THE MONEY MARKET

New Zealand Herald, Volume LXXV, Issue 23037, 14 May 1938, Page 11

THE MONEY MARKET

BANK OF ENGLAND RETURN

DECLINE IN DEPOSITS

CUSTOMS EXCHANGE RATES Finally declared rates of exchange ruling at the date of departure of vessels named are shown in the following table: — City "f Mobile, Canada, dollars •I.JKJ Citv of Mobile, America, dollars . 4.}«> Port Montreal. America, dollars .. J-'}' Tort Montreal, Canada, dollars .. 0.02

MINING NEWS

ARGO DIVIDEND

A dividend (No. 13V of Id "8 share, free of income tax. has been declared hv the Argo Gold Dredging Company. Limited (West Coast), payable on May 23. The dividend represents a distribution of £2OOO, which makes a total of £25,200 paid in dividends since operations commenced. A sum of £2OO lias been placed to reserve, increasing it to £2400.

YIELDS OF COMPANIES

Maori Gully (West Coast). —61oz ldwt. for 12oj hours. A lossy Creek (West Coast). —40oz 16dwt. from 9178 yards in 127 hours

WELLINGTON ALLUVIALS

Wellington Alluvials, Limited, NewSouth Wales, reports that the installation of the ,special over-burden apparatus has been completed and the dredge, which was closed down on April 4, resumed working on April 21. The dredge has worked 199 hours, handled 66,000 cubic yards, and vocov erod 4G9oz. gold. Operations were •impeded by the extremely low river level The recovery is equal to 3.4gr. a cubic yard.

•GOLD HOLDING UNALTERED LONDON, May 12 The Bank of England return for the week ended May 11 is as follows: — ISSUE DEPARTMENT Notes issued:— Govt.debt £'11,000,000 In circu- Other Govt, lation £482,200,000 securities 188,700,000 In bank-' Other secumg dept. 44,200,000 ritica . . 300.0(H) "£200,000,000 Gold coin & bullion 326,400,000 £520,400,0001 £520,400,000 •Amount of fiduciary issue. BANKING DEPARTMENT Capital .. £14,000,000 Govt, set-u-Rest _ .. 3,200,000 rities £105,700,000 iJeposits— Advances Puuiic . . 30,000,000 and other Bankers & securities 27,000,000 other acs. 123,100,000 Notes . . 41,200,000 Gold and silver coin 800,000 £177,700,000 £ 177,700,000 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— May 4 May 11 Fublic .. £10,700,000 £30,000,000 Bankers . . 117,500.000 87,900,000 Other Accounts 30,000,000 35,500,000

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RATE OF DISCOUNT The Bank of England rate of discount is 2 por cent, to which it was reduced 011 Juno 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 May o:— Price Variation jt ' 8 d s d Consols, 2Va per cent 74 10 0 -10 0 Fun. Loan, -J, lOOO-UO 3 33 0 0 Same War Loan, 'SV 3 .. 301 5 0 -10 0 Conversion Loan, 3% • 301 35 0 - 3 5 0 Victory Bonds, 4 . . Ill 0 0 -5 0 Com'wealth, 5, 1045-75 307 7 « -7 0 Com'wealth, 4, 31143-48 102 • > 0 +2 0 Com'wealth, 330-18-53 100 7 0 Same Com'wealth. 3 1 /,, 1050-61. 01 7 0 -8 » Com'wealth, 3, 1055-58 88 32 0 + 1 3 X.S.W., 4 l / a , 3035-15 . 07 35 0 - r, o Victorian, 3, 1020-40 . or, 0 3 +2 0 Victorian, 4*/ 4 , 3040-00 303 37 0 +2 0 Victorian, 5, 3045-75 . 307 7 (i -2 0 Queensland, 3, 3022-47 Of! 30 0 -32 0 Queensland, 5, 1040-00 103 3 0 0 -2 0 S. Aust., 3, 1010 or after 75 35 0 -."> 0 S. Aust., 5, 1045-75 307 K 0 — 5 0 W. Aust., 4, 3042-02 301 8 0 +38 0 Tasmania, 3%. 3020-40 302 o 0 +5 0 Tasmania, 4, 1040-. r >0 . 301 37 0 + 12 0 X.Z., 4Vj, 3048-58 .. »}0 15 o -10 0 X.Z., 3%, 3040 . . 300 0 0 — 8 0 N.Z., 3, 1045 . 01 35 0 -18 0

FOREIGN EXCHANGES FRANC REMAINS STEADY British Wireless RUGBY, May. 12 The following rates on foreign exchanges are current, compared with the cabled .quotations on May 11 and par: May 12 May 11 Par Montreal, dol. .. 5.00% r».oo% 4.860 New York, dol. 4.1*7% •1.07'VU 4.80 Paris, fr. 177% 177% 170.00 Brussels, belga.. Geneva, fr. 20.40 •J 1.78% 'JO.55 '21.70% 35.0O 25.22 Amsterdam, gr. 8.07% 04%, 8.0S% 12.10 Milan, lire 01%, 02.00 Berlin, r.m. 12.37% 12.37% 20.40 Stockholm, kr... 10.40 10.-10% 18.150 Copenhagen, kr. 22.10 22.10 18.150 Oslo, kr. 10.00 10.00 18,150 Vienna, si'h. 20% 20% 34.585 Prague, kr. 142% M-'Vte 104.25 Helsingfors. mark 2l>0 % 220% 103.23 Madrid, pes. . . 55t r>r>t 25.221 Lisbon, escu. .. 110% 110% 110 Athens, dr. 517% '(77% 547% 375.00 Bucharest, lei... 077% 813.0 Jiio do Janeiro, m. 2»/,.d» 2"/i#d* 5.S00d Buenos Aires, pes. 18.00 10.01% 11.45 Montevideo, dol. 20%dJ 20%dt 51d Bombay, rupee.. 17"/,. d 17"/nd 18d

Shanghai, dol... T.'dt 12%d — Hongkong, dol. 14 1 /ind H7„d — ' Yokohama, yen ltd ltd 24.5Sd Batavia, gr. ,. 8.95% 8.90 12.10 Belgrade, din... 217 217 276.31 Warsaw, zloty.. 20.37 20.43 43.38 tNominal. 1 'Sellers. iMarket rate. NEW ZEALAND QUOTATIONS The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday, on a Xew Zealand currency basis, subject to alteration without notice:— Soiling: T.T. .. United States Canada .. 3.08"/,, 4.01V,. .. 3.99 1 /. 4.01"A. On demand Buying: On demand .. 4,03 4.05"/,, Following arc ! 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.. . . 3.9804 4.0310 3.9904 Canada, dol. .. 4.01 < r >3 4.0598 4.0103 Belgium, belga 23.."12 23.807 23.523 Czecho'vakia, cr. 113.01 — 113.90 Denmark, kr. .. 17.803 18.203 J 7.800 Finland. Fin. ms. 17!).17 1 S5.37 170.27 France, fr. .. 111.01 — 141.05 Germany, r.m. . 11.872 _ 0.877 Greece, drachmas 420.54 — 420.84 Holland, fl. . . 7.Hili 7.750 7.17<» Italy, lire 75.70 — 75.84* Java fl. 7.145 7.335 7.149 Norway, kr. . . 15.802 10.212 15.808 Noumea, fr. .. 139.70 — 130.80 Papeete, fr. .. 130.81 — 130,85 Sweden, kr. 15.403 1 5.848 1 5.409 Switzerland, fr. 17.119 17.791 17.424 N.B. pence to— Chefoo, dol. .. Nominal Hongkong, dol. IS 45-64 18 1P-04 18 45-01 India, rupee .. 22 25-64 22 5-64 22 25-04 Ceylon, rupee 22 25-64 22 5-64 22 25-64 Japan, yen .. 17 33-04 — 17 33-64 Manila, peso . Shanghai, dol. Singapore, dol. 30 3-64 29 29-04 30 3-64 Nominal 34 25-32 31 13-04 34 25-32 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 r d London, pound , . 24 10.05 20 0.00 Australia, pound Fiji, pound . , , 19 10.81 20 0.00 ... 22 5.60 20 0.00 New York, dollar 5 0.32 4 1.31 Montreal, dollar 4 11.64 4 1.31 Paris, franc . 0 1.68 0 2.28 Berlin, reichsmark a 0,12 o ir.< ■» Copenhagen, krone 1 1-3.2 I 1.2Yokohama, yen ,. 1 5.51 2 O.oS