THE MONEY MARKET

New Zealand Herald, Volume LXXV, Issue 23169, 15 October 1938, Page 9

THE MONEY MARKET

BANK OF ENGLAND RETURN PUBLIC DEPOSITS HIGHER NOTE CIRCULATION DOWN LONDON, Oct. 13 Tho Bank of England return for tho week ended October 12 is as follows: — ISSUE DEPARTMENT Notes issued:— Govt, debt£ll,ooo,ooo In circu- Other Govt, lation £406,400,000 securities 188,700,000 In bank- Other sccuing dept. 30,000,000 ritios .. 300,000 *£200,000,000 Gold coin & bullion 326,400,000 £520,400,000 £520,400,000 'Amount of fiduciary issue. BANKING DEPARTMENT Capital . . £14,500,000 Govt, secuRest .. 3,100,000 ritios £114,500,000 Deposits— Advances Public . . 28,300,000 and other Bankers & ' securities 31,500,000 other acs. 131,500,000 Notes . . 30,000,000 Gold and silver coin 1,400,000 £177,400,000 £177,400,000 The principal items of the above return compare as follows with those for last week, the proportion of the reserve being shown in tho list line:— Deposits— Oct. 5 Oct. 12 Public .. £12,100,000 £28,300,000 Bankers . . 100,700,000 04,000,000 Other Accounts 37,100,000 30,000,000 £158,000,000 £150,800,000 Securities— Government .. 121,000,000 114,500,000 Advances, etc. 10,200,000 0,600,000 Other .. 22,500,000 21,000,000 Reserve . . 21,000,000 31,400,000 Note circulation 505,800,000 406,400,000 Coin and bullion 327,700,000 327,800,000 Proportion . . 13.82 19.07 RATE OF DISCOUNT The Bank of England rate of discount is 2 per cent, to which it was reduced on June 30, 1932, from 2i per cent. BRITISH AND DOMINION STOCKS A WEAKER TENDENCY The following table gives quotations J for consols and Dominion inscribed;; stocks, compared with those of October 6:— Price Variation £sd s d Console, 2% per cent 72 0 0 -30 0 Fund. Loan, 4,1960-00 108 0 0 -30 0 War Loan, 3%, 1052 100 0 0 - 5 0 Con. Loan, 3%, 1001 1)0 0 0 -20 0 Victory Bonds. 4 . . 107 0 0 -40 0 Com'wealth, 5, 1045-75 105 12 6 Same Com'wcalth, 4, 1043-48 09 17 6 -10 o Cwealth, 3%, 1048-53 08 5 0 -10 0 C" wealth. 3%, 105(1-01 89 2 0 -2 0 Com'wcalth, 3, 1955-58 80 5 0 -5 0 N.S.W., 3%, 1030-50 01 10 0 -17 0 Victorian, 3, 1029-40 00 17 0 +l7 0 Victorian, 4%, 1040-00 101 0 0 -20 O Victorian, 5, 1945-75 104 15 O -7 0 Queensland, 3, 1022-47 03 7 0 +42 0 Queensland, 5, 1040-00 101 5 0 -5 0 S. Aust,, 3,1010 or after 74 10 0 +lO 0 S. Aust., 5, 1045-75 105 5 0 - 2 0W. Aust., 4, 1942-02 09 15 0 Same Tasmania, 3%, 1020-40 101 0 0 +35 0 Tasmania, 4, 1040-50 100 5 0 . +5 0 N.Z., 4Va, 1948-58 . . 00 12 0 +5 0 N.Z., 3%, 1010 . . 09 0 0 - 2 6 New Zealand, 3, 1045 92 0 0 -10 0 FOREIGN EXCHANGE MARKET LATEST LONDON QUOTATIONS British Wireless RUGBY, Oct. 13 Tho following rates on foreign exchanges aro current, compared with the cabled quotations yesterday and par:— Oct. 13 Oct. 12 Par Montreal, dol. .. 4.78% 4.79 4.800 New York, dol. 4.73% 4.71 3 / 4.80 Paris, fr. .. 178% 178% 170.00 Brussels, belga.. 28.08 28.07% 35.00 Geneva, fr. . . 20.01 20.02% 25.22 Amsterdam, gr. 8.60% 8.74% 12.10 Milan, lire .. 90 90% 92.00 Berlin, r.m. .. 11.82 11.85 20.43 Stockholm, kr... 10.41 19.41 18.159 Copenhagen, kr. 22.40 22.40 18.150 Oslo, kr. .. 19.00 10.90 18.150 Vienna, sch. .. + t 34.585 Prague, kr. . . 138 138 1 04.25 Helsingfors, mark 226% 226% 103.23 Madrid, pes. .. t + 25.221 Lisbon, escu. .. 110% 110% 110 Athens, dr. .. 547% 547% ,375.00 Bucharest, lei... 005 065 813.0 Rio de Janeiro, m. 3d 3d 5.89f1d Buenos Aires, pes. 18.98 18.97% 11.45 Montevideo, dol. 20d 20d 51d Bombay, rupee.. 17"/ied 17 ,0 /,« d 18d Shanghai, dol. . Bdt B%dt Hongkong, dol. 15d 15d Yokohama, yen 14d 14d 24.58 d Batavia, gr. . . 8.70 8.75 12.10 Belgrade, din... 212 212 276.31 Warsaw, zloty.. 25.0% 25.02 43.38 ■(Nominal. 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 3.77 13 /ia 3.81% On demand .. 3.78% 3.81 ,: %6 Buying: On demand .. 3.83yi0 3.87% 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. .. 3.7031 3.8320 3.7941 Canada, dol. . . 3.84-18 3.8800 3.8458 Belgium, belga 22.380 22.771 22.394 Czecho'vakia, cr. 109.82 Denmark, kr. . ,17.001 18.271 17.003 Finland, Fin. ms. 179.00 185.80 179.79 France, fr. . . 142.08 Germany, r.m. . 0.423 Greece, drachmae 430.74 Holland, fl. . . 6.030 7.120 6.041 i Italy, lire . . 72.134 Java, fl. .. 0.920 7.110 0.922 Norway, kr. .. 15.802 10.242 15.895 Noumea, fr. .. 140.93 Papeete, fr. .. 141.08 Sweden, kr. . . 15.501 15.850 15.504 Switzerland, fr. 10.709 17.084 10.711 N.Z. pence to— Chefoo, dol. . . Nominal Hongkong, dol. 18 53-04 18 27-04 18 53-04 India, rupee . 22 27-04 22 7-04 22 27-04 Ceylon, rupee 22 27-04 22 7-04 22 27-04 Japan, yen . 17 0-10 Manila, peso 31-13-04 30 59-01 3143-04 Shanghai, dol. Nominal Singapore, dol. 34 15-16 3-1 23-li-l 34 15-10 The cost in New Zealand currency of the pound sterling, and of the principal overseas units, on tho latest quotations, is as follows: — Present Price Par s d s d London, pound .. 24 10.65 20 0.00 Australia, pound .. 10 11-40 20 0.00 Fiji, pound .. 22 5.00 20 0.00 New York, dollar .. 5 3.07 4 1.31 Montreal, dollar .. 5 2.42 4 1.31 Paris, franc . O 1.07 0 1.34 Berlin, reichsmark .. 2 1.10 0 11.(4 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 tho following table: i Armudalc, America, dollars . 4.81 Armadale, Canada, dollaTs . -.. 4.8-1 Aorangi, Canada, dollars 4.82 Aorangi, America, dollars 4.80 Dalfram, Canada, dollars 4.83 Dalfram, Amorica, dollars .. .. 4.82 Kaimata, Canada, dollars .. .. 4.83 Kainiata, America, dollars .. .. 4.80 Toltcn, Canada, dollars 4.85 Tolten, America, dollars .." .. 4.82 PRICES OF METALS TIN AND COPPER FIRMER LONDON. Oct. 13 Following aro to-day's quotations on the London metal market, compared with those of yesterday:— Oct. 13 Oct. 12 Per ton Per ton £ s (I £ 8 (1 Copper, stan., spot 40 14 4% 45 10 4% Copper., slan., 3 mos. 40 19 1% 40 4 1% Copper, electrolytic 52 0 0 51 5 0 to to 53 0 0 52 5 0 Copper, elect., wire bars . . 53 O" 0 52 5 O Lead, soft, spot . . 16 12 0 16 2 6 Lead, soft, forward 10 15 7% 10 <> 10% Spelter, spot 15 3 0 15 0 0 Spelter, forward 15 6 10% 15 3 1% Tin, stan., spot . 207 7 0 205 7 0 Tin, stan., 3 mos. 208 7 0 200 12 0