EXCHANGE POSITION

Evening Post, Volume CIX, Issue 81, 5 April 1930, Page 12

EXCHANGE POSITION

DIFFICULTIES OF IMPORTING

The wav of the importer in Australia is hard, but traders in New Zealand are rather expecting difficulties additional to the already current high rates of exchange. Some houses are in doubt about the banks continuing to finance imports on the principle of cash-against-documents. The usual procedure in doing business with firms in the United .Kingdom is that exporting houses draw against the merchant in New Zealand for cash against documents covering the goods, imported. But some local merchants expect that the banks will, take vi) the stand that unless a letter of credit is established this procedure will not be permitted. Banks, in any case, closely scrutinise purposes lor which letters of credit are requested, but never more closely than at the present time. Until the position of Australian aud New Zealand funds in London materially improves it is expected that letters of credit will become more difficult to establish excepting for what the banks will construe as essentials. Moreover, it is not improbable that the rate of exchange, in so far as importing is concerned, may advance beyond the current high premium of €5 per cent, for telegraphic transfers. COMPANY NEWS. Registration of new companies is, reported by the "Mercantile Gazette as follows:— Falcon Airways, Lld.y private company. Capital:.£looo, in 1000 shares of £1 each. Subscribers: St. Helier's Bay, Auckland: J. D. Hewitt 999, A. E. Hewitt 1. Objects: Deal in aircraft, aviation, and incidental. Burch and Co., Ltd., private company, VTellington. Capital: £20,000, in 20,000 shares of £1 each. Subscribers: AA^ellihgton: A. E. Burch 5000, C. A- Griffiths 15,000. Objects: To cany on business of auctioneers, merchants, and general incidental. Marie Dean, Ltd., private company, AA'ellington. Capital: £600, in 000 shares of £1 each. Subscribers—Wellington: Mrs. Marie Dean 599, G. J. J. Feil 1. Objects: To carry on business of professional photographers and general incidental. Coopers, Ltd., private company, AVanganui. Capital: £1500, in 1500 shares of £1 each. Subscribers —AA Tanganui: S. E. Cooper 1400, Kathleen R. Cooper 100.' Objects: To carry on business of costumiers, costume manufacturers, and general incidental. Monigatti, Ltd., private company, AA'ellington. Capital: £1000, in 1000 shares of £1 each. Subscribers —Wellington: AY. T. Monigatti 999, Elsie S. Monigatti 1. Objects: To carry on business of drapers and general warehousemen in all its branches, and genera] incidental. Puponga Coal Mine, Ltd., private company. Capital: £3120, into 3120 shares, of £1 each. Subscribers —Puponga: R. Hall 240, P. Ballautyne 240, J. Graham 240, S: Marsh 240, J. Chappel 240, O. Lewis 240, 1. Lewis 480,. N. Allan 240, A. J. M'Hai'dy 120. Objects: To acquire from the Puponga Coal Syndicate all or any assets of the said syndicate and work and manage the same, and general incident!. Puponga Shipping Co., Ltd., private company. Capital: £1560, into 3160 shares of 10s each. Subscribers—Each subscriber takes the same number of shares as he i holds'in the Puponga Coal Mine, Ltd. (above). Objects:';'jTo' purchase from the trustee of the Puponga Coal Syndicate the motor vessel "Portland" .and all equipment and appliances belonging thereto, and generally to purchase any vessel or vessels. Crystal Product's, Ltd., private company, !Lower Hutt. Capital: £360, in 3CO shares of £1 each. Subscribers—Lower Hutt: W. H. Lees 90, C. R. Barrett 90, AY. R. Brown 180. Objects: To acquire and purchase secret formulate.and processes for the production, and manufacture of the products known as "Mugnesite Crystals," and general incidental. Tozer Lock Bolt Co., Ltd., private company, Avelliugton. Capital: £5000, in '. 5000 shares of £1 each. Subscribers: General Underwriters Ltd. 4000, E. P. Aston 1000. Objects: To purchase or otherwise acquire 'all rights in respect of a certain invention of A. J. Tozer, Palmerston Aorth, locksmith, relating to improved bolt for use in conjunction with existing door locks, and general'incidental. Chromadyne, Ltd., private company, Christehurch. Capital: £10,000, in 10,000 shares of £1 each. Subscribers—Christchurch: H. AV7Atack 8000, AY. S Clark 1000; Wellington: AY. Hughes 1000. Objects: To conduct and carry out scientific investigations and experiments of every description and general incidental