THE MONEY MARKET

New Zealand Herald, Volume LXXIV, Issue 22909, 11 December 1937, Page 11

THE MONEY MARKET

BANK OF ENGLAND RETURN

LARGER NOTE CIRCULATION

DEPOSITS SHOW INCREASE LONDON, Dec. O The Bank of England return for the week ended December 8 is as follows: — ISSUE DEPARTMENT Notes issued:— Govt.debt £11,000,000 In circu- Other Govt. lation £402,800,000 securities 208,700,000 In bank- Other secuing dept. 53,000,000 rities .. 300,000 *£220,000,000 Gold coin & bullion 320,400,000 £ 5 1 0, <IOO,OOO £540,400,000 •Amount of fiduciary issue. BANKING DEPARTMENT Capital.. £11,500,000 Govt, secuRest . . 3,300,000 ritics £87,200,000 Deposits— Advances Public , . 11,700,000 and other Bankers & securities 30,500,000 other acs. 143,000,000 Notes . . 53,000,000 Gold and silver coin 1,200,000 __ £172,500,000 £172,500,000. 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— Dec. 1 Dec. 8 Public .. £12,000,000 £11,700,000 Bankers .. 105,700,000 100,300,000 Other Accounts 30,500.000 30,700.000 £154,200,000 £154,700,000 Securities — Government .. 78,800,000 87,200,000 Advances, etc. 10,500,000 0.000,000 Other . . 20,700,000 20,!»00.0<h) Reserve . . 02,000,000 54,800,000 Note circulation 485,700,000 402,800,000 Coin and bullion 327,700,000 327,000,000 Proportion .. 40.21 35.38 British Wireless RUGBY, Dec. 9 The increased note circulation reflects the demand of the public for Christmas shopping expenditure and the general prosperity of the country. 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£ per cent.. CONSOLS AND DOMINION STOCKS The following table gives quotations for consols and eolonial inscribed stocks, compared with those of December 2:— VariaPrice tion £sd s d Consols, 2% per cent 74 10 0 —5 0 Fund. Loan, 4, 1000-00 112 0 0 Same War Loan, 3% . . 101 10 0 +2 0 Conversion Loan, 3% 102 0 0 Same Victory Bonds, 4 .. 11l 0 0 Same Com., 5, 1945-75 ..107 0 0 +2 0 Com., 4, 1943-48 ..102 7 0 +2 0 Com., 3%, 1948-53 . . 100 2 0 -2 0 Coin., 3%, 1950-01 . . 02 2 6 +2 G Com., 3, 1055-58 .. 80 12 0 Same N.S.W., 4%, 1935-45 07 15 0 +2 « Victorian, 3, 1929-49 94 12 6 -1 3 Victorian, 4%, 1040-00 103 17 6 +2 0 Victorian, 5, 1945-75 100 12 0 +2O 0 Queensland, 3, 1022-47 05 7 G -12 6 Queensland, 5, 1040-00 105 17 0 -2 0 S. Aus., 3,1010 or after 79 15 0 +2O 0 " S. Aus., 5, 3045-75 106 IS O +8 Ot W. Aus., 4, 10-12-02 100 7 G +5 Ot Tasmania, 3%, 1020-40 101 7 6 +2 0 Tasmania, 4, 1940-50 101 7 0 % -27 G N.Z., 4% 1048-58 . . 104 17 0 -2 0 N.Z., 3%, 1910 . . 100 5 0 -18 0 N.Z., 3, 1915 . . 98 6 3 -3 9 JEx interest. FOREIGN EXCHANGES STEADINESS OF FRANC British Wireless RUGBY, Dec. 9 The following rates on foreign exchanges are current, compared with the cabled quotations on December 8 and ar ' Dec. 9 Dec. 8 Par Montreal, dol. .. 4.09 l Vi» 4.99% 4.866 New York, dol. 4.99% 4.99% 480 Paris, fr. . . 147% a 14*100.00 Brussels, belga. . 29.3»t1 29.39Va 35.00 Gcnova, fr. .. 21.00% 21.60% 25.22 Amsterdam, i gr. 8.98% a 8.98%,, 12-10 Milan, lire .. 94™/„ 992.00 Berlin, r.m. .. 12.39% 12,39% 20.43 Stockholm, kr... 19.40 10.40 18.159 Copenhagen, kr. 22.40 22.40 18.159 Oslo, kr. .. 19.90 19.90 18.159 Vienna, sch. .. 20% 20% 34-585 Prague, kr. .. 142% 142% 6 1«4.20 HelsinKfors, mark 220% 220% 193.-3 Madrid, pes. .. 55t 55t 25/221 Lisbon, escu. .. 110%# 110 110 Athens, dr. .. 547% oV.V?. Bach a rest. lei... (>77 077 Slo.o Rio de Janeiro, m. 2 1 % o dt 2 11 /i o dt 6.899 d Montevideo, dol. 25%dJ 25/ 1B d» 51d Bombay, rupee.. 18% d 18(1 Shanghai, d 01... 14%« d 14/iad Hongkong,' dol. 15<1 15d Yokohama, yen 14d 14d -4.58 d Batavia, gr. .. 8.97 8.97 Belgrade, din... 210 Warsaw, zloty. . 26.37 26.31 43.3b tNominal. rate.

NEW ZEALAND QUOTATIONS

The Associated Banks (other than the. Bank of New South Wales) quoted thf» following dollar' rates yesterday, on a New Zealand currency basis, subject to alteration without notice: — Selling: United States Canada ° T.T 4.00 11 / to 4.00 11 /ia On demand . . 4.01% 4.01% 0 B ' lJl <Jn demand .. >1.05% 4.osy ie 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:— To £ 1 N.Z. T.T. On Demand Currency Selling Buying Selling U.S.A., dol. . . 4.0000 4.0507 4.0100 Canada, dol. .. 4.0071 4.0510 4.0111 Austria, sch. .. 20.97 Belgium, belga 23.814 23.599 23.825 Czecho'vakia. cr. 113.20 Denmark, kr. . 17.893 18.203 17.899 France, fr. .. 117.11 Germany, r.m. . 0.880 Holland, fl. .. 7.171 7.301 7.175 Italy, lire .. 70.13 Java, fl. .. 7.145 7.335 7.149 Norway, kr. .. 15.802 10.242 15.898 Sweden, kr. .. 15.498 15.853 15.504 Switzerland, fr. 17.269 17.644 17.274 Noumea, fr. .. 115.86 Papeete, fr. .. 115.01 N.Z. pence to— Hongkong, dol. ' 18 53-04 18 27-04 38 53-64 India, rupee .. 22 21-32 22 11-32 22 21-32 Ceylon, rupee . 22 21-32 2211-32 22-21-32 Japan, yon . . 17 33-04 Shanghai, dol. 18 9-04 Singapore, dol 35 13-64 345« 35 13-04 Chefoo, dol. . . 18% Manila, peso . 30 5-01 20 31-64 30 5-04 The cost in New Zealand currency of the pound sterling, and of the principal overseas units, on the latest quotations, is as follows; — Present Price Par s (1 s d London, pound . . 24 30.65 20 0.00 Australia, nound .. 3 0 10.81 20 0.00 Fiji, pound . .. 22 5.66 20 0.00 Now York, dollar .. 4 11.74 4 1.31 Montreal, dollar .. 4 11.73 4 1.31 Paris, franc . .. 0 2.31 0 2.28 Berlin, reichsmark . 2 0.08 0 11.74 Copenhagen, krone . 1 1.33 1 1.22 Yokohama, yen .. 1 5.41 2 0.58 CUSTOMS EXCHANGE RATES Finally declared rates of exchange ruling at the date of departure of vessels named are shown in the following table: — Niagara, Canada, dollars .. ~ 5.00 Niagara, America, dollars 4.99 Kaimata, Canada, dollars .. .. 5.00 Kuimata. America, dollars .. .. 5.01 BRADFORD MARKET DEMAND FOR CROSSBREDS LONDON, Doc. 9 Tlio Bradford market is moro buoyant. Merinos are ono penny dearer. Keener competition in New Zealand has stimulated crossbreds. Yarns generally aro unchanged. Following aro to-day's quotations and those of recent weeks:— Nov. IS Nov. 25 Dec. 2 Dec. 9 d d d d Seventies .. 30 28% 30 31 Sixty-fours .. 28 27 28 30 Sixties .. 27 26 27 20 Fifty-eights . . 21% 24% 24% 24% Fifty-sixes . . 23 23 23 23 Fifties . . 20 20 20 18% Forty-sixes .. Forties .. ( —) Not quoted. EGGS IN LONDON LONDON, Dec. 9 Eggs aro steady. Quotations aro:— Seventeens, 14s 3d; sixteens, 14s; fifteens, 13s 6d; fourteens, 13s; thirteens and a-half, 12s 3d.