THE MONEY MARKET

Dominion, Volume 28, Issue 86, 5 January 1935, Page 14

THE MONEY MARKET

Bank of England Return INCREASED ADVANCES By Telegraph.—Press assn.—Copyright. London. January 3. • The Bank of England . return for the week ended January 2 is as follows:— Issue Department.

Proportion of reserve to liabilities, 35.30 per cent., compared with 35.10 per cent. principal items of the above return compare as follow with those of last

Short Doans and Bills. The Bank of England rate of discounf was reduced to - per cent, as from June 30, 1931. , . . Short loans are quoted at -J per cent., compared with 1 1-8 per cent, last week. The market rate of discount for best three months’ bills is 13-32 per cent., compared with 10-32 per cent, last week. The Increase of £10,016,837 In discounts and advances represents end of the year borrowing. This, with the Governments interest disbursements at January 1, lias caused a rise of £28,203.782 in bankers deposits. Notes in circulation have decreased by £10,432,675. LONDON STOCK EXCHANGE Government Loans Very Firm By Telegraph.:—Press Assn. —Copyright. London, January 3. The following table gives quotations for consols and colonial inscribed stocks on the Stock Exchange to-day, compared wl.n those of December 27:—

BASE METALS MARKET Copper Firmer; Tin Steady By Telegraph.—Press Assn.—Copyright. (Received January 4, 8.15 p.m.) Sydney, January 4. The official London (middle) quotations for Thursday, as reported by the Australian Mines and Metals Association, compare as under with those previously cabled:—

Silver— Standard, per oz. . 24 5-Bd. 24 5-Sd. Fine 26 9-16 d. 26 9-16 d. •American, 9 cents a lb. tAmerican, 50.30 cents a lb. Potatoes and Onions Dominion Special Service. PukekuJie. January 4. H. H. Pattie Ltd. reports: Fukekohe potato supplies are limited, with the demand keen. The crops are suffering from a lack of rain, which has also affected the onion crops. Onions will yield about one-half of the usual tonnage, but immediate supplies are plentiful. Values: Potatoes, 5/9 to 0/3; onions. 7/9 to 8/3. LONDON EXCHANGE Associated Banks’ Rates The associated banks trailing in New Zealand have adopted the following rates of exchange on London as from Angus'1:—

Basis £lOO London. Consequent upon the above adjustment in London exchange rates, the following rates between New Zealand anil Australia were adopted as from August NEW ZEALAND ON AUSTRALIA. Buying Rate. Selling Rale. £lOl £lOO 10 0 Basis £lOO New Zealand.

£ £ Notes issued: Govt, debt 11,015(10(1 In circulation 394,731,125 Other Govt, securities 245.575,881 Tn bankinc Other dept. 57,570,974 securities Silver coin 959,;)S7 2,449,432 ‘£260.000,000 Gold coin & bullion 192.302,000 £452.302.090 £452,302,099 ‘Amount of fiduciary issue. Bankina Department. , £ £ Capital 14,553.000 Govt. 89,336,413 Rest 3,494,509 securities Deposits: Public 9,931,185 Disets., advances 24,195.414 Bankers 117.343,357 Other 10,562,341 57.570,974 Other a/cs 36,822.046 7-dav. etc.. securities Notes bills Gold & sil479,015 ver coin £182,144,157 £182.144.157

week: — Dec. 20. Jan. 2. Deposits: Public ........... £ 11,878,364 cL 9,931,185 Bankers 89,139,575 117,343,357 Other accounts .. 30,404,582 30,822,040 £135,422,521 £104,096,588 Securities: Government .... 87,541,413 89,330,413 Discts., advances 7,578,577 24,195,414 Other 'securities . 10,067,289 10,502,341 Reserve • • 47,024.979 58.049,989 Note circulation ... 405,163,800 394,731,125 Gold coin & bullion 192,272,637 192.302,099

Price. £ s. d. Variation. £ s. d. Consols, 2| p.c. 03 10 0 1 10 Ot Fund. Loan, 4 p.c. ... 121 0 0 1 0 Of War Loan, 3J p.c. ... 109 10 0 1 o ot Cony. Loan, 3i p.c. .. 111 15 0 1 —• Gt Victory Bonds. 4 p.c. 118 7 • 6 0 7 6| C’wealth, 5, 1935-45 .. 101 10 0 . same C’wealth, 5, 1945-75 .. 113 0 0 O 7 oT C’wealth, 3J, 1936-37 . 103 7 0 0 2 6t C’wealth, 4, 1943-48 .. 106 10 0 0 12 6t C’wealth, 3}, 1948-53 . 10 f 9 0 11 o N.S.W., 3 p.c., 1935 .. 101 IT 6 same NS.W., 31, 1930-50 ... 100 8 9 O 3. UT N.S.W., 4i, 1935-45 .. 101 2 6 .0 5 ot N.S.W., 5. 1935-55 ... 103 3 9 0 3 9t •Victoria, 3, 1929-49 .. 99 15 9 0 10 Ot Victoria, 4{, 1940-60 . 106 5 0 0 5 0* Victoria, 5; 1945-75 ... 112 12 6 0 2 ot Q'land, 3, 1922-47 .... 09 47 G same Q’land, 5. 1940-60 .... 109 7 0 0 5 or S. Aust., 3, 1916 (opt,) 91 0 0 same S. Aust., 5. 1945-75 .. 112 10 0 0 5 or W. Aust., 3, 1015-35 .. 100 12 0 same W. Aust., 4, 1942-62 . 104 2 « O 7 er Tasm., 3}, 1920-40 ... 101 15 0 0 5 ot Tasm., 4, 1940-50 ..... 104 10 0 0 5 Of N.Z., 44, 1948-58 112 0 0 0 12 ot NZ 3A, 1940 103 15 0 0 7 Gt N.Z.’ 3." 1945 101 0 0 0 2 ot N.Z.. 6. 1936-51 X105 lo 0 ° 3 0* tHigher. *Lower. x Ex interest.

.Tan. 2. Per ton. .Tan. 3. Per ton. Copper— £ s. d. £• s. (1. Standard •28 7 « 28 9 4} Standard, forward •28 15 71 28 18 1} •Electrolytic . 31 10 0 31 15 0 to 32 0 0 32 5 0 Wire bars ........ 32 0 0 32 5 0 Lead— Spot 10 5 0 10 5 0 Forward Spelter— 10 11 3 10 11 3 Spot 12 0 0 11 IS 9 Forward 12 0 3 12 5 0 Tin— tSpot 22S 8 9 228 8 9 Forward 228 6 3 228 (i 3

NEW ZEALAXD OX LOXDOX Buy ini Selling £ s. (1. £ «. d. 124 0 0 T.T. 121 10 0 123 10 0 Demand 121 7 0 123 n 0 3 clays — 123 ;j 0 30 days 124 5 0 123 0 0 00 days 124 2 0 122 15 0 90 days 124 0 0 122 10 0 120 days —