THE MONEY MARKET

New Zealand Herald, Volume LXXII, Issue 22100, 4 May 1935, Page 9

THE MONEY MARKET

BANK OF ENGLAND RETURN SECURITIES AND DEPOSITS , INCREASES RECORDED . LONDON, May 2 The Bank of England return for the week ended May 1 is as folloVs: .''ISSUE DEPARTMENT Notes issued:— Govt, debt £11,015,100 In circu- • Othejr Govt. lation ' £392,578,531 securities 247,010,167 Iri bank- Other secuing dept. 59,999,943 rities .. 181,950 » Silver coin 1,792,763 f . % ' *£280,000,000 Gold coin & bullion 192,578,474 £452,578,474 ... £452,578,474 *.£ mount fiduciary issue. BANKING DEPARTMENT Capital . . £14,553,000 Govt, secuKest 3,171,052 rides £104,871,044 Deposits— Advances, Public .. . 8,007,373 £(>.002,842 Bunkers, Other 5ecu£115,522,833 rities. Other acs., £9,873,373 15,876,215 £40,024,850 155,547,083 Notes ... 59,999,943 Seven day. Gold *and etc., bills —' silver coin .531,900 £181,279,108 . £181,279,108 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— April 24 May 1 Public .. •.. £7,624,211 • £8,007,373 Bankers .. 93,135,805 . 115,522,833* Other Accounts 39,597,808 40,024,850 £145,357,824 £163,555,056 Securities— *., Government .. 87,731,044 104,871,044* Advances, etc. . 5,819,849 6,002,842 Other .. ... . K 9,620,005 9,873,373 Reserve .. .. 89,884,789 60,531,849 Note circulation . Coin and bullion 193,0G6,785 ' 193,110.906 Proportion .. 41.1Q 37.00 ; "The increases in bankers' deposits and Government securities are. due to large in-terest-disbursements.'.' 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 2 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 jjtocks, compared with those of April 25; Price Variation £sd s d Consols, 21 per cent . . 87 10 0 20 0* Funding Loan. 4. 19G0-90 117 12 6 15 0* War Loan, 3i .. . • 305 10 0 52 6*J Conversion Loan, 31 .. 107 10 0„- 15 0 Victory Bonds, 4 . : 116 0 0 7 .6* Com'wealth, 5, 1935-45 99 15 0 47 6*l Com'wealth, 5, 1945-75 110 15 0 2 6t Com'wealth, 3}, 1936-37 101 10 0 3 9* Com'wealth, 4, 1943-48 . . 103 10 0 6 31 Com'wealth. 35, 1948-53 102 11 3 5 01 N.S.W.; 3, 1935 . . .. 100 17 6 26t N.S.W., 35, 1930-50 .. 100 5 0 Same. N.S.W.. 4i, 1935-45 ... 101 17 6 15 Ot N.S.W., 5, 1935-55 . . 101 7 0 13+ Victorian. 3, 1929-49 .. 97 2 6 2 6* Victorian. 4{, 1940-00 .. 104 15 0 5 0* Victorian, 5, 1945-75 .. 110 6 3 3 91 Queensland, 3. 1922-47 .. V 2 C 3 9 Queensland, 5; 1940-60 ..- 106 5 0 3 9 S. Australia, 3, 1916, or < after 89 17 6 2-6* 8 Australia. 5, '1945-75 110 8. 9 8 91 W. Australia, 4. 1942-62 102 15 P 5 01 Tasmania, 31, 1920-40 .. 102 0 0 261 Tasmania, 4, 1940-50" ". . 103 0 0 20 01 Now Zealand, 41, 1948-58 108 15 0 7 61 New Zealand, 3J, 1940 , .104 5 0 1- 61 New Zealand, 3; 1945 .. 101 6 3 ' New Zealand, 6, 193G-51 106 13 131 " IHigher.. 'Lower. tEx interest.. FOREIGN EXCHANGES STERLING STRONGER AGAIN British Wireless RUGBY, May 2 The following rates on foreign exchanges are current, compared with the cabled quotations qn May 1 and Montreal, dol. ~ 4.85%.. New York, doli . 4.83/4# 4.82/4 4.866 Paris, fr. . • 73%'"" 72% 124.21 Brussels, belga 28.59 Geneva, fr. . 14.96 14.917 a ' 25.22 Amsterdam, fl. . 7.16 Vi, 7.13? i 12.10 Milan, lire .. 58 1 % 3 58% s 92.46 Berlin, r.m.. .. 12.01 11.98. 20.43 Stockholm, kr. . 19.3914 19,39/a 18.109 Copenhagen, kr. . 22.39% 22.39% 18.159 Oslo, kr. . . 19.90% 19.90% 18.159 Vienna, sch. . . 25% 25% 34.585 Prague, kr. . . 115% 115% a 164.25 Helsingfors, mark 226% 226% 129.23 Madrid, pes. -.. 35yi 9 35% e 25.221 Lisbon, escu. .. 110 110 - 110 Athens, dr. .. 507* 507* 375.00 Bucharest, lei. . 477% 475 813.6 Bio de Janeiro, mli. 4%d* 4%d* 5.899 d Buenos Aires, dol. 35% d* 35% d* 47,619 c! Montevideo, dol. 40% d* 40% d* 51d Bombay, rupee . 18% d 18% d 18d Shanghai, dol. . . 20Vnd 20% d .-77 Hongkong, dol. . 28% d 22%« d,9 > %«d, -r Yokohama, yen . 14% ad - 14% ad 24.58 d Batavia, fl. .. 7.14% 7.10% 12:10 Belgrade, din. ..' 213 213 276.31 'Warsaw, zloty .25.50 - ♦Sellers. . ',. 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: — v ' United States Canada Conversion dbllar bills received: for collection and sale dollar drafts and telegraphic . transfers .• .. 4.83 4.84 Purchase dollar bills .* 4.86 4.87On a New Zealand currency basis these rates are equivalent to: — Sellinc: * United Sta&a . Canada T.T. '.. .. 8.88 3.8S 3 /, On demand ». * • 3.88% 3.89% Buying: On demand .. 3.93% 3.94/ S 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 U.S.A., dol. . .. 3.87% 3.93 3.88% Canada, dol.- .. 3.89% .3.94% 3-BJ/o France, fr. -. • 58.29 59.89 58.34 Noumea, fr. .. 67.54 60.94 57.59 Papeete, fr. .. 57.54 60.94 57.59 Belgiunir belga . . 22.668 Germany, r.m, .. 9.440 Ttnlv lire . •»» 4(*.40 Switzerland, fr. '' 11.832 12.307 ILBI2 Holland, fl. 5.641 -5.941 5.640 Java, fl 5.633 5,908 5.637 Sweden, kr. .. 15:459 16.829 15.469 Norway, kr. .. 15.867 16.237 15.877 Denmark, kr, .. 17.878 18.248 Austria, sell. . . 20.22 Czecho-Slovakia, cr. 92.11 N.Z. pence to Japan, yen . -- 1 7 ./ a» Shanghai, dol. .. 25a 9 23 / 3 i P/JI, India, rupee . . 22 / 33 22/, Ceylon, rupee . . / 3a Hongkong, dol. .. 35% 8 34/ t 3a,, Singapore, dol. , . 35/ i Tho cost in New Zealand currency of tho pound sterling, and of the principal overseas units, on tho latest quotations, is as follows: — . Presentence Par^ Australia, pound •• 39 10.81 20 0.00 London, pound .. 24 10.50 20 O.on -New York, dol. .. 5 1.80 4 1.31 Montreal, dollar .. 5 ** Pa I*lß franc • • • • 0 4.07 0 1.98 Berlin, roichmark .. 2 0.85 0 11.74 Copenhagen, krone .. 1 1 i Yokohama, yen .. . • 1 5.61 2 0.58r CUSTOMS EXCHANGE RATES Hates of exchange ruling at the announced dates of departure of vessels named are shown in the following table. They nre 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 are marked*: — • Brisbane Maru, Japan, yen . Canadian Britisher, Canada, dol. 4.84/4 Australind, America, dollars; .. 4.83/. Comwallia, Canada, dollars .. 4.86 Aorangi, Canada, dollars . v .. 4.85/. Cape York. America, dollars .. 4.61/. Canadian Scottish, Canada.:dollars 4.84/» WHEAT IN AMERICA ; CHICAGO, May 2 Wheat. —May and' Jnly, each, 91\ cents a bushel; September, 97J cents. The New York price for cash is 1 dollar 16 i cents.