THE MONEY MARKET

New Zealand Herald, Volume LXXIV, Issue 22687, 27 March 1937, Page 7

THE MONEY MARKET

BANK OF ENGLAND RETURN DECREASE IN DEPOSITS LARGER NOTE CIRCULATION LONDON, March 25 The Bank of England return for the week ended .March 21 is as iollows: — ISSUE DEPARTMENT Xotes issued: — iGnvt.debt Lit,ooo,ooo Jii circu- Other Govt. latum £170,500,000 securities 157,200,000 In bank- Other secuiug dept. 43,100,000 rilics .. 1,800,000 ' £200,000,000 Gold coin bullion 313,000,000 £513,(>00,000 £513,000,000 •Amount of fiduciary issue. BANKING DEPAHTM EXT Capital . . £11,500,000 Govt, seruRr.st 3,700,000! rilies £01,500,000 Deposits- 1 Advances Public .. 27,900,01.10 and other Bankers & I securities '.27,100,0011 other acs. 119,000,00 L | Notes .. 13,100,000 i Cold and silver coin J. 000.000 L 105,700,0001 L 105,700,000 The principal items of the above return compare as follows with those ior last week, the proportion uf the reserve being shown in the last line: Deposits—■ Mar. 17 Mar. 24 Public .. £22,800,000 £"-'7,900,000 Bankers . . 94,000,000 82,000,000 Other Accounts 37,300,00*0 37,000,000 £154,100,000 £147,500,000 Securities— Government . . 04,900,000 94,500,000 Advances, etc. 3,700,000 4,500,000 Other . . 22,900,000 22,300,000 Reserve 50,800,000 44,100,000 Note circulation 403,800,000 470.500,000 Coin anil bullion 314,000,000 314,000,000 Proportion . . 32.97 29.90 RATE OF DISCOUNT The Hank of England rate of discount is 2 per cent, to which it was reduced on June .'SO, 1932, from 11\ per cent. CONSOLS AND DOMINION STOCKS The following table gives quotations for consols and colonial inscribed stocks, compared with those of March 18: Price Variation i 1 S (1 S (I Consols per rent . . 75 r > n —25 " Fund. Loan, t 1900-90 112 0 o +5 0 AVar Loan, .. 102 7 (i +2 0 Conversion Loan, 3',4 . 101 0 o Same Victory Bonds, I ... 109 O o Same Com'wealth, 5, 1915-75 los 12 (i -2 0 Com., 3%, 1930-37 .. 101 10 0 -5 0 Com'wealth, 4, 1913-48 102 8 St -tl 3 Com., :i J 4 , 104S-53 .. loi 7 O -2 0 Com., 3 1 ' J , 1950-01 .. 95 17 0 +2 0 Com'wealth, 3, 1955-58 91 o 0 Same N.S.W., 4'4, 1935-15 99 15 0 Same Victorian, :t,' 1929-19 95 15 0 Same Victorian, -YZ, 1910-00 103 12 0 +2 0 Victorian, 5. 1015-75 108 10 0 +5 0 Queensland, 3, 1922-47 95 17 0 Same Queensland, 5, 1940-00 101 15 0 Same S. Aus.. 3, 1910 or after 82 0 0 -15 0 S. Australia, 5, 1945-75 108 1 0 0 Same W. Australia. 4. 1012-02 101 10 0 +7 0 Tasmania, V/ 3, 1920-10 101 7 0 -2 0 Tasmania, 4, 1910-50 . 101 (j 3 +3 9 N.Z., 4'/,, 1918-58 .. 101 2 (i -2 O N.Z., 3!4 1910 .. 101 17 0 +5 0 N.Z., 3, 1945 .. 90 12 6 +7 (J FOREIGN EXCHANGES MINOR FLUCTUATIONS (Received March 20, 0.30 p.m.) British Wireless RUGBY, March 25 The following rates on foreign exchanges are current, compared, with the cabled quotations on March 23 and par: Mar. 25 Mar. 23 Par I Montreal, d 01... 4.87 3 i 4.88 4.800 New York, dol. 4.88% 4.88'/,, 4.80 Paris, fr. . . 100% 100% .105.00 Brussels, belga.. 29.01Vt 29.01% 35.00 Geneva, fr. .. 21.4iy a 21.4-1% 25.22 Amsterdam, gr. 8.02 l /a 8.92% 12.10 ! Milan, lire . . D2' J /, 0 92 s3 /, a 92.00 Berlin, r.m. . . 12.1 o l / a 12.15 20.43 I Stockholm, kr... 19.3»'/ a 19.39% 18.159 Copenhagen, kr. 22.10 22.40 18.159 | Oslo, kr. 19.90 19.90 18.159 | Vienna, sch. .. 20% 2U'/ a 34.585 [Prague, kr. .. 110 110 104.25 ! Helsiniffors, mark '220% 220% 193.2.'J I Madrid, pes. . . 551 551 25.221 ! Lisbon, escu. .. 110%, 110'/i# 110 • Athens, dr. . . 547% 547% 375.00 Bucharest, lei... 007% (>07% 813.(> Rio de Janeiro, m. 4%d* 4'/,d* 5.899(1 Montevideo, dol. 39/„d* 39% d* old Bombay, rupee.. IS'/od 18V,d IBd Shanghai, d 01... ll i y 33 d Hongkong, dol. M"/i»d 34 l y xe d Yokohama, yen Mil Mil 2-1.58 d Batavia, gr. .. 8.89% 8.88 12.10 Belgrade, din... 213 213 270.31 Warsaw, zloty.. 25.75 25.77 43.38 'Sellers. NEW ZEALAND QUOTATIONS The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates on Thursday, on a New Zealand currency basis, subject to alteration without notice:— Selling: United States Canada On demand .. 3.92% 3.91% t.t. . . .. y.oi Buying: On demand . . A.90% 3.05% Following are the latest rates for purchases and sales of foreign exchange quoted by the Bank of New South Wales, Auckland. The.v are subject to alteration without notice:— To £1 N.Z. T.T. On Demand Currency Selling Buying Sellintr U.S.A., dol. . 3.9119 3.0050 3.9109 Canada, dol. . 3.9090 3.9572 3.9140 Austria, sch. . . 20.48 Belgium, belga 23.174 C'zecho'vakia, cr. 111.00 Denmark, kr. . 17.893 18.203 17.903 France, fr. .. 85.22 Germany, r.m. . 9.(il)0 Holland, tl. . . 7.125 . Italy, lire . . 74.40 Java, fl. . . 7.081 Noryay, kr. . . 15.891 16.241 15.901 ,Sweden., kr .. 15.489 15.814 15.499 Switzerland, fr. 17.138 Noumea, fr. .. 83.85 Papeete, fr .. 81.00 N.Z. pence to — Hongkong, dol. 18 51-04 1817-64 18 25-32 India, rupee .. 22 21-32 22 11-32 22 41-04 C'cylon, rupee 22 21-32 2211-32 22 41-61 Japan, yen .. 17 31-04 Shanghai, dol. 18 1 3-32 1 7 7 -« 18 25-01 Singapore, dol. 35 13-04 34°, 35 3-10 Chefoo, dol. .. 18 17-32 17 55-64 18 33-01 The cost in New Zealand currency of the i)oiind sterling, and of the principal overseas units, on the latest quotations, is as follows: Present Price Pnr s d 8 d London, pound . . 24 10.05 20 0.00 Australia, pound . . 10 10.81 20 0.00 Fiji, pound .. .. 22 5.(i0 20 0.00 New York, dollar .. 5 1.11 4 1.31 Montreal, dollar .. 5 1.20 4 1.31 Paris, franc . . .. O 2.01 0 2.28 Berlin, reichsmark .. 2 0.50 011. < • Copenhagen, krone .. 1 1.33 1 1.22 Yokohama, yen .. 1 5.41 '2 0.08 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 the exact time of departure is learned. Finally declared rates are marked*: Australind, America, dollars .. *4.80 Australind, Canada, dollars .. .. *4.89 Chil'uku Maru, Japan, yen .. Mid Golden Bear, America, dollars . . *4.88 Mariposa, America, dollars . . . . *4.89 Mariposa, Canada, dollars .. *4.89 VViiirnna. America, dollars . . *4.*B Aorangi, America, dollars . . 4.88 Aorangi, Canada, dollars 4.88 City of Brisbane. America, dollars . . 4.88 City of Brisbane, Canada, dollars .. 4.89 SHORT LOANS AND BILLS LONDON DISCOUNT RATES LONDON, March 24 Discount and short loan rates on the London market are the same as those for last week, as follows: Mar. 17 Mar. 24 P-c. p.c. Day-to-day loans . % Fine trade bills (3 mos.) 2to 2% 2to 2% Bank bills (3 months) .. 1,, %„ Bank bills (0 months) . . % % Treasury bills (2 months) % % Treasury bills (3 months *A» 'A» MOUNT LYELL SHARES (Received March 20, 0.30 p.m.) LONDON, March 25 On the mining market to-day Mount Lyells sold at 4.0s 6d*