SHAREMARKET INDICES

Press, Volume LXXXIX, Issue 27075, 25 June 1953, Page 13

SHAREMARKET INDICES

RISE ON WALL STREET

OVERSEAS EXCHANGE RATES Latest telegraphic transfer rates as advised by the Bank of New South Wales are as follows:

CAPITAL “VITAL” TO AUSTRALIA

NO ATTRACTIONS TO INVESTORS "Australia is becoming too unattractive for overseas industrial leaders with money to invest,” said Mr L. Luxton, acting-managing director of the Shell Company of Australia, at the opening of the company’s new lubricating oil plant and laboratory at Clyde Refinery. Emphasising that overseas capital was vital to Australian development, Mr Luxton said investors were not interested in putting risk capital into Australia if they could not get even the bank rate of interest. International oil companies were displaying a great deal of faith in Australia’s future, rather more perhaps than justified by the difficult trading results of the industry in this country during the last two years. "For reasons which I cannot disclose, I am afraid Australia is becoming too unattractive in the eyes of industrial leaders overseas for this rate of investment to continue," said Mr Luxton. Replying to the "accusation” that Shell’s world-wide organisation had been making too big profits, he said: "Why it has become fashionable to regard profits as disreputable these days I don’t know.” The Shell group was a huge business and only a big organisation could possibly be successful in the wide range of operations necessary to bring oil to the country. »

COMPANY NEWS Toppa Ice Cream.—This company advises that Toppa Holdings was registered on June 5, 1933, with a nominal capital of £1.000.000. This company has been formed as part of a plan to amalgamate Toppa Ice Cream, Ltd., and Polar Products, Ltd. Capital issue consent has been received for this purpose.—(P.A.) R. and E. Tingey.—The directors recommend an. ordinary dividend of 10 per cent., payable July 29—ex July I.—(P.A.) Claude Neon (N.Z.). —This company announces an interim dividend of 4 per cent., payable July 9—ex July 3.—(P;A.) F.A.M.E. Accounts.—An increase of £66.136 to a record of £297,995 in net premium income was earned by .the F.A.M.E. Insurance Company, Ltd., Wellington, on the year to March 31. In the previous year there was a rise of £80,826 in net premium income. This increase in income was accompanied by a rise in claims paid and provided for—an increase of £41,486 to £173,728. Net surplus is £8525. The unchanged 5J per cent, preference and 5 per cent, ordinary dividends require £4545. while the addition of £lOOO raises general reserve to £13,374. Contingencies reserve has been increased by £2721 to £4721. CEYLON TEA MARKET (N.Z. Press Association—Copyright) COLOMBO, June 23. The Colombo market generally advanced at the tea sales this week. Offerings totalled 6,514,5161 b. High-grown broken orange pekoe realised 210 cents per lb, medium liquoring broken orange pekoe, 185 cents; medium liquoring orange pekoe, 204 cents; low medium broken orange pekoe, 170 cents; low medium dust, 185 cents.

New York.--Dow Jones (1926 equals 100):— Rails. Industry. Shares. Oct. 31 . 100.77 269.23 1.760,000 Nov. 29 . 108.16 283.66 2.160,000 Dec. 31 . 111.27 291.90 2,050,000 Jan. 30 . 112.02 289.77 1,760,000 Feb. 27 . 110.50 284.27 1,990.000 March 31 . 107.02 279.87 3,120,000 April 30 . 103.07 274.75 1,140,000 May 29 . 105.42 272.28 920.000 June 16 . 100.48 262.88 1,370,000 June 17 . 102.49 265.74 1,150,000 June 18 . 102.65® 265.86 1,910,000 June 19 . 103.18 265.80 890,000 June 22 . 104.19 267.26 1,030,000 June 23 . 105.43 268.48 1,080,000 London.—"Financial rimes”: Indus, ord. (1936 equals 100); Govt, and gold (1926 100):— Indust. ord. Govt. Gold. Oct. 31 . 113.3 95.04 90.59 Nov. 28 . 117.3 95.26 90.84 Dec. 31 . 115.3 94.41 94.38 Jan. 30 , 119.4 94.99 98.40 Feb. 27 . 124.0 95.26 99.68 March 31 . 123.2 96.14 96.85 April 30 . 119.5 97.32 92.32 May 29 , 116.7 97.88 87.86 June 16 . 116.9 98.11 87.46 June 18 . 116.7 97.79 87.92 June 19 . 117.0 97.48 88.00 June 22 . 117.1 97.41 87.98 June 23 . 117.0 97.34 87.82

.. v Buyers. N.Z. on London— Sellers. £N.Z. to £100stg. 100/7/8 101 New York— Doi. to £1 N.Z. .. 2.8095 2.7775 Montreal— Doi. to £1 N.Z. .. 2.7982 2.7621 Australia— £A to £100 £N.Z. 124/10/9 124 Fiji— to £100 N.Z. 111/11/9 Western Samoa— 110/4/3 „ £S. to £100 N.Z. .. — 100 South Africa— £N.Z. to £100 S.A. 99/14/0 Belgium— 101/5/6 Francs to £1 N.Z. 141.89 Denmark— 137.40 Kroner to £1 N.Z. 19.57 France (Metropolitan)— Francs to £1 N.Z. 989.57 Holland— 962.04 Guilder to £1 N.Z. 10.67 10.41 Norway— Kroner to £1 N.Z. 20.21 19.54 Sweden— Kroner to £1 N.Z. 14.60 14.26 Switzerland— Francs to £1 N.Z. 12.20 11.96 Ceylon— , N.Z. pence to rup. 17 29-32 Hong Kong— 18 13-32 N.Z. pence to dol. 14 45-64 15 21-64 India— Paklst pence rup ’ 18i N.Z. pence to rup. 251 Singapore— 26 25-64 N.Z. pence to dol. 27 21-32 28 35-64 ManilaPesos to £1 N.Z. .. — 5.53 Western Germany— D.M. to £1 N.Z. .. — 11.46