THE MONEY MARKET

New Zealand Herald, Volume LXXVI, Issue 23417, 5 August 1939, Page 11

THE MONEY MARKET

BANK OF ENGLAND RETURN -HIGHER NOTE CIRCULATION • RESERVE PROPORTION DOWN . - - LONDON, Auk. 3 The Bank of England return for the week ended.August 2 is as follows: ISSUE. DEPARTMENT. Notes issued:— Govt, debt £1 1,000,000 In clrcu. Other Govt. lation £520,(100,000 securities 288,300,000: In hank- Silver coin 700,000 lug dept. 25,800,000 * £300,000,000 Gold coin i hullion 210,400,000 £510,100,000 £.710,-100,000 •Amount of fiduciary issue. BANKING DEPARTMENT Capital . . £l-1,500,000 Govt.secuRest ... 3,500,000 rities £112,000,000 Deposits— " Advances Public .. 23,300,000 and other Bankers A securities 28,100,000 other acs. .125,800,000 Notes . . 25,800,000 " . Gold and silver coin 000,000 £107,100,0001 ' £107,100,000 . Tho 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— July 20 . Aup. 2 Public, .. £20,000,000 £23,300,000 Bankers .. S>l ,'IOO,OOO 80,000,000 Other Accounts 30,700,000 30,200,000 £151,100,000 £l-19,100,000 Securities^— Government . . 100,500,000 112,000,000 : Advances, etc. 8,000,000 0,000,000 Other :. 21,500,000 21,200,000 Reserve .. 30,100.000 20,400,000 Note circulation 510,1100,000 520,000,000 Coin and bullion 247,300,000 247,000,000 Proportion .. ,23.44- 17.77 ' RATE OF DISCOUNT The Bank of England rate of discount is 2 per cent, to which it was reduced on Juno 30, 1932, from 2j per cent. CONSOLS AND DOMINION STOCKS The following table gives quotations for consols and colonial inscribed stocks, compared with those of July 27: — Price Variation £ 8 (I S (I Consols, 2% per cent 00 5 0 -12 0 Fund. Loan, 4.1000-00 104 10 0 -10 0 War Loan, 3%, 1052 01 12 0 -17 0 Conversion Loan, 3%, 1001 . . . 02 10 0 +ls 0 Victory Bonds, 4 .. 101 10 0 -10 0 Com., 5, 1015-75 ..100 15 0 +5 0 Com., 4, 1043-48 .. OS 0 0 +lO 0 Com., 3 s /, 1048-53 .. 00 5 0 Same Com., 3%, 1050-01 .. 80 0 0 +7 0 Com., .3, 1055-58 .. 78 2 0 +2 0 N.S.W., 3%, 1030-.-0 8.8 7 0 -2 0 Victorian, 3, 1020-40 80 0 0 -5 0 Victorian, 4%, 1040-00 00 1 0 0 +lO 0 Vlctorinn, 5, 1015-75 100 10 0 +2O 0 Queensland, 3, 1022-47 88 15 0 -10 0 Queensland, 5, 1010-00 100 0 0 Same S. Aus., 3. 1010 or after 07 0 0 -40 0 S. Aus., 5, 1045-75 .. 100 10 0 +ls 0 W \iis„ 4, 1012-02 . . 02 10 0 +lO 0 Tasmania, 3%. 1020-40 100 10 0 -10 0 Tasmania,. 4, 10-10-50 01 15 0 +25 0 N.Z., 4%, 1048-58 .. 02 0 0 +3O 01 N.Z., 3%, 1010 ..100 10 0 -10 0 N.Z., 3, 1015 ... 80 7 G Samo !Ex interest. FOREIGN EXCHANGES FLUCTUATIONS IN LONDON British "Wireless , LONDON, Aug. 3 The' following rates on foreign exchanges are current, compared with the cabled quotations yesterday and par: — • „ Ausr. 3 Aug. 2 '.Par Montreal, dol. . ,4.08% 4.68%;>r 4.860..' New -York", doL "4:08% 4.08%. 4.80 , Paris, fr. Brussels, belga.. 27.55%'. 27.55% 35.00 Geneva, fr.V,.20.75/'..' 20.75 25.22 Amsterdam, ' gr." 8.80%' 8.80% -12.10 Milan, tfre .;. 80 80 02.00 Berlin, -r,ml .. .11.00% 11.00% ..20.43 Stockholm, kr.~.. y 10.41 10.41 iS.IoO Copenhagen, kr, . 22.40 22.40 Oslo, kr. . ...., 10.00 10.00 .18.150' Helsingfors- mark 220% 220% 103.23 W -W ' J (Athens; dr. .oi > A oion ] Bucharest. 161... 000 ' f;l\, ~ q<w!h 1 Rio de Janeiro, m. 2%d 2%d .'>-800d Buenos Aires, pes. 20.18 _0 10/ - IT;i Montevideo; dol. 18% d 18/ d old Bombay; rupee. 17Vaad 17 / 3a d lSd Shanghai, d 01... t 1.., Honfjkbnpr, dol. "34% 34% Yokohama, j'en 14ct ll'L, To'i'n Rntavia. gr. .. 8.70,4 8-'B/^ Belgrade, din.;. 210 Warsaw, zloty.. 24.87 24.87 43.38 ■f Nominal. .. , , . .... :'' ,• .*- i ...: ' . ■ • NEW' ZEALAND QUOTATIONS The Associated Banks (other than the Bank of Now South Wales) quoted the following dollar rates yesterdayoll a -Now Zealand currency "basis, subject to alteration without notice: — Sclliag: United States Caaada T.T 3.72%, On demand .. 3.72%„ 3./2/ i Buying: „ _ • On demand .. 3.7 </a 3. Following are the latest rates for purchases and. sales of foreign exchange quoted bv the Bank of New South Wales, Auckland. They are subject to alteration without notice:— T.T. On Demand • , Selling Buying Selling London, ' . £N.Z. to £IOO sterling .. 126 123.38.9 124.10.0 Australia, £X. to £N.Z. 300. .. 100 100.10 100 Fiji, • ' 100*!° £N '.' 88.12.0 90 88.12.6 South Africa, £N.Z; to £S.A. 100 . 124.17 122U7 124.17 To £1 N.Z. Currency— U.S.A., dol. .. 3.7310 3.7703 3.7320 Canada, dol. . . 3:7318 3k805 Belgium, belga. 21.052 22.337 21.007 Denmark, kr. . 17.830 18.200 l^.Ji32 Finland, Fin. ins. 170.05 185.25 1.9.15 France, fr. .. 140.47 144.22 140.40 Germany, r.m. . 0.204. Greece, drachmas 420.20 Holland, n. .. 0.000 7.180 7.001 Italy, lire .. 70.04 _ 70.07 Java, (1. .. 6.054 7.1.4 64156 Norway, kr. .. 35.437 35.757 15.440 Noumea, fr. .. 138.72 14(i.07 .138.70 Papcclo, fr. .. 138.87 140.37 135.01 Sweden, kr. . . 15.440 15.801 35.449 Switzerland, fr. 10.523 10.803 10.520 N.Z. pence to— Hongkong, dol. 18% 18 3-32 18% India, rupee ; . 22% Ceylon,' rupee . 22% Japan, yen ~ 1.7 37r04 Manila, peso . 32 7-32 31 27-04 32 7-32 Shanghai, d 01... Nominal Singapore, dol. 35 0-32 34,45-04 35 0-32 The cost in Now 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 .. 25 0.00 20 0.00 Australia, pound .. 10 11.88 20 0.00 Fiji, pound . V .. 22 5.00 20 0.00 Now York, dollar. .. 5 4.08 4 1.31. Montreal, flollar ,5 4.08 4 -1.31 Paris, franc . .. 0 1.70 0 1.34 Berlin, roichsmark ... 2 1.73 . 0 11./,4 Copennagen, krono , . 1 1.39 1 1.22 Yokohama, yen ;. .1 5.50 2 0.58 CUSTOMS EXCHANGE" RATES Finally declared rates of exchange ruling at the (late of departure of vessels named aro shown in the following tnblo: — City of Delhi, Canada, dollars . .. 4.00 City of Delhi, America, dollars . .. 4.68 Kaituna, Amorica, dollars .. V. 4.68 Kaituna, Canada, dollars .. .. 4.60 BRADFORD MARKET • 'V v FIRMNESS OF TONE • LONDON, Aug. 2 The Bradford market is firm, and prices are unchanged. The output of tops and yai'ns is fully maintained: Following are to-day's quotations nnd tlio3o of rcci'nt weeks:— . July 13 July 20 July 27 Aug. 3 per lb. per lb. per lb. per lb. (I (1 (1 (I SevonflCß •• «. 28 Sixty-fours .. 20% 20% 20%. 20% ■Sixties . . 25/ a 2a/ a --'/ a ->'/a Fifty-eights .. 23 23 23 23 Flftj'-sixes .. *— • M - "—Not quoted.- •' .