THE MONEY MARKET

Dominion, Volume 28, Issue 92, 12 January 1935, Page 10

THE MONEY MARKET

Bank of England Return NOTE CIRCULATION LOWER By Telegraph.—Press Assn.—CopyrigbtLondon, January 10. The Bank of England return for the week ended January 9 is as follows: — Issue Department. Notes Issued: £ . „ — lu clrciila- Govt, debt 11,01a,100 Hon 355,000,525 Other Govt. In banking securities 246,070,399 depll 03,095.574 Other securities 406,423 Silver coin 2,417,578 • £260,000,000 Gold coin & bullion 192,302,009 £452,30(1,099 £452,302,009 "Amount of’fiduciary issue. Banking Department. £ £ Capital 14.5X1,000 Govt, seBest 3,530,826 cunties 88,096.413 Deposits: Disets., adPublic - 11.905.512 vauces 9.U11.-11 Bankers 103,522,167 Other seOther • curlties 10,i04.R--a/cs. 30,571,901 Notes 6G,0»a,m4 7-day etc. Gold & allbins — ver coin 410,-lab £ 175,053,436 £ 175,083.430 Proportion of reserve to liabilities, 42.70 per cent., compared with 30.30 per eent. The .principal items of the above return compare as follow with those of last

Short Loans and Bills. The Bank of England rate of discount was reduced to 2 per cent, as from June 30. 1931. Short loans are quoted at £ per cent., the same as last week. The market rate of discount for best three months’ bills is 13-32 per cent., unchanged from last week. r . . The contraction in note circulation and the increase in reserve is due to a return of Christmas money. The decrease in discounts and advances represents market repayments to the bank. Position of Sterling . By Telegraph. Press Assn.— Copyright. London. January 19. Tile following rates on foreign exchanges ■were current to-day, compared with those ruling on January 9:— Jan. 10. Jan. 9. , Par. N. York. dol. to £ 4.91 13-16 4.92! 3-8 $4,866 Montreal, dol. to £ 4.882 ISi Paris, fr. to £ 74 9-t»- < Brussels, bel. to £ o-oo-Geneva, fr. to £ lu.Ua Iml.i -.»—<> Amst’dam.. fl. to £ i.2uL 7..u} L'L 7 Milan, lire to £ 57 11-32 .’713-3- £..40 Berlin, inks, to £ J 2 - - Jj-.-O St’holm., knr. to £ 19.39 u low!- is mn C’hagen, knr. to £ 22.31 M 22.39 a IS.toS Oslo, knr. to £ 19.90.: l?-90-> Vielina, scligs. to £ 20.025 _ 2 b.b20 04.58 a Prague, knr. to £ 117.370 lli.-u Hel’fors,- mks. to £ 220 A0 Madrid, pcs. to £ 3o’~<-3- 3029-3- -•’■ 22 ° Lisbon, esc. to £ 110.12 a 110.1—> 110 Athens, drach. to £ *514 •-’J” “f’’ „. Belgrade, din. to £ 226 210 — <6.31 Bucharest lei to £ 457.50 -187.50 813.60 ■Warsaw, zloty to £ 25.93 — +3-38 Rio de J-. p. to mil. W t+i ->.899 B. Aires, p. to peso -f36} t-16* 47-0-M.Video, P. to peso 139 7-8 To9<-8 ,d Calcutta, p. to rup- 181-10 181-16 18 Shanghai, p. to dol. 1< 1-10 107-8 — H.-Kong, p to dol. 211-8 20} - Y’hama, p. to yen 14 14 -+.»- Batavia, fl. to £ i.'-O.i 7—oo 1-.107 •{•Sellers, official. ♦Sellers. sPar, 8.23 31-32 since dollar devaluation on February 1, 1934. Gold and Silver. London, January 10. Gold. £ 7/1/4 i per fine ounce. Silver.—Cash. 24 9-16(1. per ounce; forward, 24 11-166. BASE METALS MARKET Tin Still Rising By Telegraph.—Press Assn.—Copyright. (Received January 11, 8.45 p.m.) Sydney. January 11. 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 9-16 d. 24 9-16 d. Fine 2I»J. 20 3-Sd. tAnierican, 50.90 cents a lb. Wellington Poultry Prices Prices of live poultry on the Wellington markets this week are quoted by Townsend and Paul. Ltd., as follow:— Fowls: White Leghorns—Hens, 1/6 to 1/9 each: cockerels. 1/6 to 2/-; pullets. 3/- to 3/6. Black Orpingtons: Hens, heavy. 5/G to 4/-: medium. 2/- to 2/6; cockerels, heavy. 3/6 to 4/-; medium. 2/- to 2/6. Ducks: Indian lluiuier. young 2/6 to 3/-: old. 2/3 to 2/6; White, heavy, 3/3 to 3/6. Geese. -1/6 to 5/-. Turkeys, 9d. to 1/- per lb. Skippers’ Report The secretary of Skippers Ltd. reports that word has been received from the mine manager to the' effect that heavy tains caused the river to rise, with the result that the forthcoming wash-up will be delayed. The rain will, however, have the beneficial effect of increasing the water supply, which lately diminished to such tin extent that the Diesel plant, solely had to be relied upon for all the water required for sluicing nnd elevating. A later message states that the river is falling steadily and work has been resumed. According to the mine manager the wash and crevices are ('till showing excellent gold. . '

•week: — January 2. January. 11.1105.542 103,322,107 33.571,001 Deposits: Public Bankers Other accounts 9,031,185 117,343,357 33.822,040 X104,030, CSS £153,999,610 Securities: Government §9,333,413 SS.O3O,+13 Disets., advances 24,195,41+ 0.041,211 Other securities 10.502,341 10.754 ,S2t2 5S,049.9.99 07,190,900 Note circulation .. 394.731.125 3S5,G06,??25 Gold coin & bullion 102,302,0311 192,30-3)99

.Tan. 9. Per ton. Jan. 10. Per ton. Copper— £ a. d. C s. d. Standard 2>S 9 4 * 28 4 41 Standard, forward 28 16 101 28 5 7 J •Electrolytic .... .31 10 0 31 10 0 to 32 0 0 31 15 0 Wire bars 32 0 0 31 15 0 Lead— Spot 10 ."> 11 10 5 0 Forward 10 10 0 10 11 3 Spelter— Spot 11 17 G 11 ll <» Forward 12 3 9 12 5 0 Tin— fSpot 23° 1 3 2.32 17 6 Forward 3 9 229 5 0