . 74,280,525 72,858.802 Note circulation . . 378.369.499 379,786.991 Coin and bullion 192,650.024 192,645.853 Proportion . . 47.20 46.90 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 15-32 per cent, as compared with 9-16 per cent last week. CONSOLS AND COLONIAL STOCK STRONG RISES RECORDED LONDON, Nov. 8 The following table gives quotations for consols and colonial inscribed stocks, compared with those of November 1: v Price Variation £Bd s d Consols, 2J per cent .. 84 10 0 35 0+ Funding Loan, 4, 1960-90 117 15 0 30 Ot War Loan, :jj .. . . 105 15 0 10 Of Conversion Loan, 31 .. 107 2 6 17 Ct Victory Bonds, 4 ■. 115 2 6 17 6t Com'wealth, 5, 1935-45 101 12 0 40 (J*: Com'wealth, 5, 1945-75 114 7 6 40 Ot Com'wealth, 31. 1936-37 102 13 9 3 9t Com'wealth. 4, 1943-48 . . 105 7 <> 20 Ot Com'wealth, 32, 1948--53 105 8 9 25 Ot N.S.W., 3, 1935 - 101 16 3 2 6+ N.S.W., 3J, 1930-50 . . 102 8 9 26 3t N.S.W.. 41, 1935-45 . . 103 5 0 21 3+ N.S.W.. 5, 1935-55 . . 103 5 0 7' 6t Victorian. 3. 1929-49 .. 99 10 0 35 ot. Victorian, 4J, 1940-60 . . 107 15 0 17 6t Victorian, 5. 1945 75 . . 113 10 0 32 6+ Queensland, 3, 1922-47 . . 99 7 6 23 9t Queensland, 5, 1940-60 •. 108 17 6 28 9+ 8. Aust.. 3. 1916 or after 88 12 C 38 9t S. Australia, 5, 1945-75 113 10 0 27 6+ W. Australia, 3, 1915-35 101 0 0 6 3+ W. Australia, '4, 194 1 2-62 105 0 0 27 6t Tasmania, 31, 1920-40 . . 103 6 3 6 3t Tasmania, 4, 1940-50 . . 104 15 0 15 0t Nfew Zealand. 41, 3948-58 110 13 9 11 3* New Zealand. 31, 1940 . . 103 13 9 10 Ot New Zeulund, 1945 - • 100 7 6 8 9t New Zealand, 6, 19UG-51 107 lo 0 1 3t +Higher. 'Lower. +Ex interest. FOREIGN EXCHANGES * STERLING SLIGHTLY STRONGER British Wireless RUGBY, Nov. 8 The following rates on foreign exchanges are current, compared with the cabled quotations on November 7 and

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*:— Brisbane Maru, Japan, yen .. *Kid Canadian Challenger. Canada, dollars 4.81 City of Delhi. America, dollars .. 4.921 Port. Campbell, America, dollars .. 4.9 ft* Golden Coast, America, dollars .. 4.97J Melbourne Mam, Japan, yen .. 34d Aorangi, Canada, dollars .. • • 4.87 i NEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by the New Zealand banks, are as under:— Dollars to 4!1 sterling Buying Selling United States .. 6.07 4.87 Canada . . • • 4.97 4.77 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 Demand To £1 N.Z. Currency Selling Buying Selling France, fr. .. 60.44 62.04 60.49 Noumea, fr. . . 59.69 63.09 59.74 Papeete, fr. .. 69.69 63.09 69.74 Belgium, belga .. 16.905 17.705 16.920 Germany, r.m. .. 9.791 Italy, lire .. . • 46.38 Switzerland, fr. .. 12.166 12.641 12.176 Holland, fl. .. 6.832 6.132 6.836 Java, fl. . . •, 5.822 6.097 5.826 N.Z. pence to 0 1 %1 20% India, rupee .. 22% 22%, 22%, Ceylon, rupee .. 22,4 22/aa 22/„ Hongkong, dol, .. 25% 23 , 33 Singapore, dol. .. 35% 34/ i« 35/e

The cost in New Zealand currency of the pound sterlings 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 .. •• 24 10.50 20 0,00 New York, dollar .. 5 1.28 4 1.81 Montreal, dollar .. 5 2.64 4 1.81 Paris, franc .. . ... 0 3.93 > 0 1.98 Berlin, reichmark .. 1 11.98 0 11.74 Copenhagen, krone .. 1 1.33 I 1.22 Yokohama, yen .. 1 5.49 2 0.58 WHEAT, FLOUR AND PULSE LONDON, Nov. 8 Wheat. —Cargoes are steadier. Parcels are firm and dearer. Futures: London: December, 20s 6d a quarter; February, 21s lOd; April, 22s 4d. Liverpool: December, 5s ljd a cental; March, 5s s§d; May, 5s 6id. Spot trade fairly active with a firmer tendency. Australia, ex ship, 26s 6d. Flour: Fair demand. Australian, ex store, 20s to 20s 3d. Oats: Steadier. Peas and beans: Unchanged. Raw sugar: Beetroot basis, December delivery, 3s lljd a cwt.

par:— Nov. 8 Nov. 7 Par. Montreal, dol. . . 4.88 4.87% 4.86G New York. dol. - 5.00 V, 5.00% 4.866 Paris, fr. 70 76 124.21 Brussels, belga . 21.45 21.40 35.00 Geneva, fr. 15.3G 15.35% 25.22 Amsterdam, fl. . 7.40% 7.40 12.10 Milan, lire 58% a 58"/, a 92.46 Berlin, r.m. 12.44% 19.39% 12.44 20.43 Stockholm, kr. . 19.39% 18.159 Copenhagen, kr. . 22.40 22.40 18.159 Oslo, kr. 19.90% 19.90% 18.159 Vienna, sch. 26% 26 »/< 34.585 Prague, kr. 119% 119 s /, 164.25 Helsingfors, mark 226% 226% 129.23 Madrid, pes. 36 V,, 110% 39% 25.221 Lisbon, escu. . . 110% 110 Athens, dr. 523* 520* 375.00 Bucharest, lei. ... 495 500 818.6 Rio de Janeiro, mil. 4%d* 4%d* 5.899d Buenos Aires, dol. 36% d* 36%d* 47,619d Montevideo, dol. 39d* 39d* 51d Bombay, rupee . lB%„d 18V„d 18d Shanqthai, dol. . ir.d 15 t9 / 18 d — Hongkong, dol. . lS)V 1B r] 19%d — Yokohama, yen . 14%«d 14% 2 d 24J58d Bntavia, fl. 7.39 7.39 12.10 Belgrado, din. .. 219 220 276.31 Warsaw, zloty .. 26.50 — 43.38 •Sellers.