THE MONEY MARKET

New Zealand Herald, Volume LXXIV, Issue 22723, 8 May 1937, Page 9

THE MONEY MARKET

HANK OF UNCI,AND RETURN

LARGE NOTE CIRCULATION

STEADY GOLD HOLDING

LONDON, May <; The Bank of England return for the week ended .May 5 is as follows:

18 8U E DEPAH TME N T Notes issued : jGovt.cle.bt £'11,000,000 In eircu- i Other Govt, lation £475,200,000' securities 184,100,000 In bank- Other secunig'dept. 38,500,000 rities .. 4,900,000 * £"200,000,000 Gold coin & bullion 313,700,000 £513.700,000 £513,700,000 •Amount of fiduciary issue. BANKING DEPARTMENT Capital . . £14,500,000, Govt, secuRest . . 3,200,000 rities £103,100,000 Deposits— Advances Public .. 16,400,000 and other Bankers & securities 20,500,000 other acs. 134,900,000 Notes 38,500,000 Gold and silver coin 900,000 £ 169,000,000 £ 109,000,000 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— A pi. 28 May f> Public .. £26,200,000 £16,400,000 Bankers . . 87,000,000 U7.200.000 Other Accounts 30.600.000 37,700,000 £ 153,1 ()o,< 100 £ 151,300,0f 10 Securities Government .. 97,700,000 103,100,000 Advances, etc. 5.500.000 5,500,000 Oilier 'J2.000.000 21 .0110.1100 Reserve . . 45,!>00,000 39,400,000 Note circulation lus.soo.ooo 175,200,000 Coin and bullion 314,700,000 314,600,000 Proportion . . "Js>.;> I 20.08 RATE OF DISCOUNT The Bank of England rate of discount is 2 per cent, to which it was reduced 011 June 30, 1932, from 2J per cent. CONSOLS AND DOMINION STOCKS The following table gives quotations for consols and colonial inscribed stocks, compared with those of April

FOREIGN EXCHANGES

FLUCTUATIONS IN LONDON

(Received May 7, 7.5 p.m.) British Wireless RUGBY, May 6

The following rates on foreign exchanges are current, compared with the cabled quotations on May o and par:

NEW ZEALAND QUOTATIONS The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis. ih ; "-*t to alteration without notice.--Selling: United Stales Canada On demand . . 3.90% 3.95Va T.T 3.*'.-,% 3.05 Buying: On demand .. 4.oo'Vin 3.99% Following are the latest rates for purchases and sales of foreign exchange quoted by the Bank ot New South Wales, Auckland. They are subject to alteration without notice: — To til N.Z. T.T. On Demand Currency Selling Buying Sellina U.S.A., dol. . 3.0576 4.0071 3.0620 Canada, dol. .. 3.9503 3.9978 3.9553 Austria, seh. . . 20.68 ril'lLL Belgium, bclga 23.345 Czecho-vakia, cr. 112.91 Denmark, kr. . ] 7.£93 18.263 17.903 France.fr. .. 58.16 SS.2O Germany, r.m. 9.791 Holland, fl. .. 7.181 Italy, lire . . 75.21 - 75.20 Java, fl •• 7.153 Norway, kr. .. 15.892 16.212 15.902 Sweden, kr. 15.491 15.840 15.501 Switzerland, fr. 17.216 Noumea, fr. . . 86.79 Papeete.fr. .. so.ol N.Z. pence to— Hongkong, del. is 51-6-1 18 17-64 IS 25-32 India, rupee . 22 21-32 22 11-32 22 11-64 Ceylon, rupee 22 21-32 22 11-32 22 4 1-01 Japan, yen . 17 15-32 Shanghai, dol. 18 19-61 17 49-64 18 9-32 Singapore, dol. 35 13-0-1 3-1% 35 3-16 C'hefoo, dol. .. 1S 13-32 17 47-04 IS 25-64 The cost in New Zealand currency of the pound sterling, and of the principal overseas units, 011 the latest quotations, is as follows: —

Present- price L'ar sd s d London, pound .. 21 10.65 20 0.00 Australia, pound .. 19 10.81 20 0.00 Fiji, pound .. 22 5.66 20 0.00 New York dollar .. 5 0.45 4 1.31 Montreal, dollar .. 5 0.60 1 1.31 Paris, franc . ..0 2.71 0 2.28

Berlin, reichmark . 2 0,30 0 11.74 Copenhagen, krone . I 1.33 1 1.22 Yokohama .von I 5.41 2 u.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 the exact time of departure is learned. Finally declared races are marked*; Canadian Conqueror, Canada, dollars *4.BM Canadian Conqueror, America, dollars *4.«t) City of Qran. America, dollars *4.w City of Oran, Canada, dollars . . *4.ssi Mariposa, America, dollars ~ .. *4.01 Mariposa, Canada, dollars .. .. *4.01 WHEAT AND FLOUR LONDON AND LIVERPOOL LONDON, May fi Wheat. —Cargoes are firm and parcels are dearer. Spot trade quiet. Australian ex ship, 48s 3d. Futures. — .London: July, 4(>s old a quarter; November, 42s 9Jd Liverpool: Ma\, 9s 7d a cental; .July, 9s 5Jd; October. 8s lUid. Flour inactive. Australian ex store, 33s 9d to 34s 6d. CHICAGO GRAIN MARKET CHICAGO, May t! Wheat. —May, 1 dollar 29 i cents a bushel; July, 1 dollar 18J cents; September, 1 dollar 174 cents.

29: — Price Variation £ s d s <1 Consols, 2'/a P-c. 7(i 15 0 -5 0 Fund. Loan, -1 1900-90 111 0 0 Same War Loan, 8'/ a 102 0 0 + 10 0 Conversion Loan, 3Ya . 10VS 0 0 Same Victory Bonds, -1 1 10 0 0 + 5 0 Com'wealth, 5, .19-15-75 108 15 0 Same C'wealth, fJVi. 1930-37 100 5 0 Same Com'wealth. 1, 191H-48 10'J 10 0 +5 0 C'wealth, 3%, 15> 18-"»a 101 H 9 + 0 3 ("wealth, ii!i, 1950-01 91 0 o -•27 Ot Com'wealth. 3, 1955-58 90 3 9 -3 9 N.S.W., -l'/a, HKJ5-15 99 10 3 0 + 3 9 Victorian. •'!, 19'-!9-19 00 7 -'2 0 Victorian, 1'i, 1010-00 103 10 3 + 0 3 Victorian, 5, 1945-75 108 12 6 — '2 0 Queensland, 3, 19'_''2-17 90 10 0 Same Queensland. 5, 19-10-00 104 13 9 — 3 9 S. Aust., 3, H>16 or after 81 7 0 -'2 0 S. Aust,, 5, 1915-75 W. Aust,, 1, 191'2-OC! Tasmania, 3!4 19'JCMO 108 5 0 -10 0 101 17 0 — *J (} 101 15 0 0 Tasmania, -1, 1910-30 lOl 1 5 0 - o 0 N.Z.. -IVi, 1918-58 lOl 17 (i -HO 0 New Zealand. 3','a. 19-10 100 '2 li 0 +5 u New Zealand, 3, 1915 9 1 '2 •fl 3 ! JEx interest.

May 0 May 3 Par Montreal, dol. . . 4.!)•.!'/« 4.92% 4.860 New York, dol. 4.f>3% 4.93% 4.86 Paris, fr. lid 1 1 0%3 105.00 Brussels, belga. 29.23 29.22% 35.00 Geneva, fr. 21.58 21.57% —• t.22 Amsterdam, gr. 8.99% 8.99% 12.10 Milan, lire 03' 93" „ 02.no Berlin, r.m. | • ) O.ftl/ 12.27V:, 20.43 Stockholm, kr... 10.39/ a 19.40 IS. 159 Copenhagen, kr. 22.10 22.10 IS. 159 Oslo, kr. lil.HO 111.90 18.150 Vienna, sell. . 26'/* 20% 34.585 Praprue, kr. 111"/!, Ml% 161.25 Helsins?fors, mark 226% 226% 193.23 Madrid, pes. . 5,")+ ♦W 25.221 Lisbon, eseu. . 1 1 0 3 /I 8 noy ie 1 10 Athens, dr. .-.17% 547% 375.09 Bucharest, lei... 072% 072% 813.0 Rio de Janeiro, m. I'id" 39/„d •P/jfl* 5.S0IK1 Montevideo, dol. 39%d* 51d Bombay, rupee. . lsVid 18%ri lSd Shanghai, dol... 14%d 1 l%d — Hontrkone, dol. 1 »>% 6 d 1 1" „•,(! — Yokohama, yen 1 Id 1 Id 24.58d Batavia, sr. 8.!i7% 8.H7 12.10 Belgrade, din... •J 11 215 276.31 Warsaw, zlol.v.. 26.03 20 43.3s tXominal. * Sellers.