THE MONEY MARKET

New Zealand Herald, Volume LXXV, Issue 23073, 25 June 1938, Page 11

THE MONEY MARKET

BANK OF ENGLAND RETURN SMALLER NOTE CIRCULATION GOLD HOLDING UNALTERED LONDON, Jnne 23 Tho Bank of England return for the week ended June 22 is as follows; ISSUE DEPARTMENT Notes issued: — Govt, debt £11,000,000 In circu- Other Govt, iation £183,300,000 securities 180,000,000 In bank- Other secuing dept. 43,100,000 rities .. Silver coin •£200,000,000 Gold coin <fc bullion 320,400,000 £ 520,400,000 £ 520,400,000 ♦Amount of fiduciary issue. BANKING DEPARTMENT Capital .. £11,500,000 Govt, secu- . Rest .. 3,300,000 rities £110,200,000 Deposits— Advances Public .. 21,700,000 and other Bankers <fc securities 20,100,000 other acs. 140,800,000 Notes .. 43,100,000 Gold and silver coin 900,000 £180,300,000 £ 150,300,000 Tho principal items of tho above return compare as follows with those for last week, the proportion of tho reserve being shown in the last line: Deposits— June 15 June 22 Public .. £11,000,000 £21,700,000 Bankers . . 109,100,000 105,500,000 Other Accounts 43,200,000 35,300,000 £103,000,000 £ 102,500,000 Securities — Government . . 114,400.000 110,200,000 Advances, etc. 5,000,000 5,500,000 Other .. 20,100,000 20,000,000 Reserve ' .. 41,(100,000 44,000,000 Note circulation 4H5,700,000 483,300,000 Colli and bullion 327,300,000 327,300,000 Proportion . . 25.34 27.11 RATE OF DISCOUNT The Bank of England rato of discount is 2 per cent, to which it was reduced on June 30, 1032, from 2A per cent. CONSOLS' AND DOMINION STOCKS The following table gives quotations for consols and colonial inscribed stocks, compared with those of Juno 10; VariaPrice tion £sd s d Consols, 3% per cent 74 10 0 Same Fund. Loan, 4, 1000-00 .113 0 0 -5 0 War Loan, 3%, 1052 . 101 17 (1 +2 0 Conv. Loan, :i%, 1001 102 5 0 -5 0 Victory Bonds, 1 „ 111 10 0 Same Com'wealth, 5, 1015-75 101 17 0 -2 0 Com'wealth,' 4, 1043-48 101 3 O -7 0 Com'wealth, 3%, 1048-53 08 0 0 -5 0 Com'wealth, 3'/ 4 , 1050-01 89 17 0 -10 0 Com'wealth, 3, 11)55-58 87 15 0 -0 3 N.S.W., 3'/a, 1030-50 . 1)5 1(1 3 -0 3 Victorian, 3, 1020-10 . 03 2 (1 -0 3 Victorian, A 3 /., 1010-60 101 15 0 -2 0 Victorian, 5, 1045-75 . 101 12 0 - 3 0 Queensland, 3, 1022-47 05 o () -5 0 Queensland, 5. 1040-00 103 10 0 - 3 f> S. Aust., 3, '1(1 or after 75 7 0 +3 0 S Aust., 5, 1015-75 . 104 17 0 +2 0 W. Aust., 4, 1042-02 . 1)0 17 0 +2 0 Tasmania, 3%, 1020-40 101 0 0 +1 3 Tasmania, 4, 1910-50 100 1 3 - 0 0 N.Z., 1%, 1948-58 .. 99 7 0 -5 0 N.Z., 3%, 1910 .. 98 7 0 +1 3 N.Z.. 3. 1045 . ... 91 17 0 +2 0 FOREIGN EXCHANGES FRANC REMAINS STEADY British Wireless RUGBY, June 23 The following rates on foreign exchanges are current, compared with the cabled quotations on June 22 and par:— June 23 June 22 P»< Montreal, dol. .. 5.01 5.00% 4.800 New York, dol. 4.95'/., 4.05?; 4.80 •Paris, fr . . J77' 5 /,. 177 ,s / ia 179.00 Brussels, belga. . 29.22 29.21 35.00 Geneva, fr. .. 21.50 -'21.00% 25.22 Amsterdam, gr. 8.05 8.95 12.10 Milan, lire . . 91% 04 3 /,» 02.00 Berlin, r.m. .. 12.30% 12.30 20.13 Stockholm, kr.. 10.39'/ 2 19.3914 18.159 Copenhagen, kr. 22.10 22.40 18.159 Oslo, kr. .. 10.90 10.90 18.1.10 Vienna, sell. . . 20%) 20%t 34.585 Prague, kr. . . 112% 142 V,, 104.25 Helsingfors, mark 220% 220% 193.'_3 Madrid, pes. .. 5.V 55) / 25.221 Lisbon, escu. .. 110% 110/ i 110 Athens, dr. . . 517% 517/j 3«."i.(>0 | Bucharest, lei... (>72% 07,2/2 • Rio de Janeiro, in. 2"/««d* 2'%«d o.SOOd Buenos Aires, pes. 10.01 Montevideo, dol. 20/ id 20/ 4 d .>ld Bombay, rupee.. 17 J % a tl 17 % 2 d 18d Shanghai, d 01... B%t B%', Hongkong, dol. U'Viett 14 A«d -7,,,. Yokohama, yen lid lld rV', > « Batavia, t;r. .. 8.93'/, 8.03/j Jr '9. Belgrade, din... 217 218 Warsaw, zlot.v.. 20.31 20.31 43.38 tNominal. '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 3.97% 4.01* Via On demand . . 3.98% 4.02/ i« Buying: ~ On demand . • 4.02% 4.00/ ie 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. . . 3.0770 4.0225 3.9819 Canada, dol. . . 4.0193 4.0038 4.0'_33 Belgium, belga 23.300 23.(64 23.380 Czccho'vakia, cr. 113.yi > 1t3.00 Denmark, kr. . 17.893 18.203 Finland, Fin. m». 370.55 185.70 1 > France, fr. .. 141.18 Germany, r.m. . 9.815 —■ w-820 Greece, drachmas 420.51 4'.!J>4 Holland, n. .. 7.143 7.333 7.147 Italy, lire .. 75.49 Java, 11. .. 7.121 7.311 7.12.1 Norway, kr. .. 15.892 10.242 15.808 Noumea, fr. .. 139.93 > Papeete, fr. . . 139.08 r Sweden, kr. .. 15.480 15.Sit 1<>.495 Switzerland, fr. 17.250 17.034 l/.'-Ol N.Z. pence to— Chcfoo. dol. .. Nominal Hongkong, dol 18% 18 11-32 184 India, rupee .. 22% 2115-16 21.,« Ceylon, rupeo . 22% - 21 10-I6 --A Japan, yen . 17 9-10 l' 9-if» Manila, peso . 30 5-32 20 0-l(» 30 o-32 Shanghai, dol. Nominal Singapore, dol. 34 57-04 31 5-16 315/-01 The cost in New Zealand currency of the pound sterling, and of tho principal overseas units, 011 tho latest quotations, is as follows: Present Price Par & b d id London, pound .. 24 10.05 20 0.00 Australia, pound .. 19 10.81 20 0.00 Fiji,, pound . .. 22 5.00 20 0.00 New York, dollar ~. 5 0.24 4 1.31 Montreal, dollar .. 4 11.58 4 1.31 Paris, franc . .. 0 1.08 0 l.£J Berlin, relchsmark . 2 0.25 0 11./4 Copenhagen, krone 1 1.32 1 l -'- 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 tho following table:— Port Halifax, Canada, dollars . .. 5.00 Port Halifax, America, dollars . - 4.1)8 'J'rehata, Canada, dollars .. •. o-wj-Trehata, America, dollars .. . • IJ|;J Aorangi, Canada, dollars .. • • "yAorungi, America, dollars .. • • * Wairuna, Canada, dollars .. • • 5.00 Wairuna. Anmrica, dollnrs .. •• j"' Anhnlt, America, dollars .. . • 4.90 Shanghai Maru, Japan, yen .. . - Ma WOOL ALLOWANCE ABOLITION TO BE EFFECTIVE [I)Y TELEGRAPH —PRESS ASSOCIATION] WELLINGTON, Friday The Sale of Wool Act, 1937, is to come into force on July 1, 1938, according to a proclamation issued yesterday. The Act abolishes the draf* allowance 011 wool. Similar legislation is being brought into operation bv the various States in Australia on July 1 and also, it is understood, in South Africa. The draft allowance is a deduction which buyers have always made of 111b for every hundredweight bought, or approximately 3Jib, a bale.;