GOLD AND STERLING.

Auckland Star, Volume LXVIII, Issue 156, 3 July 1937, Page 4

GOLD AND STERLING.

(Received 9.30 a.m.) LONDON, July 2. (*old is quoted at £7 0,6 per ounce. Tli* American dollar is quoted at 4.94 /i to the pound sterling, and the French franc at 128 29-32.

Everything pointed to biightness when April trading began. Xew high values had been leached for metals and industrials, and banks were enjoying solid support, and buyers shot in bids with an emphasis which brought sales galore. Then the blow lcll. Gold scares, taxation worries and international disturbances shook all the strength out of the British markets. Australia took flight and sold heavily, and investors saw the pendulum which had swung to peak levels move back with a rush. Some of the sting from those disturbances has nowspent itself, and the intrinsic soundness of the markets is beginning to bear fruit in recovering values and a fuller list of buyers. It iK significant that gilt-edged have more than held their position, and that shares of New Zealand companies have escaped much of the turmoil. Overseas issues finished cheaper than opening rates, though firmer than the midway mark. To breweries must go the credit for providing the market's .quota of fireworks. An increase of nearly 30.000 shares sold was recorded in this division, and nuich of the money withdrawn from miscellaneous industrials was absorbed here. The total of shares sold_in all sections in the .Tune quarter was 372,372. which compares with 350,972 for the March quarter, the increases being in breweries and mining and decrease taking place in miscellaneous. Government stocks sold to the value of £49.800, as against £21,710 in the previous period, company debentures £.">80(5. as against £6310, and local body debentures £10,000, as against £8400. (By Telegraph.—Press Association.) CHKISTCHURCH, this day. Sales.—E., S. and A. Bank. £ 6 (4 parcels) ; New Zealand Breweries. £212fiStaples' Brewery, £2 10/9; Broken Hili Proprietary, £4 0/10; Electrolytic Zinc (pref.), £2 17/9 (2 parcels). £2 17/8 (4 I | parcels); G. J. Coles, £5 4/, £5 3/9 (2 parcels) : Broken Hill South. £29/: Mount Lyell, £2 2/3 (2 parcels) ; North Broken Hill, £3 13/5. Reported Sales.—Commercial Bank of Australia. 18/7 ; Southland Frozen Meat. £4 5/ (2 parcels) ; Broken Hill Proprietary. £4 1/3; Maeduffs (pref.). £1 3/6 ; Rawaiig Tin, 12/1 ; Hime Pipe, 19/3. Unlisted.—Wool worths (Svdnev, ord ) £0 19/3. CHRISTCHURCH, Friday. Commercial Bank of Australia. 18/8Bank of New Zpalaml, £2 5/4 ; Goldsbrough'. Mort, XI 15/ (2 parcels): Devonport terry (odd lot), £1; New Zealand Brew ! eries. £2 12/fi (2 parcels). 12 12/9 (,'! parcels); Electrolytic Zinc, £2 15/11 £•' 16/; (pref.), £2 17/1: G. J. Coles, £5 4~ I(2 parcels I ; Maeduffs (pref.). £1 5/1; • Wilcox. Mofflin. 13/3, 13/4; Big River. 1/6J ; Broken Hill South, £2 8/6. WELLINGTON, Friday. Taupiri Coal. 10/9 : Dominion Breweries, £2 3/9; New Zealand Breweries, £2 12/6" • Staples, £2 11/ (2 parcels) ; Broken Hili Proprietary, £4 0/1, £4 0/9; G. J. Coles, £5 2/. £5 2/3, £5 2/6; Maeduffs (pref.). £1 5/6; Wilsons Cement. £1 0/3 (2 parcels): Felt and Textiles, £1 13/71 ■ Waihi investments, 11/9J (2 parcels) : Waihi Junction, 3/; Mount Morgan, 12/3j! DUNEDIN, this day. Sales.—Bank of New Zealand, £ n .")/■ Wilson* Cement, £1 0/4; Rjwang Tin. 12/'. DUNEDIN, Friday. I New Zealand Refrigerating (10/ paid),]