THE MONEY MARKET

New Zealand Herald, Volume LXXIII, Issue 22403, 27 April 1936, Page 7

THE MONEY MARKET

BANK OF ENGLAND RETURN NOTE CIRCULATION DOWN SEQUEL TO EASTER HOLIDAYS LONDON, April 23 The Bank of England return for the week ended April 22 is as follows: — ISSUE DEPARTMENT Notes issued : Govt, debt £11,000,000 In circu- Other Govt. lation £115,100,000 securities 247,600,000 In bank- Othersecuing dept. 46,700,000 rities . . 400,000 Silver coin 1,000,000 *£260,000,000 Gold coin & bullion 202,100,000 * £462,100,000 £462,100,000 •Amount of fiduciary issue. BANKING DEPARTMENT Capital . . £14,500,000 Govt, secuRest . . 3,200,000 rities £93,200,000 Deposits— Advances, Public . . 13,200,000 £7,500.000 Bunkers, Other secu£93,loo,ooo rities, Other acs., £13,900,000 21,400.000 £38,100,000 131,200,000 Notes 46,700,000 Gold and silver coin 800,000 £162,100,000 £162,100,000 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 15 April 22 Public . . . . £9,900,000 £13,200,000 Bankers . . 101,900,000 93,100,000 Other Accounts 36,600,000 38,100,000 £151,400,000 £144,400,000 Securities— Government . . 106.700,000 93,200,000 Advances, etc. ~ 8,800,000 7,500,000 Other . . . . 13,200,000 13.900,000 Reserve . . . . 40,400.000 47,500,000* Note circulation . 421,900,000 415,100,000* Coin and bullion 202,300,000 202,900,000 Proportion . . 26.74 32.87 ♦The retlux of money following the Easter holidays resulted in a contraction of the note circulation. The reserve correspondingly rose by £7,100,000. RATE OF DISCOUNT The Bank of England rate of discount is 2 per cent, to which it was reduced on June 30, 1932, from 2 J per cent. CONSOLS AND COLONIAL STOCKS The following table, gives quotations for consols and colonial inscribed stocks, compared with those of April 10: Price Variation £sd s d Consols, 2S per cent . . 84 0 0 —2O 0 funding Jjoan, 4, 1960-90 117 10 0 Same War Loan, 34 . . .. 107 10 0 Same Conversion Loan, 3i .. 107 10 0 Same Victory Bonds, 4 . . 115 10 0 Same Com'wealth, 5, 1945-75 . . 112 3 9 +3 9 Com'wealth, 3J, 1936-37 102 1 3 +l2 C Com'wealth, 4, 1943-48 104 10 0 Same Com'wealth, 32. 1948-53 101 10 0 -1 3 Com'wealth, 35. 1956-61 100 2 6 Same N.S.W., 3i. 1930-50 . . 101 10 0 Same N.S.W., 4i, 1935-45 . . 101 16 3 +1 3 Victorian, 3, 1929-4S . 99 2 6 Same Victorian. 42, 1940-60 . 106 10 0 Same Victorian. 5. 1945-75 . . 11l 17 6 Same Queensland, 3. 1922-47 . 99 7 6 +8 9 Queensland, 5. 1940-60 . . 107 15 0 Same S Aus., 3, 1916, or after 89 5 0 +2 6 S. Australia,.C, 1915,75 . . 112 2 6 +2 6 W. Australia, 4. 1942-02 103 11 3 +3 9 Tasmania. 3L 1920-40 .. 103 10 0 -12 6 Tasmania. 4. 1940-50 . . 103 7 6 -10 0 New Zealand. 4i, 1948-58 108 17 6 -5 0 New Zealand, 31, 1910 .. 104 2 6 +1 3 New Zealand, 3, 1945 . . 101 5 0 -2 6 New Zealand. 6, 1936-51 102 12 6 +7 6 FOREIGN EXCHANGES (Received April 26, 5.5 p.m.) British Wireless , RUGBY, April 25 The following rates on foreign exchanges were current yesterday, compared with the cabled quotations on April 23 and par: — April 2-1 April 23 Par Montreal, dol . . 4.96 4.96% 4.566 New York, dol. . 4.93% 4.93% 4.866 Paris, fr. .. 74 01-64 74"/ ia 124.21 Brussels, belga . 20.20% 29.15 35.00 Geneva, fr. .. 15.16 15.15% 25.22 Amsterdam, fi. . 7.2S 7.27% 12.10 Milan, lire . . 02 11 /,« 62 11 /,« 92.46 Berlin, r.m. .. 12.28% 12.27% 20.43 Stockholm, kr. . 19.39% 19.39% 18.159 Copenhagen, kr. . 211.37% 23.37% 18.159 Oslo, kr. .. 19.90% 19.90% 18.159 Vienna, sell. . . 26% 26% 34.585 Prague, kr. .. 119% 119% 164.25 Helsingfors, mark 227 227 193.23 Madrid, pes. . . 30% 6 36% a 25.221 ljisbon, escu. . . 108% 108% 110 Athens, dr. . . 518* 619* 375.00 Bucharest, lei. . 670* 670* 813.6 RiodeJaneiro.mil. 4%d* 4%d* 5.899 d Buenos Aires, dol. 35d 35d 47.61f1d Montevideo, dol. 39% d* 39% d* 51d Bombay, rupee . lS%d 18% d 18d Shanghai, dol. . 14% d 14% d Hongkong, dol. . 15'% e d 15 13 /i 6 d Yokohama, yen . 14% 2 d 14% 2 d 24.58 d Batavia, fl. . . 7.24 7.24 12.10 Belgrade, din. . . 217 217 276.31 Warsaw, zloty . . 'Sellers. (Received April 26, 5.5 p.m.) LONDON, April 55 On tho foreign exchange market today the following quotations ruled: — New York, 4.932 dollars; Paris, 75 francs; Batavia, 7.2-1$ florins. NEW ZEALAND QUOTATIONS The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates on Friday, on a New Zealand currency basis, subject to alteration without notice: — Selling: United States Canada On demand .. 3.96 3.98 T.T 3.95% 3.97% Buying: On demand . . 4.00% 4.02^ Following are tho 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. .. 3.95% 4.00% 3.95% Canada, dol. .. 3.97% 4.02% 3.9/% Austria, sell. . . 20.72 Belgium, belfja . . 23.321 Czechoslovakia, cr. 95.05 Denmark, kr. . . 17.893 18.263 17.903 France, fr. . . 59.91 61.19 59.95 Germany, r.m. . . 9.789 Holland, fl. . . 5.792 6.002 5.796 Java, 11 5.757 5.977 5.761 Norway, kr. . . 15.892 16.242 15.902 Sweden, kr. ' . . 15,489 15.844 15.499 Switzerland, fr. . . 12.070 12.445 12.075 Noumea, fr. . . 58.54 62.99 58.60 Papeete, fr. . . 58.09 62.99 58.75 N.Z. pence to— Hongkong, dol. .. 20 25-64 IS 51-64 20 23-64 India, rupee . .22 2 % a 22% a 22 57-64 Ceylon, rupee . . --/ m 22% a 22 57-64 Japan, yen . . 17 41-64 Shanghai, dol. .. 18 41-6-1 17 5-64 18% Singapore, dol. . . 35 31-64 34 15-04 35'% a The cost in New Zealand currency of the pound sterling, and of the principal overseas units, on the latest quotations, is us follows: — Present Price Par^ Australia, pound .. 19 10.81 20 0.00 London, pound . . 24 10.65 20 0.00 Fiji, pound . . . . 22 5.66 20 0.00 New S'ork, collar . . 5 O.io 4 1.31 Montreal, dollar .. 5 0.18 4 1.31 Paris, franc .. .. 0 3.09 0 1.9S Berlin, rcichmark . . 2 0.30 0 11.74 Copenhagen, krone . . 1 1.33 1 1.22 Yokohama, yen . . . . 1 5.45 2 0.58 CUSTOMS EXCHANGE RATES Rates of 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 tho exact time of departure is learned. Finally declared rates are marked*:— Canadian Highlander, Canada, dol. *4.98 Brisbane Marti, Japan, yen .. .. 14%' nd Benholm, America,', dollars .. .. 4.91%, Golden Bear. America, dollars .. "4.96 Niagara, Canada, dollars .. .. 4.96% MELBOURNE PRODUCE MELBOURNE. April 24 Following are to-day's quotations on the Molbourne produce market: — Wheat, 3s IOJd Flour, £9 12s (3d. Bran. £6 ss. Pollard, £6 10s. Oats, 2s 2d to 2s 3d. Barley, 2s 4d to 2s sd. Maize, 5s to 6s 2d Potatoes, £9 to £lO Onions, brown Spanish, £9 5s to £9 10s; Globes, £8 15s to £9. NEW GUINEA GOLD SHARES LONDON, April 24 New Guinea gold shares sold to-day at 3s 3jci.