THE MONEY MARKET

New Zealand Herald, Volume LXXV, Issue 22955, 5 February 1938, Page 11

THE MONEY MARKET

BANK OF ENGLAND RETURN * r , DECREASE IN DEPOSITS GOLD HOLDING UNALTERED LONDON, Feb. 3 The Bank of England return for the week ended February 2 is as follows: — ISSUE DEPARTMENT Notes issued:— Govt.debt ti1,000,000 Jn circu- Other Govt. lation £470,700,000 securities 188,000,000 In bank- Other sccuiug dept. 10,700,000 rities .. 1,000,000 * £200,000,000 Gold coin & bullion 320,100,000 £520,100,000 £520,100,000 •Amount of fiduciary issue. BANKING DEPARTMENT Capital .. £11,500,000 Govt, sccuRest . . 3,000,000 rities .COS, 100,000 Deposits— Advances Public ... 11,100,000 and other Bankers & securities 20,100,000 other acs. 118,000,000 Notes . . 40,700,000 Gold and silver coin 000,000 £177,500,000 £ 177,500,000 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— Jan. 20 , Feb. 2 Public .. "£13,000,000 £ 11,400,000 Bankers . 113,100,000 111,100,000 Other Accounts 37,300,000 30,600,000 £104,000,000 £150,400,000 Securities— Government .. 08,1)00,000 98,100,000 Advances, etc. 10,100,000 10,100,000 Other .. 10,000,000 18,700,000 Reserve . . 53,800,000 50,300,000 Note circulation 473,200,000 47(5,700,000 Coin and bullion 327,000,000 327,000,000 Proportion . . 32.78 31.55 RATE OF DISCOUNT The Bank of England rate of discount is 2 per cent, to which it was reduced on .June .'JO, 1 ( J.'52, from 2J per cent. CONSOLS AND DOMINION STOCKS The following table gives quotations for consols and colonial inscribed stocks, compared with those of January 27: Price Variation

FOREIGN EXCHANGES FRANC WEAKER AGAIN ; British Wireless BUG BY, Feb. 3 The following rates on foreign ex- | changes are current, compared with the cabled quotations on February 2 and

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 -J .01% 4.01'/,« On demand .. -I.OJ <l.ol'Via Buying: On demand .. 4.00%« -1.00

Following are tho latest rates for purchases and sales of foreign exchange quoted by the Bank of New South Wifles, Auckland. 1 They are subject to alteration without notice: —

CUSTOMS EXCHANGE RATES Finally declared rates of exchange ruling 'at tho date of departure of vessels named are shown in the following table: — < Canadian Constructor, Canada, dollars .1.1)0 Canadian Constructor, America, dollars 5.00 .Piako, America, dollars .. .. 5.00 Piako, Canitda, dollars . .. •• 5.00 Sangstad, America, dollars .. .. 500 Niagara, Canada, dollars .. .. 5.00 Niagara, America, dollars .. ■.. o-OO MINING SHARES IN LONDON LONDON, Feb. 3 On the mining market to-day Mount Lyells sold at 28s 9d and New Guinea Gold at Is 3d.

VICTORIA NYANZA SUGAR "Prospects of the Victoria Nviuiza Sugar Company, Limited, in the coming season look promising,''' said Mr. G. Lucas, who presided at the annual meeting of the company at Melbourne last week. To January 1, lie said, 7170 tons of sugar had been produced, compared with 6878 tons to the same date last year. There had been an improvement in the price of sugar on the London and local markets as a result of the allotment of quotas by the Sugar Conference. The company was benefiting, although not to'the extent expected, as advances in native wages, freights and the introduction of income tax in Kenya had to a certain extent minimised that advantage.

I' s d s d Consols, 2M. per cent. 77 10 0 — 0 Fund. Loan,"] 1. 1 OliO-lM? 1 It 5 0 +5 War Loan, ••S' a lo;t •J <> + 5 0 Conversion Loan, 3 l / a lot 5 0 + 5 0 Victory Bonds, 1 1 12 10 0 + 10 0 Com'ivealtli, r>, 108 0 0 + 7 « Com'wpalth, •i, 'i:s-<i8 10:$ 0 0 -1. ;$ Com'wcalth, : v%, 'is 100 15 0 + 2 (i Com'wealth. ; t" 2 , '5(1(11 02 8 0 +:5 0 ('om'wealtli, '55-58 SO 1 2 (> +2 <i N.S.W., -i'A Vidorian, ;! , !!C!.-)-ir. 08 •_> (i +2 (i , 1020-10 01 15 0 0 Victorian, 1 " t , '10-00 lot <i :$ +(1 :i Victorian, ."> , 1015-75 107 Hi :s — ,"i 0 Queensland, : i, 1022-17 or. 18 0 Same Queensland, . 5, 1010-00 100 15 0 + 5 0 S'. Australia, 3, l!t|(i re after 7R 1 n Samp S. Australia, 5, ' J 107 1 5 0 + •"> 0 AV. Australia . 1, M2-H2 101 ■j (i +2 <> Tasmania, '.V-/,. '20 iO 101 1 o (i Same Tasmania, 1 , 1010-50 1.01 1 '2 (i +2 (! X. Zealand. • 1%, ••18-58 11W id 0 — 27 <>+ N. Zealand, a 1 /* 10 101 8 1) +:t 0 N. Zealand, 3, 10*15 07 7 e +'2 6 tEx interest.

j par: — Feb. 3 Feb. 2 Par I Montreal, dot. .. 0.00% 5.00?.;, 4.800 : New V<irk, dol. 5.01 5.00" 4 .80 Paris, fr. :i :i .-»2»/, e 305.00 Brussels, l>clt?a . . 20.57 20.57', . 35.00 Geneva, fr. 21.00 •-'1.01% 25.22 Amsterdam, gr. ,s.()()';■; 8.00',{ 12.10 Milan, lire !•.">'/* !I.V/ S »2.i K) Berlin, r.111. 3-.10/4 32.11 20.13 Stockholm, kr.. . 1!). 10 10.10 18.150 : Copenhagen, kr. 23: 2a: 18.1 .V) Oslo. kr. lit.! to 3 9.00 18.15!) Vienna, sell. 20' s . 2(i , /a 31.585 Prague, kr., . . 11'-"/, ] ,][»)V 301.25 Helsingfors, mark 220Vb 22(j/g 103.23 Madrid, pes, .. 551 551 •25.221 Lisbon, eseu. . . 1 I''.'19 5-17% 113%, 3 10 ■ Alliens, dr. WT'i .'375.00 ' Bueharest, lei.. . (iTT'/j 077 Va 813.(! I Bio de Janeiro, m. 5.8«0d dol. '_»ty 4 d{ ooi/d* 51 d I Bombay, rupee.. t8'/„d i~H%d 38d 1 Shanghai, dol... ll 3 /, 9 d I'l /i 0 d — j Hongkong, dol. 1 ."id 35d ; Yokohama, yen l'ld 14d 21.58(1 ! Batavia, gr. . . 8.1)1'/, 8.1)1% 12.10 Belgrade, din... 21« '210 270.31 Warsaw, zloty.. yo.io 20.37 43.38 {Nominal, i Market rale. 'Sellers.

To £1 X.Z. • T.T. On Demand Currency Selling Buying Selling U.S.A., dol. .. <i.oir>o <1.0507 •1.0100 Canada, dol . . I.Ol.'>7 •l.OOO'i 4.0107 Austria, sell. .. 20.05 .— 20.00 Belgium, belpa 23.051 21.036 23.002. Czecho'vakia, or. 113.71 — 113.70 Denmark, kr. . i7:so3 18.203 17.800 France, fr. .. 121.81 — 121.85 Germany, r.m. 0.801 — 0.800 Holland, fl. .. 7.157 7.317 7.101 Italy, lire 7(i.: »2 — 70.37 Java, fl. 7.1'JO 7.310 7.133 - Norwxy, kr. ,. 1 5.802 .10.212 15.808 Sweden, kr. . . 35.105 15.850 15.501 Switzerland, fr. 17.205 17.010 17.270 Noumea, fr. .. 120.50 — 120.00 Papeete, fr. .. 120.01 — 120.05 N.Z. pence to— Honprkonjr, dol. 1 s 53-01 IS 27-01 18 53-01 India, rupee . , 22 21-32 22 1 1-32 22 21-32 Ceylon, rupee . 22 21-32 22 11-32 22 21-32 Japan, yen . . M'A — 17/a Shanghai, dol. Singapore, dol. 18 0-01 — .18 0-01 35 ."-32 31 37-01 35 5-32 Cliefoo. dol. . . 18/i , — 18 7-01 Manila, peso. . 30 1-10 29 15-32 30 1-10 The cost in New Zealand currency of the iwuml sterling, and of the principal overseas units, .011 tlie latest quotations, is as follows: — Present Price .i par R H London, pound .. 21 10.05 20 0.00 Australia, pound . . 10 10.8 L 20 O.00 Fiji, pound oo 5.00 20 0.00 Now York, dollar .. 4 11.58 4 1.31 Montreal, dollar ■1 11.50 4 1.31 Paris, franc 0 1.1)4 0 2.28 Berlin, reiohsmnrk.. 2 0.09 0 11.74 Copenhagen, krone.. 1 Yokohama, yon .. 1 1.33 5.41 1 1.22 •2 0.58