THE MONEY MARKET

New Zealand Herald, Volume LXXV, Issue 23061, 11 June 1938, Page 11

THE MONEY MARKET

BANK OF ENGLAND RETURN PUBLIC DEPOSITS DOWN LARGER NOTE CIRCULATION LONDON, June 9 Tho Bank of England return for the week ended June 8 is as follows: — ISSUE DEPARTMENT Notes issued:— Govt, debt £11,000,000 In circu- Other Govt. lation £490,700,000 securities 189,000,000 li' bank- Other secuiiik dept. 35,700,000 ritics .. *£200,000,000 Gold coin & bullion 326,400,000 £526,400,000 £526,400,000 •Amount of fiduciary issue. BANKING DEPARTMENT Capital . . £14,500,000 Govt, secuRest .. 3,300,000 rities £111,400,000 Deposits— Advances Public .. 11,700,000 and other Bankers & securities 28,000,000 other acs. 146,500,000 Notes .. 35,700,000 Gold and silver coin 900,000 £176,000,000 £176,000,000 The principal items of the above return compare as follows with those for last woek, the proportion'of the reserve being shown in the last line:— Deposits— June 1 June 8 Public . . . £24,900,000 £11,700,000 Bankers . . 102,800.000 111,100,000 Other Accounts 35,500,000 35,400,000 £163,200,000 £158,200,000 Securities— Government .. 109,700,000 111,400,000 Advances, etc. 8,900,000 7,900,000 Other .. 20,000,000 20,100,000 Reserve .. 42,300,000 36,600,000 Note circulation 484,900,000 490,700,000 Coin and bullion 327,200,000 327,300,000 Proportion .. 25.94 23.09 RATE OF DISCOUNT Tho 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 Juno 2:— Price Variation £sd 8 d Consols, 2 l /a per cent.. 75 0, 0 +lO 0 Fund. Loan, 4, .1960-90 113 10 0 Same War Loan, 3% ~ 102 0 0 Same Conversion Loan, 8%,. 102 15 0 ;+5 0 Victory Bonds, 4 .. 11l 10 0 +5 0 Com'wealth, 5. 1945-75 105 11 3 -3 9 Com'wealth, 4, 1943-48 101 18 9 -1 3 C'wealth, 3%, 1948-53 98 18 9 +1 3 C'wealth, BV*. 1956-61 90 18 9 -1 8 Com'wealth, 3, 1955-58 88 7 6 +2 6 N.S.W., 4%, 1935-45 96 15 0 +2 6 Victorian, 3. 1929-49 93 12 6 -2 6 Victorian, 4%, 1940-60 102 0 0 Same Victorian, fi, 1945-75 105 5 0 -5 0 Queensland, 3, 1922-47 95 12 6 Same Queensland, 5, 1940-60 103 13 9 Same S. Aus., 3, 1916 or after 75 5 0 -7 6 S. Australia, 5, 1945-75 105 5 0 -7 6 W. Aus., 4, 1942-62.. 100 3 9 -3 9 Tasmania. 3%, 1920-40 100 11 3 Same Tasmania, 4, 1940-50 100 10 0 +7 0 N.Z., 4Va, 1948-58 ..100 5 0 -10 0 N.Z., 3/u 1940 .. 98 13 0 -1 3 N.Z., 3, 1945 .. 93 2 6 -2 0

FOREIGN EXCHANGES FRANC RATE UNCHANGED British Wireless RUG-BY, June 9 The following rates on foreign exchanges are current, compared with the cabled quotations on June 8 and par:— June 9 June 8 Far Montreal, dot. .. 6.01% 5.01% 4.866 New York, dol. 4.95 4.95% 4.86 Paris, fr. .. 178% 178% 179.00 Brussels, belga.. 29.26% 29.28% 35.00 Geneva, fr. .. 21.73 21.73% 25.22 Amsterdam, gr. 8.96% 8.96 12.10 Milan, lire .. 94%. 94% 92.00 Berlin, r.m. .. 12.32 12.32% 20.43 Stockholm, kr... 19.39% 19.39% 18.159 Copenhagen, kr. 22.40 22.40 18.159 Oslo, kr. .. 19.90 19.90 18.159 Vienna, sch. .. 26%t 26%t 34.5815 Prague, kr. .. 142%, 142% 164.25 Helsintffors, mark 227 227 193.23 Madrid, pes. .. 65t 55t 25.221 Lisbon, escu. . . 110% 110% 110 Athens, dr. .. 547% 547% 375.00 Bucharest, lei... 672% 677% 813.6 Rio de Janeiro, m. 2 13 /i„d* 2 13 /, B d* 5.899 d Buenos Aires, pes. 19.03% 19.02% 11.45 Montevideo, dol. 20dt 20%dj 51d Bombay, rupee.. 15"/ ie d 17 51-64d18d Shanghai, d 01... 9%dt 9%d Hongkong, dol. 14"/iad 14 1 % 6 d Yokohama, yen 14d 14d 24.58 d Batavia, gr. .. 8.94% 8.95 12.10 Belgrade, din... 218 218 276.31 Warsaw, zloty.. 26.28- 26.28 43.38 tNominal. IMarket rate 'Sellers.

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. . .. 3.96"/,. 4.02% On demand . 3.97% 4.02% Buying: , On demand .. 4.0r/ 4 4.06%, 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: — To £1 N.Z T.T. On Demand

Currency Selling Buying Selling U.S.A., dol. .. 3.9689 4.0134 3.9729 Canada, dol. .. 4.0219 4.0664 4.0259 Belgium, belga 23.405 23.790 23.416 Czecho'vakia, cr. 113.66 Denmark, kr. . 17.893 18.263 17.809 Finland, Fin. ms. 179.31 185.51 179.41 France, fr. .. 141.49 Germany, r.m. . 9.823 Greece, drachmas 429.54 Holland, fl .. 7.151 7.341 7.155 Italy, lire .. 75.37 Java, fl. .. 7.129 7.319 7.133 Norway, kr. . 15.892 16.242 15.898 Noumea, fr. .. 140.24 Papeete, fr. .. 140.29 Sweden, kr. .. 15.489 15.844 15.495 Switzerland, fr. 17.369 17.744 17.374 N.Z. ponce to— Chefoo. dol. .. Nominal Hongkong, dol. 18 45-64 38 19-64 18 45-64 India, rupee .. 22% 2115-16 22Vi Ceylon, rupee 22% 2115-16 22>X Japan, yen .. 17 9-16 Manila, peso 3017-64 29 43-64 3017-64 Shanghai, dol. Nominal Singapore, dol. 34 45-64 34% 34 45-64 The cost in New Zealand currency of the pound sterling, and of the principal overseas units, on the latest quotations, is na follows: Present Price Par s d s d London, pound .. 24 10.65 20 0.00 Australia, pound .. 19 10.S1 20 0.00 Fiji, pound . 22 5.66 20 0.00 Now York, dollar .. 5 0.30 4 . 1.31 Montreal, dollar .. 4 11.53 4 1.31 Paris, franc . .. 0 1.67 0 1.34 Berlin, reichsmark 2 0.22 0 11.74 Copenhagen, krone 1 1.32 1 1.22 Yokohama, yen 1 5.41 2 0.58 CUSTOMS EXCHANGE RATES Finally declared rates of exchange ruling at the date of departure of vessels named are shown in the following table: — Maetsuycker, Singapore, dollars 253% d Maetsuycker, Dutch East Indies, gulden 8.97 Port Halifax, Canada, dollars 5.00 Port. Halifax, Amorica, dollars .. .. 4.98 Trehata, Canada, dollars .. .. 5.01 Trohata, America, dollars .. .. 4.95

DAIRY PRODUCTION NORTHERN FACTORY RETURNS [from our own correspondent] WHANGAREI, Friday A decline in production occurred at the Whangarei Dairy Company's butter factory both for the month of May and for the 11 months ended on May 31 s as compared with the same periods ol last season. Last month 127 tons of butter were manufactured, as against 131 tons for the corresponding month of last season, and for the 11 months 2784 tons were manufactured, as compared with 3094 for the same period of last year. The Maungatapere Dairy Company's production for the month of May was 57 tons of butter, one ton more than during May of last season. WHEAT IN CHICAGO CHICAGO, June 9 Wheat.—July, 74$ cents a bushel; September, 75| cents; December, 77i cents.