FOREIGN EXCHANGES

Press, Volume LXXXIV, Issue 25497, 18 May 1948, Page 6

FOREIGN EXCHANGES

Telegraphic rates for purchase and sale of foreign exchange New Zealand on overseas supplied by the Bank of New South Wales are:— Buying. Selling. London, £N.Z. to £stgloo 124/7/6 125 0.D., sea mail .. •• 123/15/3 125 0.D., air mail .. ..124/0/6 Aust., £A to lOO/10- 100 Fiji, £F to £NZIOO .. 90 88/12/6 S.A. £NZ to £SAIOO .. 123/7/6 125/3/9 New York, dol to £N.Z. 3.2522 3.2070 Montreal, dol. to £N.Z 3.2522 3.2070 Belgium, frs. to £N.Z. .. 143.61 140.00 Denmark, kr. to £N.Z. .. 15.77 15.26 France, fr. to £N.Z. .. 702.72 686.40 Holland, gid. to £N.Z. .. 8.66 8.48 - Java. gid. to £N.Z. .. 8.48 Norway, kr. to £N.Z. .. 16.30 15.78 Noumea, fr. to £N.Z. .. 156.80 Papeete, fr. to £N.Z. .. 156.80 Sweden, kr. to £N.Z. .. 11.74 11.50 Switzerland, fr. to £N.Z. 14.01 13.74 Hong Kong N.Z.d to dol.. 18 rl/64 19 5/64 India and. Ceylon, N.Z.d to rupee 22 5/32 22 47/64 M< nila, peso to £N.Z. .. 6.57 6.44 Singapore (for new business only) N.Z.d to dol. 34 39/64 35 21/32 Egypt, £NZ to £E'.OO .. 126/16/9 128/15/9 Rhodesia, £NZ to £RIOO 123/13/9 125/10/Palestine, £NZ to £PIOO 123/16/6 125/8/3 MATURING GOVERNMENT LOANS j The 2j per cent, stock of the Second Liberty Loan raised for war purposes in 1942 matured on Saturday. With a few exceptiofis, holders have been offered reinvestment in the current over-the-counter issue of 3 per cent., July 15, 1963-65 stock, which has been on the market since January of this year. The Second Liberty Loan was floated in October, 1942, the amount of £10,000,000 being oversubscribed by £300,000. Two classes of stock were issued, the 2J per cent, stock which is now repayable, and 3 per cent, stock, which does not fall due until May 15, 1953-56. The amount of the loan w’hich matured last week was £3,765,135. A' further £3,493,130 of Government loan moneys will fall due on November 30 of this year. A 4 per cent, issue made just before war came, this loan was offered in May, 1939, at £99, repayable in instalments. The proceeds of the. issue were for public works and general development purposes, including capital expenditure on defence works. At the price of issue this loan showed a yield on redemption of £4 2s 7d per cent.

SHAREMARKET INDICES

MINING Clutha River.—This dredge, for the week ended May 14, worked 122 hours and recovered 2050 z fine gold. Grey River Dredging.—The directors have declared a dividend of 4d a share (ex June 2). Mount Lyell Affairs.—The directors of the Mount Lyell Mining and Railway Company, Ltd., Tasmania, have decided to await the figures for the full year ending September 30 before deciding on the payment of a dividend out of the profit for the year. In the last financial year the company paid a dividend of Is, equal to 5 per cent., which was the first distribution since 1944 Kanieri-Arahura.—The two dredging units of Gold Mines of New Zealand, Ltd., during the first half of May, won a total of 611 oz of gold. Kanieri won 231 oz of gold from 133,000 yards of material in 244 hours, and Arahura, 380 oz from 127,000 yards in 254 hours.

Londbn.— ‘Financial Times” (1926 equals 100):— Inds. Ord. Govt. Gold. Dec. 31 .. 129.0 112.88 122.66 Jan. 28 .. 125.5 112.96 130.65 Feb. 27 .. 110.1 113.16 132.41 March 31 .. 118.1 111.36 133.78 April 30 .. 119.6 111.92 128.49 May 12 .. 120.4 112.36 125.98 May 13 .. 120.3 112.49 126.18 May 14 .. 120.5 112.49 125.57 New York.—Dow Jones (1926 equals 100). 1939. Highest (Sept.), rails, 35.99, industrials, 15122. Lowest (April), rails, 24.15: industrials, 121.4. Shares Rails. Indus. sold. Dec. 31 .. 52.48 181.16 1.540,000 Jan. 28 .. 51.68 174.47 1,060,000 Feb. 28 .. 49.27 167.30 350,000 March 31 .. 53.73 177.30 1,780,000 April 30 .. 58.15 180.51 1,440,000 May 12 .. 59.45 183.95 1.530,000 May 13 .. 59.91 184.82 2,030,000 May 14 . 62.25 188.60 3,840,000 May 15 .. 62.18 190.25 2,590,000