AUSTRALIAN STOCK EXCHANGES

Press, Volume LXXIII, Issue 22109, 3 June 1937, Page 13

AUSTRALIAN STOCK EXCHANGES

NEW ASSOCIATION FORMED The formation of the Australian Associated Stock Exchanges, an association which is limited by guarantee and having no share capital, and to which a licence has been granted by the Governor-in-Council, constitutes an important addition to Stock Exchange administration in Australia. With a rapid growth in the public interest in Stock Exchange transacations in recent years there has come an increase in the problems of Stock Exchange administration. The need to cater more comprehensively for the interests of a widened circle of investors and for the interests of the Stock Exchanges themselves is recognised by those in control of the exchanges, and is evidenced in the new organisation, which envisages co-ordination of Stock Exchange action on certain lines throughout Australia. The committee of the Sydney Stock Exchange has decided to draw up immediately a rule providing for the establishment of a Stock Exchange trust fund. Such a fund will be the first of its kind in Stock Exchange practice in Australia. Its object will be “to protect in some measure those members of the public who suffer pecuniary loss through the default of a member of the exchange in the future." PRICE OF SILVER v LONDON, June 1. Silver is quoted at 20|d a fine ounce spot, and 20 5-16 d forward. PRICE OP GOLD LONDON, June 1. Gold is quoted at £7 Os 9d a fine ounce. COLOMBO TEA SALE (rjEUSSS ASSOCIATION TELEGRAM.) DUNEDIN. June 2. Mr L. M. Wright has received the following cabled report on the Colombo tea auction of June 1: “At yesterday's sale common, medium and fine grades were irregular, and showed a decline of to |d, mainly through the absence of London orders. For the auction next week 2,125,0001 b have been catalogued.” PRICE OP EGGS ■ « The supply of eggs is fair. City grocers are paying for their supplies: Firsts Is lOd a dozen, seconds Is 7d, ducks Is 7d net.