THE MONEY MARKET

New Zealand Herald, Volume LXXII, Issue 22000, 5 January 1935, Page 5

THE MONEY MARKET

BANK OF ENGLAND RETURN

INCREASE IN ADVANCES

END OF YEAR BORROWING

LONDON, Jan. 3 The Bank of England return for the week ended January 2 is as follows; ISSUE DEPARTMENT Notes issued Govt, debt £11,015,100 In circu- Other Govt. lation £394.731,125 securities 245.575.881 • In bank- Other secuingdept. 57.570.971 rities .. -959,587 Silver coin 2,449,432 •/ £260,000,000 Hold coin & bullion 192,302,099 £452,302,099 £452,302.099 'Amount of fiduciary issue. BANKING DEPARTMENT Capital .. 14,55.3.0001 Govt, secuRest . . 3,494.569 rities . . £89.336.413 Deposits— Advances, Public . . 8,931.185 £24,195,414 Bankers, Other 5ecu£117,313,357 rities, Other acs., £10,562,341 34,757,755 £36,822,046 154,165,403 Notes . . 57,570,974 Seven day. Gold and etc.. bills -- silver coin 479,015 £182,144.157 £182,144,157 The principal items of the above return compare as follows with those for last week, tho proportion of the reserve being shown in the last line:— Deposits— Dec. 2fi Jan. 2 Public . . . . £9,878,364 £9.931.185 Bankers .. .. 89,139.575 117,343,357 Other Accounts . 3G,404,582 36,822,04(? £135,422,521 £164.096.588 Securities— Government . . 87,541,413 89,336,413 Advances, etc. . . 7.578.577 24.195.414 Other . . . . 10,667.289 10.562.341 Reserve . . . . 47,624,979 58,049,981 Note circulation . . 405,163,800 394,731.125 Coin and bullion 192.788.779 192.781,114 Proportion . . 35.10 35.30 The increase in advances represents end of the year borrowing. This, with the Government's interest disbursements on January 1, caused the rise in bankers' deposits. SHORT LOANS AND BILLS The Bank of England rate of discount is 2 per cent, to which it was reduced on Juno 30, 1932, from 2i per cent. Short loans are quoted at f per cent, compared with lj per cent last week. The market rate of discount for best three months' bills is 13-32 per cent, as compared with 19-32 per cent last week. CONSOLS AND COLONIAL STOCKS The following table gives quotations for consols and colonial inscribed stocks, compared with those of December 27: Price Valuation £sd s d Consols 2* per cent . . 93 10 0 30 01 Funding Loan. 4. 1960-90 121 0 0 20 01 War, Loan, 3} .. 109 10 0 25 Of Conversion Loan, 3i .. 11l 15 0 22 6+ Victory Bonds, 4 . . 118 7 6 7 6t Com'wealth, 5, 1935-45 . . 101 10 0 Same C'om'wealth. 5, 1934-75 . . 113 0 0 7 6+ Com'wealth, 3J. 1936-37 103 7 6 2 6+ Com'wealth, 4. 1943-48 . . 106 10 0 12 61 Com'wealth, 3J. 1948-53 104 16 3 1 3t N.S.W., 3. 1935 . . 101 17 6 Sams N.S/W.. 3*. 1930-50 . . 100 8 9 3 9( N.S.W., 4}, 1935-45 . . 101 2 6 5 01 N.S.W.. 5, 1935-55 . . 103 3 9 3 9t Victorian, 3, 1929-49 . . 99 15 0 10 0t Victorian, 4}, 1940-60 . . 106 5 0 5 0* Victorian, 5, 1945-75 . . 112 12 6 2 fit Queensland, 3, 1922-47 . . 99 17 6 Same Queensland, 5, 1940-60 . . 109 7 6 5 01 S. Aus., 3. 1916 or after 91 0 0 Same S. Australia, 5, 1945-75 . . 112 10 0 5 01 \V. Australia. 3. 1915-35 100 12 6 Same W. Australia, 4, 1942-62 104 2 6 76+ Tasmania, 3}, 1920-40 . . 101 15 0 5 0+ Tasmania, 4, 1910-50 . . 104 10 0 5 01 New Zealand, 4}, 1948-58 112 0 0 12 61 New Zealand, 3}, 1910 . . 103 15 0 7 6+ New Zealand. 3. 1945 . . 101 0 0 2 6+ New Zealand, 6. 1936-51 105 15 0 45 o*l +Higher. 'Lower. JEx interest.

FOREIGN EXCHANGES STERLING RATHER WEAKER British Wireless RUGBY. Jan. 3 The following rates on foreign exchanges are current, compared with the cabled quotations on January 2 and par: — _ Jan. 3 Jan. 2 Par Montreal, dol. . . 4.65% 4.89% 4.866 New York, dol. . 4.93%« 4.94% 0 4.&6S Paris, fr. . . 71 % 74% 124.21 Brussels, belga . 20.95 21.01 Geneva, fr. . . 15.10% 15.17% 25.22 Amsterdam, fl. . 7.21 7,27 12.10 Milan, lire . . 57% 57%« 92.46 Berlin, r.m. . . 12.19 12.28% 20.43 Stockholm, kr. . 19.39'/, 19.39% 13.159 Copenhagen, kr. . 22.39% 22.39% 18.15!) Oslo, kr. . . 19.90% 19.90% 15.159 Vienna, sch . . 26% 26% 34.585 Prague, kr. . . 117% U7 ,s / l 8 164.25 Helsingfors. mark 226% • 226% 129.23 Madrid, pes. . . 35 15 /,, 36 25.221 Lisbon, escu. . . 110% 110% 110 Athens, dr. . . 516* 517* 375.00 Bucharest, lei. . . 490 490 813.6 RiodoJaneiro.mil. 4Y,d* 4%d* 5.899 d Buenos Aires, dol. 36% d* 36% d* 47.019 c! Montevideo, dol. 39% d* 30% d* 51 d Bombay, rupee . . 18%« d lSVyid 18d Shanghai, dol. .. Hongkong, dol. . 20% d 20 l:, / ie c) Yokohama, yen 14d lid 24.58 d Batavia.. fl. . . 7.23'.', 7.26% 12.10 Belgrade, din. . . 216 218 276.31 Warsaw, zloty . . 26.06 •Sellers NEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by the New Zealand banks, are as under: — Buying Selling United States . . 4.98 4.88 Canada . . 4.96 4.86 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 i'l N.Z. Currency Selling Buying Selling Vrani'i", fr. . . 58.93 60.53 58.98 Noumea, fr . . 58.18 ti1.58 58.2! Papeete, fr. 58.18 r-1.58 58.23 Belgium, bolgti . . 16.503 17.303 16,518 Germanv, r.m. . . 9.590 Italy, lire . . . . 45.29 - 45.33 Switzerland, fr. .. 11.961 12.436 11.971 Holland, fl. . . 5.702 0.002 5.706 Java, tl. . . . . 5.690 5.965 5.694 N.Z. pence to Japan, yen . . 17% Shanghai, dol. 21 I V,* 20% 21% India, rupee . . 22 5 % 2 22V,„ Ceylon, rupee .. 22 a % a 22% „ 2'2 l /., 3 Hongkong, dol. . . . 26*%, 25'%, 26 ,8 /„ Singapore, dol. . . 35% 34%0 35%« 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 I'ar s <1 a d Australia, pound .. 19 10.81 20 0.00 London, pound . . 24 10.50 20 0.00 New York, dollar . 5 1.17 4 1.31 Montreal, dollar . . 5 1.44 4 1.31 Paris, franc . . . . 0 4.00 0 1.98 Berlin, reichmnrk .. 2 0.49 0 11.74 Copenhagen, krone . . 1 1.33 1 1.22 Yokohama. • yen .. 1 5.41 2 0.53 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*: — Sydney Maru. Japan, yen . . ll% s d Canadian Britisher, Canada, dol. , 4.84% Indien, America, dollars .. .. 4.91% s Benholm, America, dollars . . . 4.94% 0 Aorangi. Canada, dollars .. 4.89% STATISTICS OF TIN LONDON. Jan. 3 The statistical position of tin at. the close of December compares with the two previous periods as follows: — Oct. Nov. Dec. Tons Tons Tons World visible supplies 16,235 14,453 12,r>33 Straits carry-over . . 2,437 2,510 2,792 Supplies .. . . 6.789 6,725 6.515 Deliveries .. 5,801 ,6,507 8,333