THE MONEY MARKET

Dominion, Volume 34, Issue 45, 16 November 1940, Page 14

THE MONEY MARKET

Bank Of England Return NOTE CIRCULATION HIGHER (By Telegraph.—Press Assn. —Copyright.) LONDON. November 14. ■file Bank of England return for the week ended November 13 is as follows:

LONDON, November 14. . The Bank ot England rate of discount is unchanged at 2 per cent. Discount and short loan races on the London market compare with those of

NEW YORK. November 14. Call money is unchanged at 1 per cent. FOREIGN EXCHANGES Position Of Sterling (By Telegraph — Press Assn —Copyright.! LONDON, November 14. the following mean closing rales on foreign exchanges were current, today:—

•Dealings suspended. LONDON, November 14. ' Gold.— £B/8/- an ounce, fine. Silver. —-Standard, 23 5-10 d. an ounce: fine, 25 3-lOd. _ New Zealand Exchanges Telegraphic rates of exchange. New Zealand on the overseas centres mentioned, were quoted yesterday by the Bank of New South Wales as follows:—

FINAL DIVIDEND Taringamutu Totara Sawmills, Ltd. In their annual report, the directors of the Taringamutu Totara Sawmills, Ltd., state that a profit of £1u,303 is shown for the year ended September 3U last. After the payment of an interim 'dividend of 3 per cent, on June 1, 1940, a further interim dividend of 4 per cent.. OU July 30. 1940, and after provkhng for all taxes, there is a balance of iioil. The directors recommend that from this a further dividend of 2 per cent., making 9 per cent, .for the year, be paid, absorbing £l2OO. and to carry forward the balance of £6471. The retiring directors are Messrs. W. 11. Bose and J. MeHattie. who offer themselves for re-elec-tion. Otago Fanners Co-op. Assn. Do minion Special S er v i c e DUNEDIN. November 15. The annual report of the directors of the Otago Farmers’ Co-operative Associtition of New Zonlund. lutcl., states that the net profit for the year, ended Septemher 30 was £63-10/2/7. which, with £441IS/6 brought forward, makes a total of £10,759/1/1. Income, social and national security taxation will absorb £3OO. _ It is proposed to pay n dividend ol 3-s’per cent, on tile A preieronee shares, and 5 per cent, on the investment. and ordinary shares, making a total of £3117 19/10. and leaving £4639/1/3 to be carried forward. Wellington Poultry Prices Prices of live poultry in the Wellington markets this week are quoted by Townsend and Paul, Ltd., as follows.:-—-White Leghorns: Hens. 3/- to 3/9 each; cockerels. 1/- to 1/4 lb.; pullets (best). 6/- to 8/- each, (others/ -I/-. 6/-. Black Orpingtons : Hens, heavy, 5/-. 8/em'li, medium. 4/-. 5/-: cockerels, heavy 1/-. 1/4 lb., mediuiu 1/-, 1/4 Hi. Rhode Island Reds: Cockerels, heavy 1/-. 1/4 lb. Ducks: Indian Runner, young 7/-. 9/each, old 3/-, 4/-: white, young 7/-, 10/-. heavy 6/-. 8/-. Geese: 5/-, 7/- each. Turkeys: 1/2, 1/4 lb. Dow Jones Averages (Bv Teiejrrapb—Press assjj • «>i«\ riuhlJ NEW YORK, November 1.4. Dow Jones averages (192 G equals .190) and turnover on the New York Stock Exchange compare as follows:

IsHiie Department. r L S’uietj issued: Govt, debt ll.hOO.CGO In elreu- Other Govt. lation 5!M,ooo,ooo securities G1o,iOO,OvO In bank- Ollier soing dept. 3»>.2(m)jm)0 purities 3.300,0(10 Silver coin — • £630.W0,(X>0 Gold coin & bullion 200,000 £030 200.00b’ £630.200,000 "Amount of fiduciary issue. Banking Department. £ £ Capital . 14,500,000 Govt, seen* Rest . 3,200.000 rities 139.1800,OOO Deposits : Discos., adPulllie 19,600.001! rances 1.200, <MX> Bankers 114,700.000 other seOther acs. 50,000.000 entities 21,100,000 Notes and coin 30900.000 £ 202,000,000 £ 202,000,000 Proportion of reserve to liabilities 20.01 per cent., compared with 20.63 per cent. last week. ’rhe principal items ol the above return compare as follows with those of last week: — Nov. 0. Nov. 13. Deposits: £ £ Public 12,900,000 19,600,000 Bankers 118,200.1X10 114,700,(XXI Other accounts . 49,400,000 50,000,000 £ 180,500,000 £ 184.300.000 Securities : Government ... 136,4W,000 139,.800,000 Discts., advances 3,100,000 4,200,000 Other securities . 21,41X1,000 21,100,000 Reserve 37,300,000 36,800,000 Note circulation .. 593,500,000 594,000,000 Gold coin & bunion 200,000 21X1.000

November 7. as follows: — Nov. 7. Nov. 14. p.e. p.c. Day to day loans $ ? Fine trade bills (3 mos.) to 3 2i to 3 Bank bills (3 mos.) 1 1-16 1 1-16 Bank bills (6 mos.) U Treasury bills (2 mos.) 1 1 Treasure bills (3 mos.) 1 1

Par. Nov. 14. New York, dollar to £ 4.866 4.03 Montreal, dollar ... to £ 4.806 4.45 Paris, francs to £ 124.21 Geneva, francs .... to £ 17..»5 St’holm, kroner ... lo £ 23.43 16.1)0 Lisbon, esc to£ 100 110.25 to £ — Athens, dnic. " to £ 375 346 Rio de J., d. to mil. 4.49 — Buenos Aires, d. to pesa 47.62 17.965 Monte Video, d. to peso 51 — Calcutta, d. to rupee .... IS 18 Shanghai, d. to dollar . — 3 4-8 Shanghai, d. to dollar . 3 13-10 llony Kong. d. to dollar — 15 Kobe. <1. Io yen • • 24.582 14 21-32

On. Buying. Selling. New York, dol. to &N.Z. 3.2542 3.2050 Montreal, dob. . to £N.Z. 3.0039 3.; >290 Greece, drac. .. to £N.Z. — 412.70 Java, florins — to £N.Z. 0.187 b.OtM H. Kong, N.Z.d. to dol. 188 19 1-32 India and Ceylon, N.Z.d. oo S— 22 49-64 Manila, pesos to £N.Z. . 0.559 6.442 Shanghai, N.Z.d. to dol. — Singapore, N.Z.d. to dol. 34 41-04 3.) 41-61

20 Rail coatis. 30 uid ustriali' sold. if e b 8 .. .. 31.16 148.40 <0 000 Alar 6 .. ... 31.01 117.97 860 000 May 2 .. ... 30.66 147.76 650.000 Juup 24 .. ... 25.71 123.76 470,000 July 31 .. ... 26.92 126.14 560.000 Aug. 3 .. ... 26.96 126.36 120.000 Sept. 3 .. Oct. 2 ... ... 28.00 .. 29.37 129.74 134.97 540.000 770.000 Oct. 16 ... .. 28.71 131.97 660.000 Oct. IS . .. .. 28.81 132.49 65O.OH0 Oct. 28 .. . . 28.46 131.77 160.000 Oct. 31 .. . . 29.30 134.61 1.340.000 Nov. 2 .. .. 29.22 134.85 ■170.000 . . 29.96 138.12 1.100.600 . . 30.20 137.41 1.450.000 Nov. 11 .. .. 30.19 136.97 1,380.000