THE MONEY MARKET

New Zealand Herald, Volume LXXV, Issue 23009, 9 April 1938, Page 11

THE MONEY MARKET

BANK Or ENGLAND RETURN NOTE CIRCULATION HIGHER GOLD HOLDING UNCHANGED LONDON, April 7 Tho Bank of England return for the week ended April 6 is as follows: — ISSUE DEPARTMENT Notes issued: — Govt, debt £11,000,000 In circu- Other Govt. lfttion £180,700,000 securities 180,000,000 In bank- Other seeuins? dept. 30,700,000 ritics .. *£200,000,000 Gold coin & bullion 320,400,000 £520,400,000 £520,400,000 •Amount of fiduciary issue. BANKING DEPARTMENT Capital .. £14,500,000 Govt, sccuRest .. 3,100,000 rities £111,000,000 Deposits— Advances Public .. 12,800,000 and other Bankers <Ss - securities 30,300,000 other acs. 140,300,000 Notes .. 30,700,000 Gold and silver coin 800,000 £179,700,000 ' £170,700,000 The principal items of the above return compare as follows with those for last week, the proportion of tho reserve being shown in tho last line: Deposits— Mar. 30 Apl. 0 Pulflic .. £17,800,000 £12,800,000Bankers . . 108,100,000 112,500,000 Other Accounts 37,400,000 30,800,000 £103,300,000 £102,100,000 Securities — Government .. 110,800,000 111,000,000 Advances, etc. 8,700,000 10,100,000 Other . . 20,200,000 20,200,000 Reserve . . 41.800,000 37,500,000 Note circulation 485,400,000 489,700,000 Coin and bullion 327,200.000 327,200,000 Proportion . . 25.01 23.17 RATE OF DISCOUNT The Bank of England rate of discount is 2 per cent, to which it was reduced on 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 March 31: — VariaPrico tion

£sd s d Fund. Loan, 4, 1060-90 112 0 0 +2O 0 War Loan, 3% .. 102 10 0 +2O 0 Conversion Loan, 3Va . 101 10 0 +2O 0 Victory Bonds, 4 ..110 5 0 +2O 0 Com'wcalth, 5, '45-75 107 0 0 +2 0 Com'wealth, 4, '43-48 101. 15 0 +3 9 Com'wcalth, 3%, '4B-53 100 2 0 +2 0 Ccm'vvealth, 3%, 'SO-01. 02 15 0 +lO 0 Com'wealth, 3, '55-58 88 12 (i +7 0 N.S.W., 4 1 / 2 , 1035-45 . 97 10 0 +5 0 Victorian, 3 1020-40 . 05 0 0 +ls 0 Victorian, 4%, 1910-00 103 3 9 -0 '3 Victorian, 5, 1945-75 . 100 15 0 +5 i> Queensland, 3, 1022-47 97 0 0 +l7 0 Queensland, 5, 1040-00 10.3 10 0 +5 0 S. Aust., 3, *lO or after 75 1 3 Same S. Aust., 5, 1945-75 . 100 13 0 +0 3 W. Aust., 4, 1942-02 . 100 5 O +S 9 Tasmania, 3V a 1920-40 101 12 0 -5 0 Tasmania, 4, 1910-50 100 15 o +ls o N.Z., 4'/a, 1948-58 . . 101 5 0 -12 0 N.Z., 3%, 1030 . . 100 7 0 -5 0 N.Z., 3, 1915 94 5 0 -10 3

WITHDRAWAL OF NOTES EASTER HOLIDAY SEASON (Received April 8, 7.5 p.m.) British Wireless RUGBY, April 7 The increase in the Bank of England's note circulation is due to the seasonal withdrawal of notes prior to the Easter holidays. FOREIGN EXCHANGES FRANC STILL FALLING British .Wireless JRUGBY, April 7 The following rates on foreign exchanges are current, compared with the cabled quotations on April 6 and par: Apl. 7 Apl. G Par Montreal, dol. .. 4.90 7 /, a 4.99% 4.800 New York, dol. 4.90% 4.90% 4.80 Paris, fr. .. 101 ItfO 3 / 105.00 Brussels, belga.. 29.48 20.47% 35.00 Geneva, fr. . . 21.04% 21.04% 25.22 Amsterdam, gr. 5.90%, 8.9(>% 12.30 Milan, lire .. 94% 0 9 l%« 92.00 Berlin, r.m. .. 12.37% 12.37% 20.43 Stockholm, kr... 19.40% 19.40% 18.159 Copenhagen, kr. 22.40 22.40 18.150 Oslo, kr. .. 19.00 19.90 18.159 Vienna, sch. .. 20%+ 2ti%t 34.585 Prague, kr. . . 142% 142% 10-1.25 Holsingfors, mark 220% 220% 193.23 Madrid, pes. .. 55+ 55t 25.221 Lisbon, escu. .. 110%« 110 3 / J(> 110 Athens, dr. .. 547% 517% 375.00 Bucharest, lei... 077% 077% 813.0 Rio de Janeiro, m. 2"/i o d* 2 13 /, 6 d* 5.899 d Montevideo, dol. 19%dJ 10%dt 51 d Bombay, rupee. . 18% d 18% d 18d Shanghai, d 01... 12% d l'.!%d Hongkong, dol. ll ,3 / 18 d 14 i: /iod Yokohama. yen 14d 14d 24.58 d Batavia, gr. . . 8.94% 8,94% 12.10 Belgrade, din... 217 21.7 270.31 Warsaw, zloly.. 20.34 20.37 43.38 tNomina'l. tMarket rate. 'Sellers.

NEW ZEALAND QUOTATIONS Tho Associated Banks (other than the Bank of Now South Wales) quoted tho following dollar rates yesterday on a New Zealand currency basis, subject to alteration without notice: — Selling: * United States Canada T.T 3. OS 4.00/3 On demand . . 3.08% 4.00% Buying: On demand . . 4.02>' t8 4.01% Following are the latest rates for purchases and sales of foreign exchange quoted by tho 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 .. 3.0774 4.0220 3.0814 Canada, dpi. . . 4.0050 4.0-105 4.0000 Belgium, belga 23.578 23.963 23.580 Czecho'vakia, cr, 113.42 Denmark, kr. . 17.803 18.2(>a 17.800 Finland, Fin. ms. 370.13 185.33 170.23 Franco, fr. . . 128.38 Germany, r.m. . 0.807 Greece, drachmas 420.5-1 Holland, 11. . . 7.155 7.3-15 7.150 Italy, liro . . 75.02 Java, fl. .. 7.120 7.319 7.133 Norway, kr. .. 15.80.1 10.241 15.807 Sweden, kr. .. 15,496 15.851 15.502 Switzerland, fr. 17.200 17.07-1 17.304 Noumea, fr. .. 127.13 Papeete, fr. .. 127.18 N.Z. pence to— Hongkong, dol. 18% 18 7-32 18% India, rupee . . 22 21-32 2211-32 22 21-32 Ceylon, rupco . 22 21-32 2211-32 22 21-32 Japan, yen .. 17 83-64 Shanghai, dol. nominal Singapore, dol. 34 61-64 34% 34 61-64 Chefoo, dol. .. nominal Manila, peso . 30 7-64 20 33-64 30 7-64 The cost in New Zealand currency of tho pound sterling, and of the principal overseas units, on tho latest quotations, is as follows: Present Price Par s d s d London, pound .. 24 10.65 20 0.00 Australia, pound .. .19 10.81 20 0.00 Fiji, pound.. .. 22 5.00 20 0.00 New York, dollar .. 5 O.IS 4 1.31 Montreal, dollar .. 4 11.77 4 1.31 Paris, franc . .. 0 1.85 0 2.28 Berlin, reichsmark .. 2 0.12 0 11.74 Copenhagen, krono . 1 1.3® l 1.22 Yokohama, yon .. 1 5.41 2 0.58 CUSTOMS EXCHANGE RATES Finally declared rates of exchango ruling at tho date of departure of vessels named are shown in tho following tahlo:—

Port Saint John, Canada, dollnrs .. 5.01 Port Saint John, America, dollars .. 5.02 Wanaka, Bolfjium, belfca . . ~ 20.58 City of Yokohama, Canada, dollars .. 4.1)0 City of Yokohama, America, dollars .. 4.0» Kaipara, America, dollars .. .. 4.05 Kaipara, Canada, dollars .. .. 5.01 Naumburg. America, dollars .. .. 4.00 MINING NEWS YIELDS OF COMPANIES Nemona (West Coast). —112oz. from 16.400 yards in 134 hours. WHEAT IN CHICAGO CHICAGO, April 7 Wheat. —May, 82| cents a bushel; July, 79J cents; September, Sos cents.