THE MONEY MARKET

New Zealand Herald, Volume LXXII, Issue 22006, 12 January 1935, Page 7

THE MONEY MARKET

BANK OF ENGLAND RETURN SMALLER NOTE CIRCULATION RETURN OF CHRISTMAS FUNDS LONDON. Jan. 10 The Bank of England return for the week ended January 9 fs as follows: ISSUE DEPARTMENT Notes issued Govt, debt £1 1,015.100 In circu- Other Govt. lation £'385,000.525 securities 210,070,590 In hank- Other secuilig dept. GG,095,574 rities . . 400,423 Silver coin 2,447.878 *£200,000,000 Gold coin & bullion 192,302,099 £452,302,099 £452,302.099 •Amount of fiduciary issue. BANKING DEPARTMENT Capital . . £14,553,000 Govt, securest . . 3,530.820 rities . . £53,09G.413 Deposits— Advances, Public .. 11,905.542 £9.041,211 Bankers. Other 5ecu£108,522,1G7 rities. Other acs.. £10,754,822 19.790,033 £36,571.901 145,094,008 Notes . . 00,095,574 Seven day. Gold and etc., bills silver coin 495,410 £175,083,430 £175,083.430 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— Jan. 2 Jan. 9 Public .. .. £9.931.185 £11,905.542 Bankers . . 117.343,357 103,522.107 Other Accounts 30,822,040 30,571.901 £104,090,588 £150,999,610 Securities— I Government . . 89.330,413 88,090.413 I Advances, etc. . 24,195,414 9,041,211* I Other .. .. 10.502.341 10.754,822 | Reserve . . . . 58,049,981 07,190.990' Note circulation . 394,731,125 385,000.525* j Coin and bullion 192.751.114 192,797.515 | Proportion . . 35.30 42.70* ' "The contraction in note circulation and j the increase in the reserve are due to the I return of Christmas money. The decrease i in advances represents market repayments i to the bank. SHORT LOANS AND BILLS The Bank of England rate of discount! is 2 per cent, to which it was reduced j on June 30, 1932, from per cent. \ Short loans are quoted at 5 per cent, j same as last week. The market rate of j discount for best three months' bills is 13-32 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 January 3:— Price Variation £sd b d Consols, 21 per cent . . 94 0 0 10 Ot Funding Loan, 4, 1900-90 121 10 0 10 01 War Loan, Z\ . . .. 109 15 0 . 5 01 Conversion Loan, 3} . . 112 12 6 17 61 Victory Bonds, 4 . . 119 5 0 17 0+ Com'wealth, 5, 1935-45.. 101 12 G 2 61 Com'wealth, 5. 1945-75.. 113 0 0 Same Com'wealth, 31, 1930-37. . 103 11 3 3 9t Com'wealth, 4, 1943-48 . . 10G 10 0 Same Com'wealth, 3f. 1948-53.. 104 18 9 2 0+ N.S.W., 3, 1935.. . . 102 2 6 5 0t N.S.W., 3!, 1930-50 . . 100 7 G 1 3* N.S.W., 4{, 1935-45 . . 101 6 3 3 91 N.S.W.. 5. 1935-55 . . 103 8 9 5 0+ Victorian, 3. 1929-49 . . 99 17 6 2 G+ Victorian, 45. 1940-00 .. 106 13 9 8 9t Victorian, 5, 1945-75 . . 112 18 9 6 3+ Queensland, 3, 1922-47 . . 100 2 6 5 (it Queensland, 5. 1940-G0 .. 109 10 0 2 6+ S. Aus., 3. li'G or after 91 15 0 15 0+ S. Australia. 5, 1945-75 . . 112 17 6 7 6+ "W. Australia, 3, 1915-35 101 0 0 7 01 W. Australia, 4. 1942-62 104 5 0 2 61 Tasmania, 31, 1920-40 . . 101 12 6 2 6* Tasmania. 4, 1940-50 . . 104 2 6 7 6* New Zealand, 45, 1948-58 112 3 9 3 91 New Zealand. 3L 1940 . . 104 5 0 10 01 New Zealand. 3, 1945 . . 101 G 3 G 31 New Zealand, 6. 1936-51 105 12 6 2 6* 1 Higher. * Lower. FOREIGN EXCHANGES DOLLAR -RATHER WEAKER British "Wireless RUGBY, Jan. 10 The following rates on foreign exchanges are current, compared with the cabled quotations on January 9 and par: Jan. 10 Jan. 9 Par Montreal, dol. . . 4.85% 4.89%. 4.866 New York, dol. . 4.92%„ 4!91 % 8 4.BGS Paris, fr. . . 74% 74% 124.21 Brussels, belga . . 20.93 20.97 35.00 Geneva, fr. . . 15.13% 15.15 25.22 Amsterdam, fl. . 7.25% 7.25% 12.10 Milan, lire . . 57"/,, 57 13 / aa 92.46 Berlin, r.m. . . 12.22 12.23 20.43 Stockholm, kr. . 19.39% 19.39% 18.159 Copenhagen, kr. . 22.39% 22.39% 18.159 Oslo. kr. . . 19.90 19.90 18.159 Vienna, sch. . . 26 26 . 34.585 Prague, kr. . . 117% 117% 164.25 Helsingfors, mark 226% 226% 129.23 Madrid, pes. . . 35 2 % 7 35 3 /a a 25.221 Lisbon, escu. .. 110% 110% 110 Athens, dr. . . . 514* 513* 375.00 Bucharest, lei. . . 487% 487% 813.6 RiodeJaneiro.mil. 4%d* 4%d* 5.89 M Buenos Aires, dol. 36% d* 36% d* 47.G19d Montevideo, dol. 39% d* 39% d* 51d Bombay, rupee . 18% r ,d 18% 6 d 18d Shanghai, dol. . . 17% F d 16% d Hongkong, dol. . 21% d 21d Yokohama, yen . 14d 14d 24.58 d Batavia, fl. . . 7.21% 7.21% 12.10 Belgrade, din. .. 226 216 276.31 Warsaw, zloty . . 25.93 'Sellers.

NEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by the New Zealand banks, are as under:— Buying Selling United States .. 4.97 4.87 Canada . . . . 4.94 4.84 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. .. 59.03 60.63 59.0S Noumea, fr. . . 58.28 61.68 58.33 Papeete, fr. . . 58.28 61.68 58.33 Belgium, belga . . 16.495 17.295 10.510 Germany, r.m. . . 9.610 Italy, lire . . .. 45;40 , Switzerland, fr. .. 11.951 12.456 11.991 Holland, fi. . . 5.710 6.010 5.714 Java, tl 5.G9S 5.973 5.702 N.Z. pence to Japan, yen . . 17 3 Shanghai, dol. .. 21 a % 3 20 I ®'a a 21 a %, India, rupee . . 22 3 % a 22* / 11 , 2'2 t % 1 Ceylon, rupee . . 22 sl /ia 22%„ 22 l °/« a Hongkong, dol. . . 2( > a y 33 25 l % 9 26 1 % 9 Singapore, dol. . . 35?£ 34® ' lO 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 Par 8d s d Australia, pound .. 19 10.81 20 0.00 London, pound ... 24 10.50 20 0.00 Now York, dollar .. 5 1.28 4 1.31 Montreal, dollar .. 5 1.67 4 1.31 Paris, franc .. .. 0 4.00 0 1.9S Berlin, reichmark ~ 2 0.43 0 11.74 Copenhagen, krone. .. 1 1.33 1 1.22 Yokohama, yen . . 1 5.41 2 0.58 CUSTOMS EXCHANGE RATES Rates of exchange ruling nt the announced dates of departure of the vessels named are shown in the following table. They are subject to confirmation bv the Customs Department when the exact time of departure is learned on arrival of the vessel in Now Zealand, finally declared rates being marked*: — Canadian Britisher, Canada, dol. .. 1.84/* Benholm, America, dollars .. .'. 4.01 V Aorangi, Canada, dollars . . . . 4.89 3 i Waikawa, America, dollars . . .. 4.93%,, Golden Cloud, America, dollars .. 4.9"%„ Brisbane Maru, Japan, yen .. 14d BRADFORD TOPS MARKET HARDENING LONDON, Jan. 10 The Bradford tops market is hardening owing to advanced prices at Australian and Now Zealand wool sales. Following are to-day's prices and those for recent weeks: —• Dec. 20 Dec. 27 Jan. 3 Jan. 10 Per lb. Per lb. Per lb. Per lb. d d d d Seventies . . 28 28 28 25% Sixty-fours . . 25 25% 25% 26 Sixties .. 23% 23% 23% 24 Fifty-sixes .. 18% 18% 18% 18% Fifties .. 14 14 14 14% Forty-sixes . . 10% 10% 10% 10% Forties . . 9% 9% 9% 9%