THE MONEY MARKET

New Zealand Herald, Volume LXXV, Issue 23205, 26 November 1938, Page 11

THE MONEY MARKET

BANK OF ENGLAND RETURN SMALLER NOTE. CIRCULATION GOLD HOLDING UNALTERED LONDON, Nov. 24 The Bank of England return for the week ended November 23 is as follows: —

LAMB FOR EXPORT SCHEDULE *D PER LB. LOWER Tho further setback to pasture growth as a result of tho recent drying winds, resulted in lambs coming .forward for ox port-killing this week rather more freely than was anticipated. Under the unfavourable conditions prevailing many farmers are finding their grazing fully taxed. Good rains followed by sunshine without winds, are urgently needed to establish seasonal growth., Tho export killing schedule for next week for lambs has been reduced by id per lb. in all grades. Rates for tho week on hooks, Southdown, Westfield works, aro: —Up to 361b., 8d per lb.: 5 371b. to 421b., 7fd; over 421b and seconds, 7£d. The rates for Avotliers and ewes on hooks at Southdown, Westfield, freezing works remain unchanged as follows; Wethers: Up to 481b., 4Jd per lb.; 491 h. to sGlb.„ 4d; 571 h to (Mb., 3!{d; 651b to 721b., 3}d; over 721b., 3d; seconds, 3ijd. Ewes: Up to '481b.. 2jd per lb.; 491b to 561b., 2id; 571b to 641b., 2d; G516 to 721b., ltd'; over 721b., lid; seconds, lid.

ISSUE DEPARTMENT Notes issued:— Govt, debt £11,000,000 In circu- Other Govt. lation £470,160,000 securities 188,200,000 In bank- Other secuing dept. 50,300,000 ritics . . 700,000 Silver coin 100,000 *£200,000,000 Gold coin & bullion 326,400,000 £526,400,000| £520,400,000 'Amount of fiduciary issuo. BANKING DEPARTMENT Capital .. £14,500,000 Govt, hccuRest .. 3,'200,000 rities £01,800,000 Deposits— Advances Public .. 31,700,000 and other Bankers & securities 33,300,000 other acs. 127,300,000 Notes . . 50,300,000 Gold and silver coin 1,300,000 £170,700,000 £170,700,000 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 lino: — Deposits— Nov. 17 Nov. 23 Public .. £35,100,000 £31,700,000 Bankers .. 89,500,000 02,300,000 Other Accounts • 35,000,000 35,000,000 £159,000,000 £159,000,000 Securities — Govornmont .. 95,200,000 91,800,000 Advances, etc. 12,400,000 12,200,000 Othor . . 20,000,000 21,100,000 Reserve .. 49,100,000 51,000,000 Noto circulation 478,000,000 470,100,000 Coin and bullion 327,700,000 327,700,000 Proportion . . 30.70 30.47 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 Tlio following tables gives quotations for consols and colonial inscribed stocks, compared with those of November 17: — Price Variation dC 8 d s d Consols, 2 l / a per cent .. 71 17 (J -21 3 Fund, Lona, 4, 1900-90 109 1 3 +20 3 War Loan, 3 1 /-,, 1952 . 99 2 6 - 2 6 Conver. Loan, 354, 10G1 99 10 0 —2 O Victory Bonds, 4 . . 107 18 9 -5 0 Cora'wealth, 5, 1945-75 105 0 3 Samo Com'wealth, 4, 1943-48 100 2 0 -3 9 C'wealth, 3%, 1948-53 90 7 0 -0 3 G'woalth, 3'/ 4 , 1950-01 87 0 0 Samo Com'wealth, 3, 1955-58 85 12 6 -7 6 N.S.W., 3%, 1930-50 . 94 6 3 -1 3 Victorian. 3, 1929-49 . .92 7 .0 +2 6 Victorian, 4%, 1940-00 101 15 0 -2 6 Victorian, 5, 1945-75 . 105 1 3 -2 6 Queensland; 3, 1922-47 93 0 0 -2 J Queensland, 5, 1940-60 101 15 o +'_ 6 S. Aust. 3,1910 or after 75 7 0 +3 9 S. Aust., 5, 1945-75 . . 105 1 3 9 W. Aust. 4, 1942-62 . .99 15 0 -1 3 Tasmania, 3'/ 2 , 1920-10 101 8 0 +2 0 Tasmania, 4, 1940-50 . lOO 0 0 +§0 N.Z., 4%, 1948-58 . . 93 7 6 -58 9 New Zealand, 3V a , 1910 99 0 0 -1 3 New Zealand, 3, 1945 88 lo 0 — -0 0 FOREIGN ] EXCHANGES STERLING STILL WEAK British Wireless RUGBY, Nov. 24 The following rates on foreign exchanges are current, compared with the cabled quotations yesterday and par:— Nov. 24 Nov. 23 Par Montreal, dol. .. 4.07% 4.00% 'J-®® 0 Now York, dol. 4.60% 4.66M, 4.86 Paris.fr. .. 178»/i« 178% B 179 00 Brussels, belga.. 27.47 -7.57 35.00 Geneva, fr. .. 20.40 20.BHA Amsterdam, gr. 8.53/a is'IS Milan, lire .. 83% 83%_ 92.00 Berlin, r.m. .. 11.62 11.65 20.43 Stockholm, kr... 19.41 19.41 18.159 Copenhagen, kr. 22.40 ic'ira Oslo kr. . . 19.90 19.00 18.159 Prague, kr. .. 135% 136% 164.25 Helsingfors, mark 226% 226% 193/23 Madrid, pes. .. t \ 25 221 Lisbon, cscu. . . 110% 1)2/9 11,2 n n Athens, dr. o4i/ a /a Bucharest, lei... 65.) 6o5 &13.0 Rio do Janeiro, m. 3/i»d 5.S99d Buenos Aires, pes. 20.60 ~9.£-/ 3 1H 10 Montevideo, dol. 18%d Bombay, rupee.. 17 59-64d 1 rAd 18d Shanghai, dol.. . 8%d 8/d Hongkong, dol., It /«d 14 / J6 d — Yokohama, yen 14d 14d 24.5Sd Batavia, gr. .. 8.oo o'i°i Belgrade, din. .. 210 _ -i 1 -.. Warsaw, zloty. . 25.5o 2o.5« 43.38 tNominal. 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. .. . • 3.09%. 3.71 1 % a On demand .. 3M9 A» 3.72V1# On demand . . 3.74 1 %l 8 3.^7 7 / la Following are the latest rates for purchases and sales of foreign exchange quoted by the Bank o£ 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. .. 3.7054 3. *548 3.7004 Canada, dol. . . 3.7210 3.7815 3-7250 Belgium, belga 21.791- 2-.331 Czecho'vakia, cr. 107.40 — Denmark, kr. . 17w.>3 18- r '-> Ji'J'rr Finland, marks . 177.45 186.5j - 17 /.oo Franco, fr. .. 141.37 — 1 ,o? Germany, r.m. . O-iy'J — S-Jf, 1 ,- Greece, drachmae 423.83 — 1 Holland, fl. .. 0-751 7.019 0./50 Italy, lire .. 70.296 — „ 70.321. Java, fl. .. G.728 6.993 6.(30 Norway, kr. .. ]5.7<i(J 16.262 Noumea, fr. .. 138.75 — 138. < J Papeete, fr. .. 138.97 — Sweden, kr. .. * 15.379 15-882 15.38— Switzerland, fr. 15.888 16.398 15.890 N.Z. ponco to — Chefoo, dol. .. Nominal Hongkong, dol. 18 59-64 18 21-64 18 59-64 India, rupee .. 22 37-64 22 7-64 22 3/-64 Ceylon. rupee 22 37-01 22 7-64 22 37-64 Japan, yon .. 17 11-10 —. . 1711-16 Manila, peso Nominal Shanghai, dol. Nominal Singapore, dol. 35 3-10 34 23*04 85 3*10 The cost in New Zealand currency of tho pound sterling, and of the principal overseas units, on the latest quotations, is as follows: — Present Prico Par s d s d London pound 25 0.00 20 0.00 Australia, pound 19 11.88 20 0.00 Fiji, pound . .. 22 5.66 '20 0.00 Now York, dollar .. 5 4.80 4 1.81 Montreal, dollar .. 5 4.13 4 1.31 Paris, franc . .. 0 1.68 0 1.34 Berlin roichsmark . 2 1.82 0 11.74 Copenhagen, krone . 1 1.39 1 1.22 Yokohama, yen .. 1 6.50 2 0.58 CUSTOMS EXCHANGE RATES Finally declared rates of exchange ruling at the date of departure of vessels named are shown in the following table: — Kaipara, Canada, dollars .. .. 4.80 Kaipara. America, dollars .. 4.76 Port Auckland, Canada, dollars .. 4.81 Port Auckland, America, dollars .. 4.70 Limerick, Canada, dollars .. .. 4.70 Limerick, America, dollars .. .. 4.70