THE MONEY MARKET

New Zealand Herald, Volume LXXV, Issue 23181, 29 October 1938, Page 9

THE MONEY MARKET

BANK OF ENGLAND RETURN INCREASE IN DEPOSITS GOLD HOLDING STEADY LONDON, Oct. 27 The Bank of England return for the week ended October 26 is as follows: — ISSUE DEPARTMENT Notes issued:— Govt. debt £11,000,000 In circu- Other Govt. lation £4 82,1)00,000 securities 188,900,000 In bank- Other secuing dept. 43,000,000 rities .. 100,000 * £200,000,000 Gold coin <fc bullion 326,400,000 £ 626,400,000 £526,400,000 •Amount of fiduciary issue. BANKING DEPARTMENT Capital .. £14,600,000 Govt, socuRest . . 3,100,000 rities £107,600,000 Deposits— Advances Public .. 25,100,000 and other Bankers & securities 25,700,000 other acs. 135.900,000 Notes .. 43,900,000 Gold and silver coin 1,400,000 £178,600,000 £178,600,000 The principal items of the above return compare as follows with those for last week, the proportion of the reservo being shown in the last line: — Deposits— Oct. 19 Oct. 26 Public .. £33,800,000 £25,100.000 Bankers . . 90,000,000 100,400,000 Other Accounts 35,900,000 35.500.000 £160,600,000 £161,000,000 Securities— Government .. 104,000,000 107,000,000 Advances, etc. 8,000,000 4,100,000 Other .. 23,900.000 21,600,000 Reserve .. 41,400,000 45,300,000 Note circulation 486,400,000 482,500,000 Coin and bullion 327,800,000 327,800,000 Proportion .. 25.75 28.14 RATE OF DISCOUNT The Bank of England rate of discount is 2 per cent, to wh'ich it was reduced on June 30, 1982, from 2J per cent. tEx interest CONSOLS AND DOMINION STOCKS The following table Ri\ r es quotations for consols and colonial inscribed stocks, compared with those of October 20:— Price , Variation ltd s d Consols, 2% per cent 72 3 9 Same Fund. (Loin, 4,1960-00 108 18 e +2 e Wtr Loan, 8%, 1082 00 5 0 -31 31 Conrer. Loan, 3%, 1061 99 15 0 Same Victory Bonds, 4 .. 107 12 6 +3 9 Com'wealth, 5, 1046-75 105 3 9+26 Com'wealth, 4, 1943-18 00 15 0 Same Com'wealth, H a / 4 , 1048-53 07 15 0 Same Com'wealth,3%, 1956-61 88 10 0 -7 6 Com'wealth, 3, 1955-58 85 10 0 -6 0 N.S.W., 3'/ a , 1930-50 03 18 0 +6 3 Victorian, 3, 1020-40 02 0 0 -2 6 Victorian, 4. 3 /„ 1040-60 101 7 6 -2 6 Victorian, 5, 1915-75 105 2 0 +2 6 Queensland, 3, 1922-47 03 2 6 -2 6 Queensland, 5, 1940-60 101 8 9 +2 6 8. Aus., 3,1916 or after 74 5 0 Same S. Aust., 5, 1045-75 105 5 0 +7 6 W. Aust., 4, 1042-62 90 11 3 +1 3 Tasmania, 3%, 1920-40 101 1 3 +1 3 Tasmania, 4, 1040-50 00 15 0 -5 0 N.Z., 4%, 1948-58 . , 08 10 0 -10 0 N.Z., 8%, 1010 . . 00 10 0 +1 3 N.Z., 3, 1045 .. 01 8 0 -22 6

FOREIGN EXCHANGES FLUCTUATIONS IN LONDON British Wireless RUGBY, Oct. 27 The following rates on foreign exchanges are current, compared with the cabled quotations yesterday and par:— Oct. 27 Oct. 28 Par Montreal, dol. ~ 4.80% 4.81% 4.806 New York. dol. 4.77% 4.77'/ 4.86 , Paris, fr, .. 178 /i« 178% 179.00 Brussels, belga.. ',28.18 28-20% 35.00 Geneva, fr. .. 20.00 20.98 25.22 Amsterdam, gr. 8.75% 8.75% 12.10 Milan, lire ~ «Q% 90% 02.00 Berlin, r.m. .. 11.90 11.80 20.43 Stockholm, kr... 10.41 10.41 18.150 Copenhagen, kr. 22.40 22.40 18.150 Oslo, kr. . . 19.00 19.90 18.159 Prague, kr. .. 138% 139% 164.25 Heisingfors, mark 226% 220% 193.23 Madrid, pes. t t 25.221 Lisbon, escu. .. 110% 110% 110 Athens, dr. .. 547% 547% 375.00 Bucharest, 10i... 600 «o<) 813.0 Rio de Janeiro, m. 3d* 3d" 5.800 d Buenos Aires, pes. 18.90 10.00 11.45 Montevideo, dol. 20d 20J sld Bombay, rupee.. Shanghai, d 01... 8d 8d Hongkong, dol. 14"/ i.d 14(1 Yokohama, yen 14d 14d 24.58 d Batavia, gr. .. 8.70 8.75% 12.10 Belgrade, din... 212 211 270.31 Warsaw, zloty. . 25.37 23.37 43.38 ♦Nominal. '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 ITT. * .. 3.78 u /„ 3.82'/,, On demand 3.79% 3.82%. Buying: „ On demand 3.84%. 3.87/ i 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. . . 3.8030 3.8432 3.8040 Canada, dol. . . 3.8358 3.jj700 3,8308 Belgium, belga 22.430 2'J;821 22.444 Czecho'vakia, cr. 109.57 iL'l'fiL' Denmark, kr. . 17.821 18,101 Finland, Fin. ma. 178.90 185.10 I'OOO France, fr. ~ 142.09 Germany," r.ni. . 9.453 Greece, drachmas 428,08 Holland, n. 6.0<J2 7.152 0.004 Italy, lire .. 72.201 Java, ft. .. 0.040 7.130 6.042 Norway, kr. ... 15.820 16.170 15.832 Noumea, fr. .. 140.31 } 40.35 Papeete, fr. .. 140.40 Sweden, kr. .. 15.441 15.700 J fV'iAi Switzerland, fr. 16.705 17.080 10.<07 N.Z. penco to— Chefoo, dol. . Nominal Hongkong, dol 18 53-W4 18 27-04 18 63-04 India rupee . 22 33-04 22 13-04 22 33-64 Ceylon rupee 22 33-04 22 18-04 22 33-04 Japan, yen 17% • —. 17V » Manila, peao • Nomina Snanghnl. dol Nominal Singapore, dol 35 5-04 3-J/j do o-04 The cost in New Zealand currency of the pound sterling, and of the principal overseas units, on the lntest quotations, is as follows: Present Price Par ad s d London pound 25 0.00 20 0.00 Australia," pound .. 19 *I.BB 20 0.00 Fiji, pound .. 22 5i60 20 0.00 New York, dollar .. 5 2.83 4 1.31 Montreal, dollar .. 5 2.40 4 1.31 Paris, franc .. 0 1.08 ® Berlin reichsniHrk .. 2 1.21 0 11. <4 Coiicnhaaren, krone .. 1 1.30 1 1--yokohama yen 1 s f > (l 2 °' 5S

CUSTOMS EXCHANGE RATES Finally declared rates of exchange ruling at the date of departure of vessels named are shown in the following table; City of Lyons. Canada, dollars .. 4.84 City of Lyons, America, dollars 4.70 barrier dividends TWO PAYMENTS OF 6D The directors of North Broken Hill, Limited, Melbourne, have declared a quarterly dividend of tid a share, payable on December 3. A similar payment has been declared by Broken Hill South, Melbourne, payable on December 15. The North Broken Hill dividend is the first payment for the new financial year and is at the rate of 40 per cent per annum, compared with a distribution of 80 per cent for the year ended June 30, • The Broken Hill South payment is the final distribution for the financial year ended June 30 and makes a total dividend of 2s (Jd a share, equal to 50 per cent, against 70 per cent in 1937, / • WHEAT IN CHICAGO - CHICAGO, Oct. Q7 Wheat. DowmiWr, T °?» tß » bushel; May, 07j cents; July, 674 cents.