THE MONEY MARKET

New Zealand Herald, Volume LXXI, Issue 21990, 22 December 1934, Page 7

THE MONEY MARKET

BANK OF ENGLAND RETURN RECORD NOTE CIRCULATION CHRISTMAS SHOPPING DEMANDS LONDON, Dec. 20 The Bank of England return for the week ended December 19 is as follows : ISSUE DEPARTMENT Notes issued : Govt, debt £11,015,100 In circu- Oilier Govt. lation X 101,990.713 securities '245,553,075 hi bunk- Other settling dept. 50,225,875 rities . . 880,216 Silvor coin 2,551,009 *i'2Go,ooo,ooo Gold coin & bullion 192,210,018 £452,216,018 £452,2X6,618 •Amount of fiduciary issue. BANK IN G DE PA KTM ENT Capital .. £14.553,0001 Govt, secuPest .. 3,378,3201 rihes .. £83,841,413 Deposits— Advances, Public . . 8,389,5-12 £7.024,203 Hankers, Other secut<)o 832 ritics, Other acs £12.406,594 19.430,857 £37,000.174 127,733.306 Notes . 50,225,875 Seven day, Qold a » cl etcr. bills silver coin 556,029 £154,054,171 £ 154,054, 174 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— Dec. 12 Dec. 19 Public .. .. £7,920,190 £8,389,542 Bankers ■ . 103,302,006 90,732,8.12 Other Accounts 30,958,047 37,000.474 £148,186,843 £136,122.848 Securities — Government .. 85.821.413 83,841,413 Advances, etc. . 10,135,945 7,024,203 Other •• 10.613.299 12,406,594 Reserve .. . • 59,515.007 50,781,904 Nolo circulation . 393,221,328 401.990.743* Coin and bullion 192,182,804 192,772.027 Proportion .. 40.10 3/.30 ♦The expansion of (he noto circulation to the highest figure on record is due to Christmas shopping demands. SHORT LOANS AND BILLS The Bank of England rate of discount is 2 per cent, to which it was reduced on June HO, 1932, from 2* per cent. Short loans aro quoted at 31-32 per cent, compared with J per cent last week. The market rate of discount for best three months' bills is 17-32 per cent, as compared with 9-16 per cent last week. CONSOLS AND COLONIAL STOCKS The following table gives quotations for consols and colonial inscribed stocks, compared with those of December 13:—

FOREIGN EXCHANGES MINOR FLUCTUATIONS British Wireless RUGBY. Dec. 20 The following rates on foreign exchanges are current, compared with llio cabled quotations on December 19 and

NEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by tbe New Zealand banks, arc as under: — Buying Selling United States . . t.Otl 4.59 Canada . . ■ . 4.03 4.83 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 8 <"1 P d Australia, pound . . 10 10.81 20 0.00 London, pound . • 24 10.50 20 O.Of) New York, dollar .. 5 l.Ofi 4 1.81 Montreal, dollar .. 5 I.PO -1 1.31 Paris, franc 0 3.00 0 I.o* Berlin, reichmnrk .. 2 0 11.7-1 Copenhagen, krone .. 1 1.33 '1 1.22 Yokohama, yen . . 1 5.43 2 0.58

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 vessel in Now Zealand, finally declared rates being marked*: City of t"!lnsgow, America, dol. .. 4.9!) Golden State, America, dol. .. 4.0f> 1 / 3 Sydney Mn.ru, Japan, yen .. M'/ ia d Niagara, Canada, dol. .. 4.54% Canadian Britisher, Canada, dol. .. 4.84% Mariposu, America, dol. .. .. 4.f11'/i« Imlicn, America, dollars . . . . 4.',)1 , /i e MELBOURNE PRODUCE MKT.BOUIfNH, Dec. 21 Following are to-day's quotations on the Melbourne produce market:— Wheat, 2s BJd. Flour, £7 2s Gd. Bran, £1 15s. Pollard, £5. Oats, Is lid to 2s. Barley: English, 3s to 3s 2d. Potatoes, old, £8 10s to £9; new, £lO to £lO 10s. Onions: Firm, Spanish, £5 to £5 ss; Globes, £7 to £7 OS. WHEAT, FLOUR AND PULSE LONDON, Dec. 20 Wheat. —Cargoes are dull and lower. Parcels are easier. Futures; —London: February, 20s 3d a quarter; April, 20s 9d; June, 21s Id. Liverpool: December, 4s 7 3-8 d a cental; March, 4s 11 5-8(1; May, 5s 1 7-8(1; July, 5s 3.WL Spot trade slow and mostly easier. Australian, ex ship, 21s 9(1 to 25s 3d. Flour: Quietly steady. Australian, ex store, 10s 6d to 19s 9(1. Oats and barley: Prices maintained. Peas and beans: Quiet. Raw sugar, beetroot basis, January delivery, 4s 2jd a cwt,

Price Variation .£ H d a d Consols, 25 per cent . . 90 10 0 7 6* Funding Loan, 4, 1900-00 119 10 0 Same War Loan, By107 15 0 Same conversion Loan, 3J 110 0 0 Same Victory Bonds, 4 117 10 0 Same ■Com'wealth, 5, 1935-45 .. 101 10 0 3 9| Com'wealth, 5, 19-15-75 .. 112 12 f> Same Com'wealth, 3\, 1930-37 .. 103 5 0 3 9t Com'wealth, 4. 1913-48 .. 100 5 0 10 Ot Com'wealth, 33, 1918-53 .. 101 10 0 10 ot N.S.W.. 3. 1935 . . 101 15 0 Same N.S.W., 3K 1930-50 100 3 9 3 9* N.3.W., 4i, 1935-45 101 1 3 Q Ot N.S.W., 5, 1035-55 103 1 3 1 3t Victorian, 3, 1929-49 99 1 3 2 6t Victorian, 43, 1940-60 .. loo 3 9 0 3 9t Victorian, 5, 1015-75 112 5 2 6* Queensland, 3, 1922-47 .. 99 1 3 1 3t Queensland, 5, 1910-00 . . 108 12 6 Same S. Aus., 3, 19ir. or after 90 15 0 Same S. Australia, 5, 1945-75 112 5 0 5 Ot W. Australia, 3, 1915-35.. 101 0 0 Same W. Australia, 4, 1912-02. . 103 15 0 15 Ot Tasmania, 3J, 1920-40 101 5 (1 Same 0 3t 7 Ot Tasmania. 1, 1940-50 . . 103 15 0 New Zealand, 4J, 191R-58 111 o 6 jS'ew Zealand. 3J, 1910 .. 103 if 3 6 3t New Zealand. 3, 19!;> . . 100 15 0 Same 1 3t Now Zealand, 0. 1936-51 108 0 0 tlligher. "Lower.

par:— Dec. 20 Dec. 19 Par. Montreal, dol. . . ■t .89/3 4.89'/, 4.866 New York, dol. . 4.91'; ir, ■l .il l" 4.8G6 Paris, fr. 74 7 / n 74 ,J / la 124.21 35.00 25.22 Brussels, belga. . 21.12 21.10 Geneva, fr. 15.25 15.21 Amsterdam, 11. . 7.30% 7.30V i 12.10 Milan, lire 67-f-i 57 % 92.16 Berlin, t'.in. 12.29'/, 12.29 20.43 Stockholm, kr. . 19.39/2 19.39', a 18.159 Copenhagen, kr. . 22.!)t)Vi 22.39'/ 18.159 Oslo, kr. 19.90'/a 19.90'/ 18.159 Vienna, sch. 27 27 31.585 Prague, kr. llH'i US'4 101.25 Helsuisfors, mark 22(3Va 22(iV'a 129.23 Madrid, pes. 30% 30% 25.221 Lisbon, escu. 110 VB 110% 110 Athens, dr. _ . . 517* 517' 375.00 Bucharest, lei. . . 492'/, 492'/ 813.6 Bio de Janeiro, mil 4'U 1* 4Y 4 (\* 5.899d Buenos AireB, dol. SGM.rl * no'ad* 47.019d Mpntovideo, dol. 3!)Vad * 39%d* 51 cl Kombny, rupee . 18'/„d lP'/,«d 18d Shanghai, dol. .. 10' ',d Ifi'/ad — TTonckonsr, dol. . 20'/,d 20'/ 2 d — Yokohama, yen . 11 l-01d 14 1-G4d 24.58d Bntavin, fl. 7.27'/ 7.27'/ 12.10 Belgrade, din. 218 218 270.31 Warsaw. 7.1ot.y . . 20.12 •Sellers. 43.38