THE MONEY MARKET

New Zealand Herald, Volume LXXII, Issue 22130, 8 June 1935, Page 9

THE MONEY MARKET

BANK OF ENGLAND RETURN LARGER NOTE CIRCULATION CASH DEMANDS FOR HOLIDAYS LONDON, Jure C The Bank of England return for the week ended June 5 is as follows: — ISSUE DEPARTMENT Notes issued:— Govt, debt £11,015,100 In circu- Other Govt. •• lation £395,890,877 securities 246,921,349 In bank- / Other secuingdept. 56,773,057 rities . . 272.667 Silver coin 1,790,884 *£260,000,000 Gold coin & bullion 192,063,934 £452,663,934 £452,663,934 •Amount of fiduciary issue. BANKING DEPARTMENT Capital . . £14,553,000 Govt, secuRest . . 3,280,024 rities . . £88,976,014 Deposits— Advances, Public .. '7,611,990 £5,380,405 Bankers, Other 50cu£101,591,704 rities, Other acs., £11,226,205 16,606,610 £36,109,643 137,701,347 Notes . . 56,773,057 Seven day, (Jold and etc., bills silver coin 790,656 £163,146,367 £163,146,367 The principal items of the above return comparo as follows with those for last week, the proportion of the reserve being shown in the last line: — Deposits— May 29 June 5 Public .. .. £23,076,563 £7,611,996f Baukers .. 88,041,300 101,591,704* Other Accounts 35,989,362 36,109,643 £147,107,225 £145,3.13,343 Securities— Government .. 85,421,044 88,976,014 Advances, etc. .■ 5,'253,940 * 5,380,405 Other .. .. 11,241.464 11,226,205 Reserve . . . . 63,004,583 57,563,713* Note circulation. . 390,406,348 395,890,877* Coin and bullion 193,410,931 193,454,590 Proportion' .. 42.80 39.30 *Tho increase in note circulation and the decrease in reserve are duo to cash demands for the Whitsun holidays. ■(The movements in public and bankers' deposits aro due to interest payments on Juno 1. 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 2i per cent. Short loans are quoted at £■ 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 May 30: Vana-

tHighcr. *Lower. , All declines aro due to atocka being quoted ex interest. * FOREIGN EXCHANGES APPRECIATION OF STIRLING (Received June 7, 8.45 p.m.) British Wireless RUGBY, June 6 The following rates on foreign exchanges are current, compared with the cabled quotations on June 5 and par:—

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:— United States Canada Conversion dollar bills received for collection and sale dollar drafts and telegraphic transfers . . . . 4.93 4.93 Purchase dollar bills . 4.96 4.96 On a New Zealand currency basis these rates aro equivalent to: — Helling: United States Canada T.T. .. .. 3.06 3.96 On demand .. 3.90'/a 3.96/ i Buying: On demand . . 4.01% 4.oiy„ 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: —

The cost in New Zealand currency of the pound sterling, and of the principal overseas units, on tho latest quotations, is as/follows:

CUSTOMS EXCHANGE RATES Rates of exchange ruling at tho announced dates of departure of vessels named are shown in the following table. They aro subject to confirmation by the Customs Department when tho exact time of departure is learned on arrival of the vessels in New Zealand. Finally declared rates are marked*:— Cunadiftti Scottish. Canada, dollars 4.FSVi Aldington Court, America, dollars *4.8-1 Aldington Court, Canada,, dollars *4.87 Melbourne) Mafu. Hongkong, dollar *29% d Melbourne Maru, Japan, yen . . *l4!£d Niagara, Canada,'dollars .. .. 4.91% City of Salisbury, America, dollars 4.95V4 Mariposa America, dollars .. 4.93 "Wairuna America, dollars . . .. 4.95 Goklen Bear, America, dollars .. 4.92% Sydney Maru, Japan, yen .. .. liVad

.Price tion £ 8 <1 s d Consols. 2i per cent . . 86 10 0 10 0* Fundine Loan, 4, 19GO-90 116 10 0 20 0* Of War Loan, 3i 105 15 0 5 Conversion Loan, 3i .. 307 10 0 Same Victory Bonds, 4. 115 1 3 1 o Com'wealth, 5, 1945-75".. 109 5 0 31 3* Com'wealth, 3i, 1936-37 102 1 3 3 9t Com'wealth, 4, 1943-48 . . 104 0 0 3 9t Com'wealth, SJ, 1048-53 102 8 9 11 3* N.S.W., 3, 1935 101 1 3 i ion N.S.W.% 31, 1930-50 .. 100 0 0 20 0" N.S.W., 41, 1935-45 . . 101 2 6 20 0* N.S.W., 5, ,1935-55 101 12 G 2 fit. Victorian, 3, 1929-49 97.12 6 31 3* Victorian, 4}, 1940-60 . . 301 2 6 37 6* Victorian, -5,• 1945-75 v .. 308 13 9 36 3* /• Queensland,. 3,- 1922-47 .. 97 12 6 17 Queensland, 5, 1910-60 . . 107 0 0 8 9t S. Aust., 3, 1916 or after 88 17 6 2 6* S. Australia. 5, 1945-75 109 ft 0 27 6* W. Australia. 4, 1942-62 101 12 6 27 6* Tasmania, 3Jj 1920-40 .. 101 0 0 32 6* Tasmania, 4, 1940-50 . . 102 0 0 20 0* New Zealand, 45, 1948-58 109 15 0 5 Of New Zealand.. 3£, 1930 . . 103 12 6 23 9* New Zealand, 3, 1945" ., 101 7 6 " Same New Zealand, 6, 1936-51 106 5 0 Same

June 6 June 5 Par Montreal, dol. . . 4.95% 4.91% 4.866 New York, dol." . 4.9 5% 4.94 % 4.806 Paris, fr. 7514 75% 124.21 Brussels, belga . 29.17 29.13 35.00 Geneva, fr. 15.20 15.18% 25.22 Amsterdam, fi. . 7..13 7.32% 12.10 Milan, liro 59"/ m 60"/„ 92.46 Berlin, r.m. 12.24 12.20 20.43 Stockholm, kr. , 19.39% 19.39%' 18.159 Copenhagen, kr. . 22.39% 22.39% 18.159 Oslo, kr. 19.00% 19.90% 18.159 Vienna, sch. 26% 20% 34.585 Prague, kr. 118% 118%, 104.25 Helsingfors, mark 226% 226% 129.23 Madrid, pes. 86%, 36%, 25.221 Lisbon, escu. .. 1107 b 110% 110 Athens, dr. 517* 514* 375.00 Bucharest, lei. . 490 490 813.0 i?io de Janeiro,mil, , 4'.-id* 4%d* 5.899d Buenos Aires, dol. 35d" 35d* 47.619d Montevideo, dol. 39%d* 39%d* 51 d Bombay, rupee . 18'sd 18%d 18d Shanghai, dol. .. 19'ad — — Hongkong, dol. . 28,'jnd 28 "/i e d — Yokohama, yon . 14%d 14%d 24.58d Batavia, fl. Belgrade, din. 7.30% 7.30 % 12.10 ' 218 218 276.31 Warsaw, zloty . . 20.37 •Sellers. — 43.38

. T.T. On Demand To .CI N.X. Currency Selling Buying Sell ins? U.S.A., dol. 3.9G 1 4 4.011/, S.no^ Canada, dol. :s.!)i) 3 / a 4.01% 3.9(i/a France, fr. 50.82 fil.42 59.87 Noumea, fr. 50.07 02.47 59.12 Papeete, fr. 50.07 G2.47 69.12 Belgium, belga . . 23.131 — 23.146 Germany, r.m. .. — 9.GUI Italy, lire .. 47.50 47.54 Switzerland, fr. . . I '2.033 12.508 12.043 Holland, 11. 5.772 0.072 5.77(5 Java. /I 5.75-1 0.029 5.758 Sweden, kr. ] 5.-158 15.828 15.408 Norway, kr. 15.870 Hi,240 15.880 Denmark, kr. 17.878 18.2-18 J 7.888 Austria, fell. 20.02 20.01 Czccho-Slovakia, cr. 91.77 — 94.82 N.Z. pence to Japan,' yen 17% Shanghai, dol. t.. 24 s y„ 23%, 24% India, rupee 22 a 'na 2% 22% Ceylon, rupee 9023/ zaa 2 2% 3 22% Singapore, dol. .. say 3 a 34/a a 357 3a

Present Price Par B di a d Australia, pound .. 19 10.81 20 0.00 London, pound New York, dollaf. ..'-■24 10.05 20 0.00 .. '£> .0.55 4 1.31 Montreal, dollar .. 5 0.55 4 1,3.1 Paris, franc 4. 0 8.97 0 1.93 Berlin, reichmark*' .. 2 0.39 0 11.74 Copenhagen, krone .. 1 1.83 1 1.22 Yokohama, yen, .. . .1 5.57 •2 0.58