THE MONEY MARKET

New Zealand Herald, Volume LXXIV, Issue 22741, 29 May 1937, Page 9

THE MONEY MARKET

BANK OF ENGLAND RETURN SMALLER NOTE CIRCULATION GOLD HOLDING UNALTERED LONDON, May 27 The Bank of England return for the week ended May 26 is as follows: — ISSUE DEPARTMENT Notes issued : Govt, debt £'11,000,000 In circu- Other Govt. lation £475,200,000 securities 183,700,000 In bank- Oihersocuing dept. 40,000,000 rities . . 5,300,000 * £200,000,000 Gold coin . ________ & bullion 321,200,p00 £521,200,000 L 521,200,000 "Amount of fiduciary issue. BANKING DEPARTMENT Capital . . £14,500,000 Govt, secuRest . . 3,200,000 rities £00,500,000 Deposits— Advances Public . . 21,000,000 and other Bankers & securities 25,100,000 other acs. 128,000,000 Notes .. "40,000,000 Gold and silver coin 000,000 £171,500,000 £171,500,000 The principal items of the above return compare as follows with those for last week, tho proportion of the reserve being shown in the last liner — Deposits— May 10 May 20 Public . . £19,200,000 024,000,000 Bankers .. 07,400,000 01,400,000 Other Accounts 37,000,000 37,500,000 £ 151,200,000 £153.800,000 Securities— Government 103,200,000 00,500,000 Advances, etc. 0,000,000 4,000,000 Other .. 21,100,000 20,200,000 Reserve . . 40,700,000 40,000,000 Note circulation 481,400,000 475,200,000 Coin and bullion 322,100,000 322,100,000 Proportion . . 20.10 30.51 RATE OF DISCOUNT The Bank of England rate of discount is 2 per cent, to which it was reduced 011 Julie 30, 1932, from 2£ per cent. CONSOLS AND DOMINION STOCKS The following table gives quotations for consols and colonial inscribed stocks, compared with those of May 20: Price Variation £sd s d Consols, 2/4 per cent . . 70 10 0 Same Fund. Loan, 4, 1060-00 110 15 0 +5 0 War Loan, 3y a .. 102 0 0 +2 6 Conversion Loan, 3% . 1012 O O Same Victory Bonds, 4 . . 110 0 0 +lO 0 Com'wealth, 5. 1045-75 108 1 3 0 + 3 0 Com'wealth, 3>/ a , 1030-37 100 10 0 Same Com'wealth, 4, 1043-48 102 1 7 0 +2 6 Com'wealth, 3%, 1048-53 100 5 0 +2 0 Com'wealth, 3'/~, 1050-01 03 15 0 -2 (i Com'wealth, 3, j955-58 80 17 0 -5 0 N.S.W., 4 V 2 , 1035-45 . 00 17 O -5 0 Victorian, 3, 1020-19 . 00 10 0 +2 0 Victorian, 4%, 1040-00 104 7 0 +lO 0 Victorian, 5, 1045-75 . 108 5 0 Same Queensland, 3, 1022-47 00 17 0 +2 6 Queensland, 5, 1040-00 101 S 0 -1 3 S. Aust., 3, 1010 or after 81 7 0 +2 0 S. Aust., 5, 1015.75 108 5 0 Same W. Aust., 4, 1042-02 102 0 0 Same Tasmania, 3%, 1920-40 102 0 0 +5 0 Tasmania, 4, 1040-50 . 102 1 3 -10 3 N.Z., 4/ 2 i 104S-58 103 7 0 +5 0 N.Z., 3 Vi, 1040 100 17 0 +7 0 N.Z., 3, 1045 . . 94 10 0 Same

FOREIGN EXCHANGES

DOLLAR RATE STEADY British Wireless RUGBY, May ±~, The following rates 011 foreign exchanges are current, compared with the cabled quotations 011 May 26 and par:— May 27 May 20 Par Montreal, dol. . . 4.03% 4.03"/ lo 4.800 New York, dol. 4.!)t 3 /| 0 4.01 -1.80 Paris, fr. ll(l 1 %, 110%» 105,00 Brussels, bclga. . 20.27% 29.20 l / a 35.00 Geneva, fr. . . 21,01% 21.00% 25.22 Amsterdam, gr. 8.08% 8.08% 12. IO Milan, lire . . 03% 03% 02.00 Berlin, r.m. . 12.30Va 12.30% 20.43 Stockholm, kr... 10.10)% 10.3.0% 1b.150 Copenhagen, kr. 22.40 22.40 18.150 Oslo, kr. .. 10.00 10.00 18.150 Vienna, sch. .. 20% 20% 34.585 Prague, kr. .. 141111% 104.25 Helsingfors, mark 220% 220% 103.23 Madrid, pes. . 55t 55t 25.221 : Lisbon, escu. . llo'/'m 11U% B 110 I Athens, dr. . . 5-17% . 547% 375.00 I Bucharest, iei. 072% 072% 813.0 j Rio de Janeiro, 111. 4%d* 4%d* 5.899(1 I Montevideo, dol. 30/ e d" 39% d' old I Bombay, rupee 18 l / s d 18% d IBd ) Shanghai, d 01... 1-P% 3 d i4 ls / 33 d ! Hongkong, dol. 1-1 %d Yokohama, yen lid lid 2-I.5Sd Batavia, gr. . 8.00% 8.00% 12.10 Belgrade, din.. 215 215 270.31 Warsaw, zloty 20.00 20.0!) 13.38 tNominul. 'Sellers NEW ZEALAND QUOTA HONS The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday, 011 a New Zealand currency basis, subject to alteration without notice: — Selling: United States Canada On demand . . 3.90 u /io 3.90 5 /,„ T.T. 3.! Hi 3 /,,, 3.95* 3 /i» Buying: On demand 4.0 1 4.00 V,« Following are the latest rates for pur chases and sales of foreign excliaime quoted by the Bank of New South Wales, Auckland. They are subject to" alteration without notice:— To £1 N.Z. T.T. On Demand Currency Selling Buying Sellinc U.S.A., dol. . 3.0000 4.0102 3.0050 Canada, dol. . 3.9581 4.0050 3.0031 Austria, sch. . . 20.73 Belgium, belga 23.382 Czecho'vakia, cr. 112.00 Denmark, fir. . 17.803 18.203 17.003 France, fr. .. 85.03 Germany, r.m. . 9.81-1 "Holland. Jl. 7.173 Italy, lire 75.27 Java, fl. .. 7.145 Norway, kr. 35.892 10.242 15.902 Sweden, kr. .. 15.480 15.814 15.499 Switzerland, fr. 17.274 17.640 17.270 Noumea, fr. . . 87.26 Papeete, fr. . . 87.41 N.Z. pence to— Hongkong, dol. 18 21-32 18% 18 41-04 India, rupee . 22 21-32 22 11-32 22 41-0-1 Ceylon, rupee 22 21-32 22 11-32 22 41-01 Japan, yen 17 15-32 Shanghai, dol. 18 15-04 17 45-04 18 7-32 Singapore, dol 35 13-04 34% 35 3-10 Cliefoo, dol. . 18 11-32 17 43-01 18 21-04 Manila, dol. . 30 27-01 29 49-04 30 13-32 The cost in New Zealand currency ot the pound sterling, and of the principal overseas units, on the latest quotations, is as follows: Piesent Price Par London, pound . 24 10.05 20 0.00 Australia, pound .. 19 10.81 20 0.00 Fiji, pound . ..22 5.00 20 0.00 New York, dollar .. 5 0.40 4 1.31 Montreal, dollar .. 5 0.10 4 1.31 Paris, franc . .. O 2.70 O 2.28 Berlin, reichsmark .. 2 0.20 0 11.74 Copenhagen, krone .. 1 1.33 1 1.22 Yokohama, ven 1 5.41 i 0.58 CUSTOMS EXCHANGE RATES Finally declared rates of exchange ruling at the date of departure of vessels named are shown in the following tn ble: Aoraugi, America, dollors 1.91 Aorangi, Canada, dollars 4.93 Canadian Challenger, America, dollars 4.91 Canadian Challenger, Canada, dollars 4.92 Limerick, America, dollars .. 4.94 Stockwell, America, dollars .. .. 1.91 Slockwell, Canada, dollars . . .. 4.92 Keifuku Maru, Japan, yen .. .. Hd

CANTERBURY PRODUCE

POTATO MARKET VERY FIRM [py TELEGRAPH —rKKRS ASSOCIATION I CHHIRTCIIURCH, Friday Tlio potato market is very firm, mainly because four steamers are due to clear with New Zealand potatoes for South America within the next three weeks. The demand from within this country is not big.'lt is reported that part of the space booked on the earlier overseas boats has had to be cancelled because wet weather has held up digging and deliveries of export potatoes are consequently slow. Farmers are also disposed to hold for higher prices, and* many have refused X!fi on trucks. Reports from South Canterbury indicate that the crops are turning out very much better than was expected. The yields in many districts there have been phenomenal, in some cases better than can bo remembered. North Canterbury crops are not heavy, but are fairly good. Tliere is an excellent demand tor fowl wheat, but supplies are very short. The onion market continues completely lifeless.