AUSTRALIAN FINANCE.

Auckland Star, Volume LXVII, Issue 65, 17 March 1936, Page 13

AUSTRALIAN FINANCE.

TREASURY BILLS ISSUE.

ONLY ONE-THIRD TAKEN UP.

MELBOURNE, March 16.

Applications totalling only £315,0Q0 were received for the Commonwealth Bank s public issue of £1,000,000 worth of 1% per cent Treasury bills. The issue was made to test whether any public demand existed for this class of gilt-edged security. ; Following the Commonwealth Bank s offer of Treasury bills, the Bank of ivew South Wales raised its rates .of interest for fixed deposits by 10/ per cent, to protect its deposits against the counterattraction of Treasury bills. Lxcept the Bank of Adelaide, other trading banks have not yet taken any action.

GOLD ANp STERLING.

LONDON, March 16. Gold is quoted at £7 1/1 per ounce. The American dollar is quoted at 4.97 to the pound sterling, and the franc at 74 15-16.

BRADFORD FIRM.

(Received 12.30 p.m.) LONDON, March 16. Bradford is quieter, but exceedingly firm. Recent business led to increased output, and prices are hardening.

LONDON SALES.

(Received 12.30 p.m.) LONDON, March 10. At the wool sales 9480 bales were offered, including 947 New Zealand; 7721 bales were sold. There was a moderate supply, with quality below the average. Competition was active, but withdrawals were frequent among low grades owing to high limits. The home trade were again the chief buyers, and late rates were maintained. New Zealand slipe half bred lambs, WMECO, top ( r price 16id, average 16Jd. •