THE MONEY MARKET

New Zealand Herald, Volume LXXV, Issue 23121, 20 August 1938, Page 11

THE MONEY MARKET

BANK OF ENGLAND RETURN SMALLER NOTE CIRCULATION GOLD HOLDING STEADY LONDON, August 18 The Bank of England return for the week ended August 17 is as follows: — ISSUE DEPARTMENT Notes issued:— Govt, debt £ 11,000,000 In circu- Othor Govt. lation £482,000,000 securities 188,500,000 In bank- Other bccuingdept. 43,800,000 rities 51)0,01)0 *£200,000,000 Gold coin & bullion 320,100,000 £520,400,000 £'520,400,000 'Amount of fiduciary Ihhuo. BANKING DEPARTMENT Capital . . £.14,500,000 Govt, secuRest . . 3,000,000 rities £104,000,000 Deposits— Advances Public. .. 20,100,000 and other Bankers & securities 28,400,000 othor ucs. 139,800,000 Notes ~ 43,800,000 Gold and silver coin 1,200,000 £178,000,000 £ 178,000,000 The principal items of the above return compare as follows with those for last week, the proportion of tho reserve being shown in tho last lino: —* Deposits— Aug. 10 Aug. 17 Public . . £10,300,000 £20,100,000 Bankers .. 106,100,000 105,700,000 Othor Accounts 34,500,000 34,100,000 £150,000,000 £150,000,000 Securities — Government . . 100,700,000 104,000,000 Advances, etc. 0,200,000 6,400,000 Other .. 21,000,000 22,000,000 Reserve . . 37,500,000 45,000,000 Note circulation 100,000,000 482,600,000 Coin and bullion 327,500,000 327,000,000 Proportion . 23.1S 28.12 RATE OF DISCOUNT The Bank of England'rate of discount is 2 per cent, to which it was reduced 011 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 August 11: Price Variation £sd s d Consols, 2Mi per cent 75 0 0 -5 0 Fund. Loan, 4, 1060-00 113 15 0 Same War Loan, 314, 1052 102 J2 6 -5 0 Conver. Loan, 314 1061 103 10 0 Samo Victory Bonds, 4 . . 112 10 0 Samo 'Com'wealth, 5, 1015-75 105 17 6 -2 6 Com'wcalth, 4, 1043-18 102 0 0 +1 3 Com'wealth, 3%, 1018-53 100 5 0 -2 6 Com'wealth, 3%, 1056-61 01 2 6 +2 6 Com'wealth, 3, 1055-58 80 6 3 +1 3 N.S.W., 3'/ 2 , 1030-50 00 17 0 Samo Victorian, 3, 1020-40 03 17 6 -7 6 Victorian, 4%, 1040-60 101 15 0 -5 0 Victorian, 5, 1015-75 105 15 0 -1 3 Queensland, 3, 1022-47 05 7 6 Same Queensland, 5, 1010-60 104 0 0 -3 0 S. Aust., 3, 1016 or after 76 1 3 +3 0 S. Aust., ,5, 1015-75 105 18 0 +6 3 W. Aust., 1, 1042-02 100 10 0 +2 0 Tasmania, 314, 1020-10 101 7 6 +1 3 Tasmania, 4, 1010-50 .. 100 12 6 +2 6 N. Zealand, 4%, 1018-58 101 3 0 +3 0 N. Zealand, 314. 1010 00 10 0 Samo N. Zealand, 3, 1915 . . 05 12 6 +2 0

The slump 011 the Berlin Bourse had little effect on the London Stock Exchange. Seven per cent bonds on Thursday advanced a half, to 54, and 5$ per cents to 38i, compared with 53 J and 39 respectively 011 July 18. FOREIGN EXCHANGES NO CHANGE IN THE FRANC British Wireless RUGBY, August IS The following rates 011 foreign exchanges are current, compared with the cabled quotations 011 August 17 and par:— Aug. IS Aug. 17 Bar Montreal, dol. . . 4.807,, 4.00% 4.800 New York, dol. 4.88 4.88% 4.80 Paris, fr. . . 178% 178% 170.00 Brussels, belga.. 28.00)4 28.01)% 35.00 Geneva, fr. .. 21.28% 21.20% 25.22 Amsterdam, gr. 8.91% 8.03 12.10 Milan, lire . . 02% * 02% 02.00 Berlin, r.ra. .. 12.18 12.17 20.-13 Stockholm, kr.. . 10.30% 10.30% 18.150 Copenhagen, kr. 22.40 22.40 18.150 Oslo, kr. .. 10.00 10.90 18.159 Vienna, sch. .. 20%t 20%t 31.585 Prague, kr. .. 1117, 0 11iy le 101.25 Helsingfors, mark 'J2O% 220% 103.23 Madrid, pes. .. 55t 55t 25.221 Lisbon, escu. .. 110 3 A B 1 10% 0 110 Athens, dr. . . 547% 517% 375.00 Bucharest, lei... 070 OtiO 813.0 Rio de Janeiro, m. 2%d* 2%d* 5.800 d Buenos Aires, pes. 10.04% 10.04% 11.-15 Montevideo, dol. 20% d 20% d Old Bombay, rupee. . 17 2 % a d 17'y 10 d 18d Shanghai, d 01... B%d 8d Hongkong, dol. 15d 15d Yokohama, yea 14(1 lid 21.58 d Batavia, gr. . . 8.02 . 8.02 12.10 Belgrade, din... 210 210 270.31 Warsaw, zloty.. 20.03 25.93 43.3S

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 3.91/-ie 3.02% On demand . . 3.9iy,„ 3.03'/i 0 Buying: On demand . . 3.05/1 „ 3.96 13 /, 8 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. .. 3.0111 3.0505 3.0151 Canada, dol. . . 3.0201 3.0683 3.0311 Belgium, belga 23.181 23.560 23.105 Czecho'vakia, cr. 112.45 Denmark, kr. . 17.803 18.263 17.800 Finland, Fin. ins. 170.51 185.74 179.6-1 France, fr. . . 142.72 Germany, r.m. . 9.713 Greece, drachmas 429.54 —, -129.84 Holland, 11. .. 7.115 7.305 -7.119 Italy, lire . . 7-1.33 -1.38 Java, fl. .. 7.097 7.287 7.101 ■Norway, kr. . . 15.802 16.242 15.808 Sweden, kr. .. 15.400 1 5.845 15.406 Switzerland, fr. 17.013 17.388 17.018 Nounteu, fr. .. 1-10.07 Papeete, fr. .. 14.L.12 N.Z. penco to — Hongkong, dol 18 25-32 18% 18 25-32 India, rupee . . 22% 221-16 22/„ Ceylon, rupee 22% 221-16 22 /0 Japan, yen .. 17 0-16 Shanghai, dol Nominal Singapore, dol 3-1 31-32 3-1 2,>-64 34 31-3-Chefoo, dol. . _ Nominal Manila, peso 30 -li-01 20-3-0-1 30 4/ -01 The cost m New Zealand currency oi 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 .. 19 11.40 ;-0 0.00 Fiji, pound .. 22 t'OO -0 0.00 New York, dollar .. 5 1-1< 4 1.31 Montreal, dollar .. 5 0.00 4 1-31 Paris, franc .. 0 1.67 0 1 -34 Berlin, reichgmark .. 2 0.00 0 11.74 Copenhagen, krono .. 1 1-3'- l J ( --- Yokohama, yen .. 1 G. 41 2 0.58 CUSTOMS EXCHANGE RATES Finally declared rates of exchange ruling at tlio date of departure of vessels named are shown in the following tablo: — City of Pittsburg, Canada, dollars .. 4.04 City of Pittsburg, America, dollars .. 4.93 Aorangi, Canada, dollars . . . ■ 4.91 Aorangi, America, dollars, .. .. 4.92 City of Winchester, America, do ars 4.89 City of Winchester. Canada, dollars . 4.93 Dessau. America, dollars .. • ■ 4.8J WHEAT AND FLOUR QUOTATIONS IN LONDON LONDON, August 18 Wheat. —Cargoes and parcels are quiet. Futures.— London: August, '27s 7d a quarter; November, 25s 4d. Liverpool: October, 5s 3d a cental; December, 5k lid; March, 5s OJd. Spot trado ' easier. Australian cx ship, 31s Gd to 325. Flour quiet. Australian ex store, 23s 6d to 2-1 s. WHEAT IN CHICAGO CHICAGO, August 18 Wheat. —G3-J cents a bushel; December, 66 cent*;; May, 68& cents.