THE MONEY MARKET

New Zealand Herald, Volume LXXVI, Issue 23339, 6 May 1939, Page 9

THE MONEY MARKET

BANK OF ENGLAND RETURN LARGER NOTE CIRCULATION HOARDING AS A FACTOR LONDON. May 4 The Bank of England return for the week ended May 3 is as follows: — ISSUE DEPARTMENT Notes issued: — Govt, debt £11,000,000 In circu- Other Govt. lation £405,500,000 securities 1287,600,000 In bank- Other secuingr dept. 30,700,000 rities . . 500,000 Silver coin 000,000 •£300,000,000 Gold coin & bullion 220,200.000 £526,200,000 £526,200,000 •Amount of fiduciary issue. BANKING DEPARTMENT Capital .. £14,500,000 Govt, secuRest .. 3,200,000 rities £111,000,000 Deposits— Advances Public . . 10,500,000 and other Bankers & securities 80,100,000 othor acs. 145,200,000 Notes .. 30,700,000 Gold and silver coin 700,000 £173,400,000 £173,400,000 The principal items of the above return compare as follows with thoso for last week, the proportion of the reserve being shown in tho last line:— Deposits— Apl. 20 May 3 Public .. £27,000,000 £10,500,000 Bankers . . 1)1,400,000 108,200,000 Other Accounts 37,000,000 37,000,000 £150,000,000 £155,700,000 Securities— Government .. 107,200,000 111,000,000 Advances, etc. ii,"200,000 8/200,000 Other . . 22,300,000 21,000,000 Resorve .. 38,000,000 31,400,000 Nolo circulation 481),100,000 405,500,000* Coin and bullion 227,100,000 220,000,000 Proportion .. 24.30 '20.11) "Part of the expansion of more than £0,000,000 in the note issue is attributed to hoarding. 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.

CONSOLS AND STOCKS LONDON MARKETS QUIET The London markets finished quietly to-day owing to Russian uncertainties. Gilt-edged stocks lost part of tho recent improvement. Tho following table gives quotations for consols and colonial inscribed stocks, compared with those of April 27:

FOREIGN EXCHANGES FLUCTUATIONS IN LONDON British Wireless LONDON, May 4 The following rates on foreign exchanges are current, compared with tho cabled quotations yesterday and par:—

tNominal. NEW ZEALAND QUOTATIONS The Associated Banks (other than the Dank 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 3.7 2'/.. 3.73 % On demand . . 3.72%, 3.74% Buying: On demand .. 3.7734 - 3.79% Following are the latest rates for purchases and sales of foreign exchange quoted by the* Bank of New South Wales, Auckland. They arc subject to alteration without notice:— To £ 1 N.Z. T.T. * On Demand Currency Selling Buying Selling U.S.A.. do!. . . 3.7310 3.7702 3.7320 Canada, dol. .. 3.7405 3.7052-- 3.7505 Belgium, belga 21.1)17 Denmark, kr. 17.8:50 15.200 17.832 Finland, Fin. ms. 17N.HH 183.18 170.08 France, fr. llil.ll)* Germany, r.nt. . 0.207

Greece, drachmas 425.10 Holland. 11. .. (i.078 7.1 fiß 0.080 Italy, fire 70.030 Java, fl. .. 0.050 7.110 fi.ool Norway, kr. .. 15.830 .10.180 15.830 Noumea, fr. .. 138.74

Papeete, fr. ~ 138.80* Sweden, kr. . . 15.450 15.805 15.453 Switzerland, fr. 10.012 10.1)82 10.015 South Africa, £N.Z. to £S.A. 100 . .. 124.17 122.17 124.17 N.Z. pence to—

Hongkong, dol. 18% 18 7-32 18% India, rupeo . 22% 22 3-10 22% Ceylon, rupee . 22% 22 3-16 22% Japan, yen . 17 37-04 Manila', peso 32V1 31 20-04 32'/ Shanghai, dol. Nominal Singapore, dol 34 31-32 34 25-04 34 31-32 Tho cost in New Zealand currency of tho pound sterling, and of the principal overseas units, on the latest quotations, is as follows: —■ Present Price Par London, pound .. 25 0.00 20 0-00 Australia, pound .. 10 11.88 20 0.00 Fiji, pound . .. 22 5.00 20 000 Now York, dollar 5 4.08 4 1.31 Montreal, dollar .. '• 3.70 4 1.31 Paris, franc . .. 0 1.70 0 1.34 Berlin, reichsmark .. 2 1. <1 0 1174 Copenhagen, krone,. 1 1.30 1 1.22 Yokohama, yen .. 1 fi.so 2 0.08

CUSTOMS EXCHANGE RATES Finally declared rates of exchange ruling at tho date of departure of vessels named aro shown in tho following table: — Limerick, Canada, dollars .. .. 4.70 LimorieJc, America, dollars .. .. 4.(*8 Port Montreal, Canada, dollars .. 4.71 City of Kimberley, Canada, dollars .. 4.70 City of Kimberley, America, dollars .. 4.08 ITauraki, Canada dollars .. .. 4.70 Hauraki, America, dollars .. .. 4.08 Mariposa, Canada, dollars .. .. 4.71 Mariposa, America, dollars . . .. 4.(58 Naumburg, America, dollars .. .. 4.(58 Niagara, Canada, dollars 4.71 Niagara. America, dollars .. .. 4.(58 WHEAT, FLOUR AND SUGAR LONDON, May 4 Wheat. —Cargoes arc quioter and parcels are lower. Futures. —London; May. 23s 4d a quarter; July, 23s 7d. Liverpool: Old contract. May, 4s (jjjd a cental. New contract. May, 4s 3Jd; July, 4s Cd; October, 4s 7«d. Spot trade firm. Australian. 25s 6d. Flour dearer. Australian, ox store, IDs to 20s. Raw sugar, beetroot basis, 8s od a cwt.

Price Variation - JL' s d s d Consols, 2/3 per cent 00 10 0 +25 0 Fund. Loan, -1, 1900-90 104 5 0 +25 0 War Loan, 3'/ ? , 1»52. 91 15 0 +32 0 Cotiv. Loan, :V /2 , 1901 02 0 0 +15 0 Victory Bonds, 4 101 10 0 +25 0 Com'wealth, 5, 1 S)-10-7."V 101 12 (i +30 0 Com'wealth, 4, 1943-48 05 17 0 +27 0 C'wealth, 3 3 4, 1948-53 C'wealth. 3%, 195<;-01 Com'wealth, 3, 1955-58 00 17 fj +37 u 78 7 0 -12 ot 77 10 0 — 7 (i N.S.W.. 3%, 1930-50 89 0 0 +2 0 Victorian, 3, 1920-19 86 0 0 Same Victorian, 4 3 4. 1940-00 100 0 0 +20 0 Victorian. 5, J915-75 100 0 0 +2 0 Queensland, 3, 1922-17 SO 17 6 +12 6 Queensland, 5, 1040-00 t>. Aust., 3,1910 or after 99 17 6 +22 0 70 0 0 + 17 6 S. Aust., 5, 1045-75 100 10 0 + 10 0 W. Aust., 4, 1042-02 Tasmania, 3 l /j, 1920-10 92 0 0 +00 0 99 lO 0 +r> 0 Tasmania, 4, 1910-50 92 17 6 +47 6 N.Z., IV2. 1918-58 . . 02 0 0 +42 6 N.Z., 3'/„ 1010 99 7 0 + 15 0 New Zealand, 3, 1045 85 15 0 +5 0 JEx interest

May 4 May 3 Par Montreal, dol. .. •1.707,, 4.70- 1 /,. 4.800 New York, dol. •l-OS'/a 4.08'/ l6 4.80 Paris, fr. 170 s /, 17«% 170.00 Brussels, liclga. . 27.01'/, •_'7 .50'/, 30.00 Geneva, fr. 20.K< l l / a 20.85 • >-, Amsterdam, "gr. 8. 11 Vj 8.77% T'.»'To Milan, lire 8!) 8!) 02.00 Berlin, r.m. 1 1 .0(J'/ a 11.07 20.13 Stockholm, kr... 11). 11 lO.ll 18.150 Copenhagen, kr. 22.10 22.40 18.150 Oslo, kr. m.oo 10.00 18.150 Prague, kr. t 10-1.25 Helsingfors, mark 220% t 220% 103.23 Madrid, pes. t •>r, Lisbon, escu. . . i id 110 110 Athens, dr. • >l 4 /2 51 «Va 375.00 Bucharest, lej... (>(>() (j(H) SI 3.0 Rio de Janeiro, in. 2 l */.*d 2»/i„d 5.800d Buenos Aires, pes. ■jo.-Joy 3 20.22 1 /, 11.45 Montevideo, dol. l8'/ a d 1 S'/jd 51 d Bombay, rupee. . Shanghai, dol... IT'Vi.d 17 ,5 / 16 d 18d t t — Hongkong, dol. J-i%d M 3^d — Yokohama, yen lid 3 If) 24.58d Batavia, . . 8.76 S.7.V/4 12.10 Belgrade, din... 210 210 270.31 Warsaw, zloty.. 24. *7 10.36 43.38