MONEY MARKET.

Dominion, Volume 11, Issue 52, 24 November 1917, Page 10

MONEY MARKET.

The Bank of England d-'scount rate was on January 2, 1914, reduced from 5 to 41 per cent., on January 22 it wae reduced to 4 per cent., and on January 28 3 per cejit. On July 30 tho rate was raised to 8 per cent., and 1.11 August 1 it was further advanced to 10 per cent. On August 6 tho rate was reduced to 6 per cent., on August 7 it was further reduced, to 5 per »;ent., on July 13, 1916. it was raised to 6 per cent., on January 12, 1917. it was reduced to 51 per cent., and on April 6 it was further reduced to 5 per cent. OPEN MARKET RATES. The open market discount rate for three months' bills is 4} per cent., as compared with 4? per cent, last week, and 51 por cent, .last rear. Short loans are quoted at 4J per oent., as against 4$ per cont. last week, and 5' per cent, last year. COLONIAL AND OTHER- PRODUCE. Wheat—Slow of ealo. Indian and Chilian cargoes sparingly offered. Flour.—Good inquiry for few lots of Canadian, which the Food Control Committee is releasing. Beans and Peas—Firm at full rates. Sugar.—Unchanged. Butter—Tlie trade is at a standstill, pending the commencement of the distribution. The whole of the trade is busily occupied in filling application forms. It ia expected that a, fair ouautity will be available, for distribution till the end of the. year, but supplies for January are likely .to lie very short. It is understood that Sir 'Rios. Mackenzie (High Ooinmiesioner for New Zealaildl has arranged to greatly case the accumulation of foodstuffs from New Zealand. THE METAL MARKETS. Tln.-Spot, £282 ss. por ton; three months, £281 ss. Bar Silver.—42 5-16 d. per oz. standard. Other metals unohanged. The Metal Eichange has decided that after January 1 lead quotations will be net, instead of gross.