THE MONEY MARKET

New Zealand Herald, Volume LXXV, Issue 23103, 30 July 1938, Page 9

THE MONEY MARKET

BANK OK ENGLAND RETURN DECLINE IN DEPOSITS GOLD HOLDING UNALTERED LONDON, July 28 The Hank of Kngland return for the week ended July 27 is a,s follows: ISSUE DEPARTMENT Notes issued:— Oovt. detit .CI 1,000,000 In circu- Other Oovt. lat ion .C 193,300,000 securities 185),000,000 In bank- oilier sealing dept. 33,100,000 rities .. Silver coin *.C 200,000,000 Cold coin & bullion 320,400,000 1'520,400,000 .£520,100,000 •Amount of fiduciary issue. HAN KINO D E I'A 1! TM EN T Capital . . i' 1 1,.'>00,000 Covt.seeuI test/ .. :5,.-,00,000 rities f 1 15,800,000 Deposits Advances Public ll,'-00,000 and other Bankers & securities 30,50n,000 other acs. 151,500,000 Notes .. Mil. 100,000 Oolil and silver coin 1,000,000 e 150,T00,000 .U 180,700,000 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- July 20 July 27 Public .. .1:22,500,000 I 1,200,000 Bankers 1(17,300,000 110,40(1,001) Oilier Accounts 31,700,000 ;.J5,100,000 ,L 101,500,000 £ 102,700,000 Securities Oovern nient .. 1 00,50n,000 115,800,000 Advances, etc. !i,:!00,000 0,500,00(1" Oilier .. 2.'!.t00,000 21,300,000 Reserve . . 1n,.100,000 HI, 100,000 Note circulation Ist, 100,000 40.3,300,000 Coin and bullion 327,400,000 327,100,000 Proportion .. 2 1.5s 21.01 RATE OF DISCOUNT The Lank of Hngland rate of discount is 2 per cent, to which it was reduced on June 30, J932, from 2,\ jier cent. CONSOLS AND DOMINION STOCKS The following table gives quotations ior consols and colonial inscribed stocks, compared with those of July 21:— Price Variation fsd s d Consols, 2 1 '-. per cent 75 15 O —1! !l Fund. Loan, I, 1000-oo 111 5 0 -5 o War l.oan, 1052 102 17 0 --2 0 Con. Loan, 3 1 , 1IM!I l(i:{ 15 0 -2 0 Victory Bonds, t .112 15 0 4-3 O ('oin'u ea It li, 5, 1015-75 105 1, 0 -r-2 0 Com'wealtli, I. l!ii:t-|s 101 is 9 -t I li ('oin'weallh, ' Is-s:t 100 o o +2 0 Com'weallh, "50-01 no is o -1. 3 Oum'wcall 11. :J, I 955-58 SO 3 o -i-1 ;i N.S.W., 1030-50 00 13 0 -1 3 Victorian, 1020-10 03 10 0 Same Victorian, l' 4 , Hi 10-00 101 IS 0 4-3 0 Queensland, IS, 1022-17 05 P2 li -2 O Queensland, 5, 1010-00 101 0 0 Same S. Australia, HMO, or after . . 75 15 0 -5 0 S. Australia. 5. 1015-75 105 II .'5 +1 3 \V. Australia, 1, 'l2-02 100 12 0 +2 0 Tasmania, 3'.,, '2O-40 loi 5 0 45 0 Tasmania, t, 10 1(1-50 100 15 O +2 0 X. Zealand, 4' . 'lB-58 102 10 0 +2 0 X. Zealand Into oo 8 O -1 N. Zealand, 10 15 0 1 10 O +5 0 FOREIGN EXCHANGES FLUCTUATIONS IN ' LONDON British Wireless RUOBY, July 28 The following rates on foreign exchanges are current, compared with the cabled quotations on July 28 and par: July 2s July 27 Par Montreal, dot. I.! i:;' „ i.o::' 4 'I >OO New York, dot 1.02'., 1.02/n 'I.BO I'a lis. fr. .. 1 75 : ., 178 V» 170.00 Brussels, lieljja.. 20.05 , j 29.00' J ; 35.00 Ceneva, fr. .. 22.17 21.10 25.22 Amsterdam, sr. .s.O.V.j 8.95% 12.10 Milan, lire . . o:i'.. 93%„ 02.00 Berlin, r.m. . 12.24 : ! i 12.25% 20.43 Stockholm, kr... lo.;io% Hi.:{o'/ 3 18.150 Copenhagen, kr. 22.10 22.10 18.150 Oslo, kr. .. 10.00 10.! 10 18.150 Vienna, sell. .. 20', 20% 31.585 Prague, kr. .. .142",„ 342"/,, 304.25 ilelsingfors, mark 220 : ;« 220% 39:5.2;} Madrid, pes. . . 55t 55+ 25.223 Lisbon, escu. .. I10?/ l6 310y io 310 Athens, dr. . . 547% 547% :',75.(10 Bucharest, lei... 07(1 070 813.0 Rio de Janeiro, m. 2-"' ~d*'J' 2 2 32 ii* 5.800 d Buenos A ires, pes. 15.02 18.02 11.15 Montevideo, dot 2nd 2nd 53d Bombay, rupee 17'"' , c d 17"/i 0 d 18d Shanghai, dot. . o' „d O 1 I loir_'kong, dot I ."id 15d Yokohama, yen lld lid 24.55 d Bat a via, gr. .. 8,0:t% S.Ol 12.10 Belgrade, din... 217 217 270.31. Warsaw, zlot.v.. 20.15 20.12 43.38 4Nominal. 'Sellers. NEW ZEALAND QUOTATIONS The Associated Banks (other than the Hank 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. .. .. 3.04'', „ 3.05°/ 1B On demand .. 3.01 \ 3.00 Buying: Oi, demand .. 3.05% 3.09 15 /,,, 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. . . 3.0428 3.0871. 3.9408 Canada, dol. . . 3.0500 4.0005 3.0000 Belgium, belga 23.258 23.043 23.200 Czecho'vakia, cr. 113.00 -—• 333.73 Denmark kr. . 17.803 38.203 37.800 Finland, Fin. ms. 170.02 155.82 170.72 France, fr. .. 3 42.13 345.01 342.35 Germany, r.m. . 0.707 Greece, drachmas 420.54 Holland, 11. .. 7.147 7.337 7.151 Italy, lire .. 74.02 Java. fl. .. 7.325 7.335 7.32!) Norway, kr. .. 15.802 30.242 3 5.808 Sweden, Kr. .. 15.400 35.845 15.400 Switzerland, fr. 3 7.3 58 17.533 17.103 Noumea fr. .. 110.30 147.01 110.-10 Papeete,' fr. .. 340.51 317.51 1 10.55 N.Z. pence toHongkong, dol. 18 53-04 38 37-01 18 53-04 India, rupee .. 22 27-04 22 7-04 22 27-04 Ceylon, rupee . 22 27-01 22 7-04 22 27-04 Japan, yen .. 37 0-30 Shanghai, dol. Nominal Singapore, dol. 35 1-04 317-30 351-64 Cliefoo, dol. . . Nominal Manila, peso . 30 17-04 20 43-04 3017-64 The cost in New Zealand currency of the pound sterling, and of tho principal overseas units, on tho latest quotations, is as follows: Present Price Par s d s d London, pound .. 24 10.(55 20 0.00 Australia, pound .. 10 13.40 20 0.00 Fiji, pound .. 22 5.1!(! 20 0.00 New York, dollar .. 5 0.40 4 1.31 Montreal, dollar 5 0.50 4 1.31. Paris, franc . . O 3.08 0 3.34 Berlin, reiclisniark ~ 2 0.37 0 31.74 Copenhagen, krone .. 3. 1.32 1 1.22 Yokohama, yen .. 1 6.41 '2 0.58 CUSTOMS EXCHANGE RATES Finally declared rates of exchange ruling at tho date of departure of vessels named are shown in tho following table: Mariposa, America, dollars .. .. 4.02 Mariposa, Canada, dollars . . . . 4.07 EXPERIMENTS WITH RAYON The Bombay Assembly has granted funds for experiments in tho production of rayon from wood pulp, with a view to the introduction of tho industry in Bombay Province. Tho Finance Minister told the Assembly that, India, was importing artificial silk yarn to the extent of approximately £3,000,(100. If the experiment succeeded and they were able to develop the industry, all that money could be saved. WHEAT IN CHICAGO CHICAGO, July 28 Wheat. September, G8 cents a bushel; December, 70 cents; May, 723 cents. WHEAT, FLOUR AND SUGAR LONDON, July 28 Wheat. —Cargoes are steadier, but parcels are easier. Futures: London— August, 31s 7id a quarter; November, 27s 4Jd. Liverpool—July, 6s BJd a cental; October, os 7id; December, 5s -I'd. Spot trade easier. Australian ex ship, 33s to .Us. Flour quiet. Australian, ex store, 24s to 24s 6d. Raw sugar, beotroot basis, 5s 3id.