THE MONEY MARKET

New Zealand Herald, Volume LXXV, Issue 22943, 22 January 1938, Page 9

THE MONEY MARKET

BANK OF ENGLAND RETURN FIDUCIARY ISSUE REDUCED DECREASE IN DEPOSITS LONDON, Jan. 20 1 The Bank of England return for the ' week ended January 10 is as follows: — ISSUE DEPARTMENT f Notes issued: — (Jovt. debt i 11,000,000 | In circu- Other Govt. lation £475,700,000 securities 188,700,000 • In bank- Other secu- I ing dept. 50,700,000 rities .. 300,000 ♦£200,000,000 ■ Gold coin & bullion 320,400,000 I £520,100,000 £520,400,000 •Amount of fiduciary issue which has been reduced from £220,000,000. ' BANKING DEPARTMENT 1 Capital . . £'14,500,000 Govt, secuRest .. 3,500,00(J rities £101,400,000 | .Deposits—• Advances , Public .. 11,300,000 and other Rankers & securities 34,700,000 i other acs. 101,300,000 Notes .. 50,700,000 Gold and silver coin 600,000 . £100,400,000 £100,400,000 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— Jan. 12 Jan. 19 Public .. £13,200,000 £11,100,000 Bankers . . 123,400,000 124,400,000 Other Accounts 36,800,000 36,900,000 £173,100,000 £172,100,000 I Securities — ! Government . . 90,200,000 104,400,000 j Advances, etc. 15,800,000 12,000,000 [ Other .. 20,500,000 21,800,000 \ Reserve . . 64,900,000 51,300,000 j Note circulation 482,100,000 475,700,000 I Coin and bullion 327,000,000 327,000,000 Proportion . . • 37.45 20.77 RATE OF DISCOUNT The Bank of England rate of discount ; is 2 per cent, to which it was reduced j" on June .'3O, 1932, from 2J per cent. I CONSOLS AND DOMINION STOCKS j The following table gives quotations i for consols and colonial inscribed stocks, compared with those of January j

FOREIGN EXCHANGES FLUCTUATIONS IN LONDON British Wireless RUGBY, Jan. 20 The following rates on foreign exchanges are current, compared with the cabled quotations on January 19 and ' )ilr ' Jan. 20 Jan. 19 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, subject to alteration without notice: — Selling: United States Canada T.T. 4.00% 4.00% On demand . . 4.01% 4.01% Buying: „ „ ■ On demand .. 4.054.00/ i« 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: —

CUSTOMS EXCHANGE RATES Finally declared rates of exchange ruling at tho dato of departure of vessels named are shown in the following tablo: — Fernmoor, Belgium, beisa .. .. '29.40 BUILDING IN BRITAIN FIGURES FOR DECEMBER (Received January 21, 0.5 p.m.) British Wireless KUGBY, Jan. 20 The cost of the building plans approved in December rose 12.5 per cent compared with a year ago. The rise, amounting to £l,oß7,ooo—the month's total being £9,761,000 —is the first since April last. WORLD WHEAT CROP PREDICTION FOR 1938 OTTAWA. Jan. 20 The Minister of Agriculture, Mr. J. G. Gardiner, comments that a London prediction of a huge world wheat crop in 19138 omits the weather, the one clement governing all. CHICAGO WHEAT MARKET CHICAGO, Jan. 20 Wheat.—May, 95J cents a bushel; July, 90} cents j September, 894 cents.

13: — Price Variation ! £ R d 8 d Consols, 2Mi per cent 70 0 0 +20 0 Fund. Loan, 4, 1900-90 114 0 0 +20 0 War Loan. S'/ 3 102 10 0 + 10 0 Conversion Loan, 3% . 103 10 0 + 10 0 Victory Bonds, 4 1 12 0 0 + 10 0 i Coin'wcalth, 5, 3 107 10 0 Same j Com'wealth, 4, 1943-48 102 15 0 Same j Com'wealth, 'i 3 /, 3948*53 100 5 0 tt ' Com'wealth, 3 l /a. 1056-01 91 18 9 +5 o 1 Com'wealth, 3, 1055-58 89 10 0 Same I N.S.W., 'lVa, 3035-45 . 07 10 0 -3 9 Victorian, 3, 1920-40 . 94 12 6 +2 0 Victorian, 4%, 1940-00 103 17 0 _o <; Victorian, 5, 1945-75 . 107 1. 3 -1 3 9 Queensland, 3, 1022-17 05 10 3 + 3 Queensland, 5, 1040-00 100 7 0 +1 3 0 S., Aust., 3,1010 or after 78 30 0 +2 S. Aust., 5, 1945-75 . . 107 5 0 +2 0 W. Aust., 4. 1042-02 . 100 13 9 + 0 3 « Tasmania, 3'A, 1920-10 101 10 0 _ o Tasmania, 4, 1040:50 101 7 0 -1 3 0 X.Z., 4%, 1048-58 .. .104 12 0 + 15 XZ, 3%, 1»10 101 0 0 +2 0 N.Z., 3, 1945 . 90 12 6 _o 6 The stock markets are quiet.

Montreal, dol. . . 4 4.90% 4.S00 New York, dol. 4 .!>!)"/» •5.(HI 4.80 Paris, fr. Brussels, belga.. 1-18% 148% 105.00 '20.51% 20.5-1 % 35.00 Geneva, fr. 21.03% 25.22 Amsterdam, gr. 8.07 8.07% 12.10 92.00 Milan, lire 1)5 95 Berlin, r.m. 12.40 12.41 20.43 Stockholm, lcr... 19.40 10.10 18.159 Copenhagen, kr. Oslo, kr. Vienna, sch. .. jr cc 22.40 19.00 18.159 18.159 20/j 20% 34.585 Prague, kr. Helsingfors, mark 1112% 220% 142'/,. 220% 10-1.25 193.23 Madrid, pes. .. Lisbon, escm. . Athens, dr. .. t 110V,, 547% 55+ 110 s /,. 547% 25.--1 110 375.00 Bucharest, lei... oi i % 077% S13.0 T\'io de Janei:ro, m. 2'Vi«d 2 i y,ed* 5.800d Montevideo, dol. 24 Vad+ 21/SdJ 51 d Bombay, rupee.. 18%d IH'/ad 18d Shanghai, dol... 1'1/ied 14/i«d — Hongkong, dol. 15d 15d 24.58d Yokohama, yen 14d 14 d Batavia, gr. .. 8.05 8.05 12.10 Belgrade, din... 210 210 270.31 43.38 Warsaw, zloty.. 20.37 20.34 {Nominal, t Market rate. 'Sellers.

To £1 N.Z Currency U.S.A.. dol. .. Canada, dnl. .. Austria, sell. .. Belgium, belga Czecho'vakia, cr. Denmark, kr. . France, fr. Germany, r.m. . Holland, fl. .. Italy, lire Java, fl. Norway, kr. .. Sweden, kr. . . Switzerland, fr. Nouinen, fr. .. Papeete, fr. .. T.T. Selling 4.0070 4.0081 20.05 23.028 113.40 17.803 110.87 0.800 7.158 76.13 7.133 1.5.802 15.403 17.280 118.02 118.07 On Demand Buying Selling 4.0517 4.0110 4.0526 4.0121 — 20.96 21.013 23.630 — 113.51 18.263 17.800 — 110.01 — 0.001 7.348 7.162 — 70.18 7.323 7.137 16.212 15.808 15.848 15.400 17.661 17.201 — 118,66 — 118.71 N.Z. pence to— Honffkong, dol. India, rupee .. Ce.vlon, rupee Japan, yen .. Shanghai, dol. Singapore, dol. Chefoo, dol. Manila, peso . 18 53-61 22 21-32 22 21-32 J 7% 18 0-04 35 13-64 18% 30 7-61 IS 27-61 22 11-32 22 11-32 34% 20 33-61 IS 53-61 22 21-32 22 21-32 17 1 /, 85 13-61 18 7-64 30 7-64 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 il s d London, pound .. 2-1 10.(So 20 0.00 Australia, pound .. 11) 10.81 20 0.00 Fiji, pound . ..22 5.06 20 0.00 New York, dollar .. 4 1.40 4 -1.31 Montreal, dollar .. 4 11.81 4 1.31 Paris, franc . . . 0 2.06 0 2.28 Berlin, reichamark . 2 0.08 0 11.74 Copenhagen, krone 1 1.33 1 1.2-2 Yokohama yen .. 1 6.41 '2 0.5S