THE MONEY MARKET

New Zealand Herald, Volume LXXVI, Issue 23381, 24 June 1939, Page 11

THE MONEY MARKET

BANK OF EN(>LAND RETURN SMALLER NOTE CIRCULATION GOLD HOLDING STEADY LONDON, .Time 22 The Bank of England return for the week ended June 21 is as follows: ISSUE DEPARTMENT Notes issued:— Govt, debt £11,000,000. In eirni- Other Govt. lation £494,700,000 securities 288,20(1,000 In bunk- Other seening dept. 31,600,001. ritirs ... Silver coin 7()O,00o • £300,000,000 Gold coin A bullion 220,390,000 £520,300,000 ' 7^0,300.000 •Amount of fiduciary issue. BANKING DEPAHTM EN'T Capital . . £14.50(1.990 Govt, socuKfSt 3,400,000 rities £112,000,000 Deposits— Advances Public .. 25,,'?ii0,000 and other Bankers A securities 31,700,000 Other HC8.133,300,001 Notes .. 31,000,000 Gold and . , silver coin (>99,090 £ 170,500,000 £ 1.70,500,000 The principal items of the above return compare as follows with those for last week, the proportion of the reserve being shown in the last line: — Deposits— June 14 June 21 Public .. £22,100,000 £25,300,000 Bankers .. 109,300,000 Other Accounts 30,400,000 36,100,090 £158,800,000 £156,600,000 Securities — Government . . 116,300,000 112,600,000 Advances, etc. 5,600,000 6.'-00,000 Other . . 22,000,000 25,200,000 Reserve . . 31.500.000 32,200,000 Note circulation 405,000,000 404,709,000 Coin and bullion 22(5,300,000 226,000 000 Proportion .. 20.02 20,30 RATE OF DISCOUNT The Bank of England rate of discount is 2 per cent, to which it wns reduced on June 30, 1932, from 2i per cent. CONSOLS AND DOMINION STOCKS The following table gives quotations for consols and colonial inscribed stocks, compared with those of June 15: — VariaPricc tion £sd s d Consols, 2'/j per cent . OK 0 9 +l9 (i Fund. Loan, 4, 1909-00 107 15 o +ls 0 War Loan, 3'j, 1952 . ot 19 9 +ls 0 Conv. Loan, :V' 2 . 1-901 05 5 O +ls (» Victory Bonds, 4 .. yi7 10 () +l9 9 Com'wealth, 5, 1015-75 101 l(i 0 -12 0 Com'wenlth. 4, 1013-48 Oft 2 0 -20 o Com'wenlth, 3*;, '4B-53 04 5 9 -19 9 Com'wealth, :iy 4 . 'SO-01 85 19 9 -20 9 ('om'wealth, 3, 1055-58 84 2 0 Same X.S.W.. 3%, 1930-59 . 03 o 9 Same Victorian, 3, 1029-40 . 89 15 9 -35 0 Victorian, 4%, 1949-00 99 10 0 - 5 9 Victorian, 5, 1.945-75 . 191 7 0 - 5 9 Queensland, 3, 1022-17 91 2 0 4-2 0 Queensland, 5, 1949-09 199 15 9 -2 0 S Aust., 3. 'lO or after 79 5 9 -5 9 S. A list., 5, 1945-75 . 191 15 9 f 5 9 W. Aust., 1. 1942-02 00 7 O Same Tasmania, 1920-40 00 10 0 -7 o Tasmania, 4, 1040-50 97 17 6 -12 (> X.Z., -1 Vi. .1018-53 .. 92 0 0 -30 0 X.Z., 3'/j, 1010 .. 98 2 « -2 0 N.Z., 3, 1915 .. 87 0 0 -30 0 FOREIGN EXCHANGES FEW CHANGES IN RATES British Wireless LONDON, June 22 The following rates on foreign exchanges are current, compared with the cabled quotations yesterday and par: — * June 22 June 21 Par Montreal, dol. .. 4.00 , / i, 4.00 V,, 4.800 New Vork, dol. 4.08V 4 4.HBVi 4.80 Paris.fr. .. 170 3 ; 170;.; 179.00 Brussels, belfca.. 27.52Vj 27.53/j 35.00 Geneva, fr. .. ,20. 20.70 , £ 25.22 Amsterdam, pr. 8.81% 8.81% 12.10 Milan, lire . . 80 * 80 02.90 Berlin, r.m. .. 11.07 15.07 20.43 Stockholm, kr... 19.42 19.42 18.159 Copenhagen, kr. 22.40 22.40 18.159 Oslo. kr. .. 19.00 19.90 18.159 Prague, kr. t t 104.25 Helsinirfors, mark 220% 220/, 193.23 Madrid, pes. .. t t 25/221 i.isbon, escu. .. 110'« 110V4 I^o Alliens, dr. . . 51 7Vi 517% 3,jj.00 Bucharest, 1e.i... 009 000 81.3.0 Rio de Janeiro, m. 2"/ 1 « d 2"/„d 5.809 d Buenos Aires, pes. 20.21% 20.22 11.10 Montevideo, dol. tßd ISd {>'s Bombay, rupee. . 1" a % a d 17 /3 ad 18d Shanghai, d 01... 3 t Hongkonsr, dol. It"/™ 14 v« —- Yokohama, yen lid lid Batavia, Rr. .. 8.80 8.80 Belgrade, din... 210 210 _i0..3l Warsaw, zloty.. 24.84 24.8/ 43.3b tXoininal. 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. . . <. . 3.72%, 3.73%, On demand .. 3.72%, 3.(3%, Buying: On demand .. 3./7 /a 3. .o/ x .

Following arc the latest rates for purchases and sales of exchange quoted bv the Bank of New South Wales, Auckland. They are subject to alteration without notice:— To i'l N.Z. T.T. On Demand Currencv Selling Buying Selling U.S.A., dot. .. 3.7310 3.7702 3.7320 Canada, dol. .. 3.7 121 3.7011 3. <434 Belgium, belga . 21 .f)'J(i 22.311. 21.0.51 Denmark, kr. . 17.830 15.200 17.532 Finland, Fin. ms. 170.(17 150.27 l«0.1v France, fr. .. 1 10.17 M 1.22 110.40 Germany, r.m. . 0. - _'7l o/Jj.i Greece, drachmae 120.1!) Holland. (1. .. 7.012 7.202 7.011 Italy, lire .. 70.1144 .lava, fl. .. (1.1157 7.177 H.OSO Norway, kr. .. 10.537 10.157 lo.sio Nouhiea. fr. .. 138.72 140.07 135.70 Papeete, fr.. .. 135.57 14(1.37 135.01 Sweden, kr. .. 10.I.V? 10..'*11 10.400 Switzerland, fr. 10.030 10.00(3 10.530 South Africa, IfX.Z. to £S.A. 12l l? i00,i7 124.17 N.Z. pence to — Hongkong, dol 18 21-32 18'/4 18 21-32 India, rupee .. 22 31-04 Ceylon, rupeo 22 31-0! Japan, yen .. 17 37-04 Manila, peso 32 7-32 31 27-04 32 7-32 Shanghai, dol.. Nominal Singapore, dol. 35 3-32 34 33*04 35 3-32 CUSTOMS EXCHANGE RATES Finally declared rates of exchange ruling at the date of departure of vessels named are shown in the following table: — * Nardana. America, dollars .. .. 4.08 Nardana, Canada, dollars .. .. 4.70 Port Halifax, Canada, dollars .. 4.00 Port Halifax, America, dollars .. 4.0S Toltcn, Canada, dollars .. .. 4.00 Toll en, America, dollars .. 4.0b Monowai, Canada, dollars .. .. 4.00 Monowai. America, dollars .. .. 4.08 The cost in New Zealand currency of the pound sterling, and of the principal overseas units, on the latest quotations, is as follows: — Present Price Par s d s d London, pound .. 20 0.00 20 0.00 Australia, pound .. 10 11.SS 20 0.00 Fiji, pound . .. 22 5.00 20 0.00 New York, dollar .. 5 4.00 4 1.31 Montreal, dollar .. 5 3.03 4 1.31 Paris, franc .. 0 l.<o 0 1.34 Berlin, reichsmark .. 2 1.70 0 11.74 Copenhagen, krone.. 1 1.30 1 1.22 Yokohama, yen .. 1 6.00 2 O.ofe

STUD SHEEP SALES OFFERINGS IN SYDNEY (Received June 23, 8.35 p.m.) SYDNEY, June 23 The stud sheep sales were opened today with the British breeds, for which bidding opened quietly, but strengthened during the sales. Border Leicesters were offered on behalf of Mr. Donald Grant, of Timaru. Nine rams made 9gns. to 37Jgns. On account. Mr. W. 0. Hcnnie, Canterbury, 14 rams made 7igns. to llgns., and on account Mr. W. Shannon, of Palmerston North, I*l rams made ogns. to 7gns. NEW PRIVATE COMPANY The follou-ino: private company has been registered in Auckland. W. K. Bourn, Limited, sawmillers nnd limber merchants, Te Puke. Capital, £3OOO in £1 shares. Subscribers: W. E. Botven, 2000 shares; [",. J. Bowen and I. V. Bowen, suu shares each.