THE MONEY MARKET

New Zealand Herald, Volume LXXII, Issue 22094, 27 April 1935, Page 7

THE MONEY MARKET

BANK OF ENGLAND RETURN DECREASE IN DEPOSITS GOLD HOLDING STEADY LONDON. April 25 The Bank of England return for the week ended April 2-1 is as follows: —

NEW ZEALAND QUOTATIONS The Associated Banks (other than the Bank of New South Wales) quoted the following dollar-sterling rates yesterday, subject to alteration without notice: — Dnited States Canada Conversion dollar bills received for collection and sale dollar drafts and telegraphic transfers .. .. 4.82 4.85 Purchase dollar bills .. 4.85 4.88 On a New Zealand currency basis these rates are equivalent to: — Sellincr: United States Canada T.T 3.87% 3.89Va On demand . . 8.87 Vi 3.90 Buying: On demand .. 3.93 8.95/4 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: —

CUSTOMS EXCHANGE RATES Hates oi exchange ruling at the announced dates of departure of 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 Now Zealand. lunally declared rates are marked*: — Brisbnrie Maru. .Jnpan, yen .. Indien. Caniula, dollars .. .. 4.82 Indien. America, dollars .. .. 479 Canadian Britisher. Canada, dol. 4.84/4 Golden State. America, dollars .. 4.20 Austrnlind. America dollars .. 4.Hd/„ BUTTER-FAT PAYMENT [by TELEGRAPH OWN correspondent] OPOTIKI. Friday The Opotiki Dairy Association paid out 9d per pound butter-fat for March cream.

ISSUE department Notes issued:— 1 Govt, debt £11,015,100 In circuutlier Govt. lation £393,181,99(5 securities 240,872,390 In bankOther secuing dept. 59,396,478 rities . . 208,505 Silver coin 1,904,005 *£260,000,000 Gold coin & bullion 192,578,474 £452,578.474 £452,578,474 •Amount,of fiduciary issue. BANKING DEPARTMENT Capital .. £14,553.000 Govt, secuRest .. 3,145,403 rities . . £87,731,044 Deposits— Advances, Public . . 7,624,211 £5,819,819 Bankers, Other secu£98. 135.805 rities, Other ncs.. £9.620,605 15,440.454 £39,597.608 137,733,613 Notes . . 59,396,478 Seven day, Gold and etc., bills — silver coin 488,311 £163,056,287 £163.056.287 Tho 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— April 17 April 24 Public .. .. £9,147,332 £7,624,211 Bankers .. . . 1 00,294,413 98.135,805 Other Accounts . 39,392,S12 39,597,80.8 £148,834,557 £145,357,824 Securities— Government 89,986,044 . 87,731.044 Advances, eto. .. 5,923,014 5,819,849 Other .. .. 10,001,590 9,620,605 Reserve 60,595,674 59,884,789 Note circulation .. 392,449,181 893,181,996 Coin and bullion 193,044,858 193,0(56,785 Proportion 40.70 41.10 SHORT LOANS AND BILLS Tho Bank of England rate of discount is 2 per ccfnt, to w hich it was reduced on June 30, 1932, from 2J 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 19-32 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 April 18:— Price. Variation £ s d s d Consols 2* per cent . . 88 10 O 10 ot Funding: Loan, 4, 1960-90 118 7 6 2 6t War Loan, 3i .. 108 2 6 7 6t Conversion Loan, 3J .. 108 5 0 7 6t Victory Bonds, 4 ..116 7 6 5 Ot Com'wenlth, 5, 1935-46 . . . 102 2 6 1 3t Com'wealth, 5, 1915-75 1 . < 110 12 6 12 6t Com'wenlth, 3}, 193fitB' J . . 101 13 9 11 3t Com'wealth, 4, 19-13-48 1 . . 103 3 9 12 6t Com'wenlth, 35. 1948-5! I .. 102 6 3 6 3+ N.S.W., 3, 1935 . . . . 100 15 0 2 6t N.S.W., 3S. 1930-50 .. 100 5 0 5 Ot N.S.W., 41. 1935-45 .. 101 2 6 7 6' N.S.W.. 5, 1935-55 .. 101 6 3 3 9t Victorian, 3, 1929-49 .. 97 5 0 5 0t Victorian, 4|, 1910-60 .. 105 0 0 Same Victorian, 5, 1945-75 .. 110 2 6 10 0t Queensland, 3, 1922-47 ' . . 97 6 3 3 9t Queensland, 5, 1940-60 i . . 106 8 9 21 3t S. Aust., 3, 1916 or n ifter 90 0 0 7 6+ S. Australia, 5, 1945-7! ■ , , 110 0 0 7 6t W. Australia, 4, 1942-62 .. 102 10 0 8 9t Tasmania, 3}, 1920-40 .. 101 17 6 7 6t Tasmania, 4, 1910-50 . . 102 0 0 Same New Zealand, 4}, 1918-58 108 7 6 2 6t New Zealand, 3J, 194f ) . . 103 12 6 5 0* New Zealand, 3, 1915 i . . 100 13 9 13 9+ New Zealand, 6. 1936-5 1 . 106 0 0 2 6t tHigher. •Lower. FOREIGN EXCHANGES STERLING WEAKER AGAIN - British Wireless RUGBY, April 25 Tho following rates on foreign exchanges are current, compared with the cabled quotations on April 23 and par: — Apl. 25 Apl. 23 Par Montreal, dol. . . 4.85% 4.86% s 4.866 New York, dol. , 4.82% 4.84 l %, 4.866 Paris, fr. .. 73% 8 73V,. 124.21 Brussels, belga , 28.52 28.64% 35.00 Geneva, fr. .. 14.93 14.99 25.22 Amsterdam, fl. , 7.15% 7.17% 12.10 Milan, lire .. 68 7 /, 0 58% 92.46 Berlin, r.m. .. 12.00 12.04% 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 25% 84.585 Prague, kr. .. 115% 116 164.25 Helsingfors, mark 226% 226% ■- 129.23 Madrid, pes. .. 35"/ 32 35% 25.221 Lisbon, escu. llf ) 110 110 Athens, dr. .. 50f )• 510* 875.00 Bucharest, lei. . 48C 1 480 813.6 HiodeJaneiro.mil. 4 l /d* 4%d* 5.899d Buenos Aires, dol. 35'/ a d* 85Vad* 47.619d Montevideo, dol. 40V t d' 40Vicl* Bid Bombay, rupee . 18V«d 18V»d 18d Shanghai, dot.*.. 20c ] 19 r n d - Hongkong, dol. . 28%d 26 a /iBd — Yokohama, yon . 14%d 14%d 24.58d Batavia. fl. .. 7.13% 7.18% 12.10 Belgrade, din. .. 21E 1 214 276.31 •Sellers,

T.T. On Demand To i'l N.Z. Currency Selling Buying Selling U.S.A., dol. 3.87 3.92Vi 8.87'/a 8.89% Canada, dol. 8.89% 8.94% France, fr. 58.18 - 59.78 58.23 Noumea, fr. 57.43 60.83 67.48 Papeete, fr. 67.43 60.83 57.48 Belirium, belga .. 22.607 — 22.622 Germany, r.tfc. .. 9.441 — 9.446 Italy, lire > .. 46.30 — 46.34 Switzerland, fr. >. 11.816 12.291 11.826 Holland, fl. • • 6.635 5.935 5.639 Java, n. . • •• 5.617 6.892 5.621 Sweden, kr. •• 15.459 15.829 15.409 Norway, kr. .. 15.867 16.237 15.877 Den mil rk. kr. .. 17.878 18.248 17.888 Auctrift, sch 20.22 — 20.24 Czecho-Slovakia. cr. 92.76 — 92.81 N.Z. pence to 17 l3 / ls Japan, yen — — Shanghai, dol. India, rtinee .. 24 «%, 22"A, 23'/ 22'/, 22 7 / a 32 /sa 24"/, 22 a '/ a Ceylon, rupee 22"/,, 22 a Vaa Hongkong, dol. .. Singapore, dol. . . 33"/,, 33% 8071(1 35'/, 34*/,, Tho cost in Now Zealand currency of tho pound sterling, and of the principal overseas units, cin the latest quotations. is as follows: — Par Present Price 0 d a d Australia, pound .. 19 10.81 20 0.00 London, pound .. 24 10.50 20 0.00 Now York, dollar .. 5 1.93 4 1.31 Montreal, dollar .. 5 1.43 4 1.31 Paris, franc .. 0 4.07 0 ! 98 Berlin, reichmnrk .. 2 0.87 0 11.74 Copenhagen, krone .. 1 1.33 1 1.22 Yokohama, yen . 1 5.57 2 0.58