COMMERCIAL Stock Exchanges Ready For D.C.

Press, Volume CVII, Issue 31412, 4 July 1967, Page 20

COMMERCIAL Stock Exchanges Ready For D.C.

(New Zealand Press Association)

WELLINGTON, July 3.

“All geared up and ready to go,” was the impression gained this morning in a survey of decimal currency preparations by the New Zealand stock exchanges. All stock exchanges will close after the afternoon call on Wednesday until Monday morning, July 10—D.C. Day.

From Monday, shares will be quoted entirely in cents, not in dollars and cents.

“We will have to deviate from the Decimal Currency Board’s instruction on this one,” said the secretary of the New Zealand Stock Exchange Association (Mr I. D. McAllister).

“Quotes will probably be called as one-fifty instead of the recommended one dollar fifty, but our members and staff will know what we mean.

and the public generally will not be affected.” All share bids will have a 1c minimum, but for Government stock, bidding will be in parcels of $2OO with a 10c minimum bid. This compares While the exchanges are closed, it is expected that most sharebrokers will remain open, to deal in Australian shares for instance, but contract note conversion in all accounts will be necessary before New Zealand business is resumed on July 10. Mr McAllister said that New Zealand sharebrokers were facing a problem this morning, which might even cause more trouble than the D.C. conversion.

This is the change, as from July 3, to the new share transfer system in Australia in which the Australian broker is obliged to deduct 20c a $lOO or part of $lOO from all contract notes issued, or charge it against the transaction.

The new transfer form must bear the full name and adI dress of the buyer and where

i the New Zealand broker does | tSrttonwilf b™® ineed” in Australia and will attract, in addition, the existing stamp duty (37jc a $lOO in Melbourne and 4c for $lOO in Sydney).