THE MONEY MARKET

New Zealand Herald, Volume LXXV, Issue 23139, 10 September 1938, Page 9

THE MONEY MARKET

BANK OF ENGLAND RETURN

MORE PUBLIC DEPOSITS LARGER GOLD HOLDING LONDON, Sept. 8 Tho Bank of England return for the week ended September 7 is as follows: ISSUE DEPARTMENT Notes issued:— Govt, debt £11,000,000 In circu- Other Govt, latloil £480,100,000 .securities 188,700,000 In bank- Other seating dept. 40.ti00.000 rities .. 300,000 *£'-i00,000,000 Gold coin & bullion 320,.100,000 £520,400,000 £520,400,000 "Amount of fiduciary issuo. BANKING DEPARTMENT Capital .. £14,500,000 Govt, securest . . 3,700,000 rities £101,300,000 Deposits— Advances Public . . 32,100,000 and other Bankers & securities 27,500,000 other acs. 120,200,000 Notes .. 40,000,000 Gold and silver coin 1,400,000 £170,500,000 £170,500,000 The principal items of the above return compare as follows with those for •last week, the proportion of the reserve being shown in tho last line: — Deposits- Aug. 31 Sept. 7 Public .. £27,800,000 £32,100,000 Bankers .. 04,700,000 01,300,000 Other Accounts 30,400,000 34,000,000 £ 158,000,000 £158,300,000 Securities— Government .. 102,100,000 101,M00,000 Advances, etc. 5,400,000 5,400,000 Other .. 22,300,000 22,100,000 Reserve . . 47,300,000 47,700,000 Note circulation 480,•!00,000 480,10(5,000 Coin and bullion 327,700,000 327,800,000 Proportion . . 20.78 30.15 RATE OF DISCOUNT The 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 September 1:

FOREIGN EXCHANGES FLUCTUATIONS IN LONDON British Wireless RUGBY, Sept. 8 The following rates on foreign exchanges are current, compared with the cabled quotations yesterday and par: —

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 a.soy, 3.87% On demand . . 3.80% 3.87% Buyintf: On demand . . 3.01 3.92%« 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:

N.Z. Pence lo Cliefoo, dol. .. Nominal IlomrkoilßT. (10l 18 13-10 1S 13-32 IN 13-10 lixiia, rupee .. 22 11-32 22 1-32 22 11-32 j Ceylon, rupeo . 22 1 i -32 22 1 -32 22 11 -it- I Japan, yen 170-10 Manila, peso 30-17-01 30 0-01 30 17-01 Shanghai, dol Nominal Singapore, iloi 3.") 1-10 3121-04 35 1-10 The cost in New Zealand currency of the pound sterling, and of the principal overseas units, on the latest quotations, is as follows:

BOBBY CALF POOLS THE PIAKO FEDERATION ADVANCE OF 1.2 D PER LB. [(•ROM OUU OWN COHKKSI'OXIIKN'I'] MORHINSVILLE, Friday Ail advance paviiumit of 1.2 d per lb. live weight has been made during the past week to suppliers of the Pinko Federated Calf Pools on all calves supplied to August 27. There are approximately ]Jf)O suppliers iu the federation, and the total number of calves supplied was J1G,791. Tile payment totalled £11,5;59. The advance represents lis .'t,27d for an average calf of 62.721b. An advance to August 27 has also been made to the suppliers of the Waihi District Calf Pool, which has affiliated with the Piako federation. The higher cost of cartage and railway freight resulted in a smaller return being received by Waihi suppliers. The payment was Id per lb. live weight on 1997 calves, a total of £'s.'M, at 5s -Id lor an average calf of G-llb. There are 1(50 suppliers to this pool. It is anticipated that from 50,000 to (30.000 calves will be handled by the federation by the end of tlio season and that there will be a bonus on all calves in the final payment. CHICAGO WHEAT MARKET CHICAGO, Sept. S Wheat: September, GOji cents a bushel; December, 61$ cents; May G3£ cents.

Prico Variation 1 £ s d s d Consols, Q'A per cent .. 73 15 0 — 5 0 i Fund. Loan, 4, 1000-00 112 15 0 -15 0 "War Loan, 3%. 3052 . . 10L 15 0 -7 0 Conversion Loan, 3'/ a , '01 101 0 0 -5 0 Victory Bonds, 4 100 17 0 — '2 6 iCom'wcalth, 5, 1945-75 105 7 0 -7 oj Coni'wealth, 4, 1043-48 10L 0 3 -3 9 I Com'wcalth, 3%, 1048-53 00 0 0 -17 i; 3 1 Com'woalth, 3'/i, 1050-01 00 1 3 -10 ComVealUi, 3, 1055-58 87 12 0 —<>»> 0 | N.S.W.. 3%, 1030-50 . . 00 11 3 +T 3 ' Victorian, 3, 1020-10 . . 02 1 3 -20 3 i :t | Victorian, 4%, 1040-00 ■ 101 15 () - L Victorian, 0, 1045-75 . . J 05 5 0 — 7 0 i Queensland, 3, 1022-17 . 01 15 0 Same, i Queensland, 5, 1040-00. 100 17 0 + 5 0 iJ. Australia, 3, 1010 or after 75 18 0 -3 0 S. Australia, 5, 1045-75 105 0 3 -3 0 W. Australia, 4,1042-02 0!) .10 3 -8 0 Tasmania, 3%, 1020-40. 101 3 0 + L 3 Tasmania, 4, 1010-50 . . TOO 5 0 -'2 0 X.Z., l'/ 2 , 1018-58 . . 00 15 0 — 7 (i Jvew Zealand. 3'/ 2 , 1040 OS 10 3 -0 3 New Zealand, 3, 1045 02 5 0 -15 0

Sept, 8 Sept. 7 Par Montreal, dol. . . 4.83% 4.8!$ 4.8(10 New York, dol. 4.82% 4.82% 4.80 Paris, fr. 178% 178% 170.00 Brussels, belgu... 28.05 28.02% 35-00 Geneva, fr. 1 .. 2.1.32 21.30% '25 22 Amsterdam, gr. 8.02% 8.02 3 /, 12.10 Milan, lire 0I 01'%„ 02.00 Berlin, r.in. 12.01 12.01 'JO. 13 Stockholm, kr... li). JO 10.40% 18.150 Copenhagen, kr. 22.40 22.40 18.150 Oslo, kr. moo 111.1)0 18.150 Vienna, sell. . . 20% 1 20%t 31.585 Prague, kr. iau?i 130% 101 .'J 5 Helsingfors, mark •J'JO 3 ,, 220% 103.2'J Madrid, pes. . . 551 + 25.221 ! Lisbon, esi:u. . . 1 HP io 110 s /,. 1 10 Athens, dr. 547% 547% 375.00 Bucharest, lei... 072 072 813.0 Rio de Janeiro, m. «) 2 0 r l • *" ' 32 I, , 5.800d i Buenos Aires, pes. 10.1)7% 10.05% 11.15 Montevideo, dol. Id 20d 5 Id Bombay, rupee. . Shanghai, dol... 17«% a d 18d 8%d» 8%d + — Hongkong, dol. 1 ,-.ll i 5d — Yokohama, yen Mil 1 Id 21.5Kd 1 Batavia, gr. . . 8.01 % 8.01 12.10 1 Belgrade, din... 1 1 210 270.31 ! Warsaw, zloty . 25.02 '->.">.01 43.38 tNominal. * Sellers.

To £1 N.Z. T.T. On Demand Currency Scllimt Buying Selling U.S.A., do!. . . 3.870!) 3.0101 3.871(1 Canada, dol. . . 3.88 Hi 3.88 , _'(i Belgium, belga •j-j.urj •_'2.!M7 Czecho'vakia, cr, 1 11 .'2."> — 1 1 1 .27 Dcnnuirk, kr. . 17..S1JH 18.'J(i.'3 17.805 Finland, Fill. ms. 17lt.UO 1 85.80 170.70 France, fr. 1 I'J.'JG — 142.28 Gerninny, r.m. . iMiOO — !).(>02 Greece, drachmas — •1 (ii) Holland, fl. . . 7. l'J'2 7.312 7.121 Italy, lire 73.510 — 73.511 Java, fl. 7.1(1.". 7.'J1)5 7.107 Norway, kr. .. 15.8 !)•_' Ki.'212 1 5.805 Noumea, fr. .. iio.r.i — 1 10.55 Papeete, fr. .. J 10.(11) — 110.70 Sweden, kr. Switzerland, fr. lo.KH) 17.032 15.815 17.107 1 .">.103 17.031