THE MONEY MARKET

New Zealand Herald, Volume LXXV, Issue 23020, 23 April 1938, Page 9

THE MONEY MARKET

BANK OF ENGLAND RETURN

LARGER NOTE CIRCULATION GOLD HOLDING UNALTERED LONDON, April 21 The Bank of England return for the week ended April 20 is as follows:'— ISSUE DEPARTMENT Notes issued: — Govt, debt £11,000,000 In circu- Other Govt. lation £195,000,000 securities 188,000,000 In bank- Other seguing dept. 30,800,000 rities .. 400,000 *£200,000,000 Gold coin & bullion 326,100,000 £526,400,000 £ 526,400,000 •Amount of fiduciary issue. BANKING , DEPARTMENT Capital .. £14,500,0001 Govt, secuRest .. 3,200,000 rities £117,600,000 Deposits— 1 Advances Public . . 18,000,000 and other Bankers & securities 29,100,000 other acs. 142,600,000 Notes . . 30,800,000 Gold and silver coin 800,000 £178,300,000 £178,300,000 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— A pi.' 6 ' Apl. 20 Public . . £1.2,800,000 £18,000,000 Bankers . . 112,500,000 106,500,000 Other Accounts 36,800,000 30,100,000 ' £102,100,000 £160,600,000 SecuritiesGovernment .. 111,000,000 117,600,000 Advances, etc. 10,100,000 8,300,000 Other . . 20,200,000 20,800,000 Reserve * . . 37,500,000 31,600,000 Note circulation 481),700,000 495,600,000 Coin and bullion 327,200,000 327,200,000 Proportion .. 23.17 19.70 RATE OF DISCOUNT The Bank of England rate of discount is 2 per cent, to which it was reduced on June 30, 1932, from 2i per cent. CONSOLS AND DOMINION STOCKS The following table gives quotations for consols and colonial inscribed stocks, compared with those of April 14:—

Price Variation £sd s d Consols, 2Vi per cent 75 0 0 Same Fund. Loan, 4,1960-00 113 0 k 0 Same War Loan, 3% . . 103 0 0 -2 6 Conversion Loan, 3% 102 0 0 Same Victory Bonds, 4 .. ill 0 0 Samo Com'wealth, 5, '45-75 107 10 O Samo Com'wealth, 4, '43-48 102 2 6 +2 6 Com'wealth, 3%, 48-53, 100 15. 0 Same Com'wealth, 3%. *SO-61 93 7 6 +5 0 Com'wealth, 3, '55-58 89 0 0 +1 3 N.S.W., 4'/j, 1935 45 97 15 0 -2 6 Victorian, 3. 1920-49 . 95 0 0 +2 6 Victorian, 4%, 1910-60 103 8 0 Same Victorian, 5, 1945-75 . 107 6 3 -2 6 Queensland, 3, 1922-47 97 0 0 +2 6 tueensland, 5, 1940-00 103 8 9 -1 3 . Australia, 3, 1916. J"' ' or after .". .. 75 10 0 . Same S. Australia. 5, '45-75 107 O O Same W. Australia, 4, *42-62 100 17 O +5 O Tasmania, 3%, *2O-40 101 7 6 -5 0 Tasmania, 4, 1940-50 101 15 0 +l7 6 N. Zealand, 4%, '4B 58 100 10 0 -10 0 N. Zealand, 3%. 1910 100 6 3 +1 3 N. Zealand, 3. 1945 .. 93 10 0 -13 9

FOREIGN EXCHANGES . FRANC WEAKER AGAIN t British Wireless RUGBY, April 21 The following rates on foreign exchanges are current, compared with the cabled quotations on April 20 and par: — Apl. 21 A pi. QO Par Montreal, dol. .. 5.01%« 5.01% 4.800 New York, dol. 4.99 4.98% 4.80 Paris, fr. . . 150% 158% 105.00 Brussels, belga.. 29.58 20.57 35.00 Geneva, fr. .. 21.69% 21.68 25.22 Amsterdam, gr. 8.00% B.9o'Vig 12.10 Milan, lire .. 95 13 /, 0 94"/ i« 02.00 Berlin, r.m. . . 12.-10 12.39% 20.43 Stockholm, kr... 10.40 10.40% 18.159 Copenhagen, kr. 22.40 22.40 18.159 Oslo, kr. .. 19.00 19.90 18.159 Vienna, sch. .. 2(1/2 20% 34.585 Praguo, kr. . . 143% 343%® 10-1.25 Helsingfors, mark 220% 220% 193.23 Madrid, pes. .. 55t 551 25.221 Lisbon, cscu. .. 110%, 110%# 110 Athens, dr. . . 547% 547% 375.00 Bucharest, lei... 077% 077% 813.0 Rio de Janeiro, m. 2 1 % 8 d* '2 x3 Aa>\* 5.899 d Montevideo, dol, 20 Villi 20%dt 51 d Bombay, rupee.. 18% d 18% d 18d Shanghai, d 01... !3%dt 13% d Hongkong, dol. 14 13 /i#d 14 13 / ls d Yokohama, ' yen 14d 14d 24.58 d Batavia, gr. .. 8.95 . 8.95 12.10 Belgrade, din... 210 210 276.31 Warsaw, zloty.. 20.43 20.34 43.38 JMarkct rate. 'Sellers.

NEW ZEALAND QUOTATIONS Following are the latest rates for purchases and Bales 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. .. 4.0019 4.0467 4.0059 Canada, dol. .. 4.0229 4.0074 4.0209 Belgium, belga 23.057 24.042 23.0(58 Czccho'vakia, cr. 114.35 Denmark, kr. . 17.893 18.203 17.899 Finland, Fin. ms. 179.13 185.33 179.23 France, fr. .. 120.21 Germany, r.m. . 9.890 Greece, drachmas 429.54 Holland, 11. .. 7.155 7.345 7.159 Italy, lire .. 70.04 Java, 11. .. 7.133 7.323 7.137 Norway, kr. .. 15.891 10.2-11 15.897 Noumea fr. .. 124.96 Papeete, fr. .. 125.01 Sweden, kr. .. 15.490 15.851 15.502 Switzerland, fr. 17.338 17.713 17.343 N.Z. pence to— . , Chefoo. dol. .. Nominal Hongkong, dol. 18 43-04 1817-04 18 43-04 India, rupee . 22 35-04 2215-64 22-36-04 Ceylon, rupoe . 22 35-64 2215-64 22 35-64 Japan, yen .. 17 33-64 Manila, peso . 30 3-04 29 29-04 30 3-04 Shanghai, dol. Nominal Singapore, dol. 34 61-64 34% 34 61-61

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 d s d London, pound .. 21 10.65 20 0.00 Australia, pound .. 39 10.81 20 0.00 Fiji, pound . .. 22 5.66 20 0.00 New York, dollar .. 4 31.82 4 1.31 Montreal, dollar .. 4 11.51 4 1.31 Paris, franc • •• 0 3.88 0 2.28 Berlin, reichsmark . 2 0.08 0 11.74 Copenhagen, krone . 1 1.32 1 1.22 Yokohama, yen .. 1 5.41 z O.oa CUSTOMS EXCHANGE RATES Finally declared rates of exchange ruling at the date of departure of vessels named are shown in the following table: — . Wanaka, Belgium, belga . . .. 20.58 City of Yokohama, Canada, dollars . 4.00 Citv of Yokohama, America, dollara .. 4.99 Kalpara, Canada, dollars .. .. 5.01 Kaipura, America, dollars .. .. 4.95 Naumburg, America, dollars .. .. 4.90 TELEPHONE SERVICE

PAPAROA association LIQUIDATION OF ASSETS [by telegraph—own correspondent] PAPAKOA, Friday The final general meeting of the Paparoa Telephone Association (in liquidation) was held at the Council Chambers. Mr. E. T. Birtles presided. Mr. Birtles explained the methods of dismantling and disposing of the lines and plant. Ho said the dismantling expenses had been high, but the assets had sold very well. Interesting items on the final balance sheet were:— Dividond to members, £760; refund of unexpired* subscriptions and maintenance fees, £164; dismantling expenses, £18; liquidators' fees, £lO 10s; cash at bank, £863. The change-over to the Government had been a complete success, added Mr. Birtles. There were 240 subscribers on the present Government system as against slightly under 200 with the old association. The liquidators' report was adopted. The meeting closes the history of an association which for many years rendered remarkably good service in providing means of cheap communication between settlers in the district and outside centres, I