FINANCE AND COMMERCE

Dominion, Volume 26, Issue 100, 21 January 1933, Page 14

FINANCE AND COMMERCE

STOCKS AND SHARES

Effect of Increase in Exchange FOURTEEN SALES REPORTED As a result of the morning’s announcement that the exchange rate had been advanced Australian stocks moved forward to approximately Sydney parity on Hie Wellington Stock Exchange yesterday So far as Government loans and Tinrplv local issues were concerned, the market showed no hfch teen sales were rpconkd, the Effect of the increase in the exchange on the share market appears on pa o e 12. WELLINGTON EXCHANGE Yesterday’s Quotations fi a nal Stock Exchange were as follow.

DEALINGS ON ’CHANGE Sales in the Dominion The following, sales were recorded on the stock exchanges of the Dominion yesterday : — WELLINGTON.

Peninsular and Oriental Stock P. and 0. deferred shares sold yesterday st 10/10}. Mount Lyell share* sold at 16/4}.

THE MONEY MARKET

Bank of England Return SHRINKAGE IN DEPOSITS ."London, Jan. IVThe Bank of England return for the week ended January 18 Is as follows:—

Securities— Government 109,967,300 96,552,390 Dlscts., advances 12,902,917 11,819.357 Other securities .. 17,792,454 18,803,995 Reserve 36,860.955 40,906,920 Note circulation ... 358,683,156 354,663,728 Gold coin & bullion 119,792,987. 119,793.579 SHORT LOANS AND BILLS. The Bank of England rate of discount was reduced to 2 per cent, as from June 30, 1932. It was lowered to 5 per cent, on February 18, to 4 per cent, on March 10, to 3| per cent, on March 17, to 3 per cent, on April 21, and to 2*. per cent, on May 12. The rate previously in force was 6 per cent., to which it was ■ increased from 4$ per cent, on September 21. 1931. The previous increase was from 3} per cent, to 4| per cent, on July 30, 1931. Short, loans are quoted at $ per cent., the same as last -week. The market rate Of discount for best three months’ bills is 29.32 per cent., the same as last week. FOREIGN EXCHANGES Latest Quotations Compared . London, .Tan. 19. . The following rates on foreign exchanges were current to-day, compared with those ruling on January 18:—

Gold and Silver. London, .Tan. 19. Silver.—Cash, 16 15-16 d per ounce; forward, 17d. Gold.—£6/2/11 per fine ounce. NO DIVIDEND Victoria Nyanza Sugar Co. (Received Jan. 20. 10.10 p.m.) Sydney, Jan. 20. A profit of £13,638 was cleared by the Victoria Nyanza Sugar Co.. Ltd., during the year, compared with £75,575 earned during 1929-30. No dividend is payable. THE QUEST FOR GOLD Mount David Sluicing Company The secretary of the Mount David Sluicing Co., Ltd., advises that the usual weekly wash-up has been postponed this week on account of the delay caused in altering the methods of working the claim. If practicable the wash-up will take place on Saturday. Clutha Development Limited Mr. Fred. G. Dunn, attorney for Clutha Development, Ltd., advises the receipt of the folio-wing information regarding the Bulolo dredges:—The total yield for the period ended January 1 for dredges Nos. 1 and 2, amounted to 8496 ounces of bullion from 422,500 cubic yards of an approximate value of 114,696 gold dollars. Working costs to date excluding royalty average under six gold cents per yard.

Golconda Company’s Operations

The manager of the Golconda JI in inc Company, Thames, reports that during the past week the tunnel level had been driven on the reef for 10ft. The quartz looked very promising for making gold, as it was carrying a fair amount of zinc blende. The reef was lying very flat, and it was intended this week to sink upon it and try nnd connect .with the intermediate level for ventilation. The bottom level crosscut was advanced 17ft. in good firm country. A fairly heavy flow of water issuing from the face had been met. A few quartz stringers were showing. This was the biggest flow of water vet met with and the reef should be very close at hand. There was about, three times as much water as usual, but the pump had no difficulty in coping with it.

. N.Z. GOVT. LOANS. " .. . . , ■ .Buyers. £ s (1 Sellers.. . £ s d 41 n.c Bondy, 1941 .... 95 0 0 It. nr ditto, 1039 ••••?£ ? q U p c? ditto, 1938 ....95 0 0 I slp.c. ditto, Sep., ,1937 101 A! 101 5 0 0 debentures. Wg iM0 Harb ‘ Bd '.’. 5 ?. P : C ioo 0 0 ■ A ioo o. o — TYgtn. Racing Club . • — 95 0 0 BANKS. 9 10 0 Comnwr. of .Aust., ord. *0 15 8 0 16 6 E.S. and A. ..... National of N.Z. ....... Nat. of Australasia, £5 New South i"VN ales .... New Zealand Union 5 15 0 28,10 0 30 0 0 *7 12, 6 8 5 0 ’ ' ■ ’ 1 FINANCIAL. ■ ; Goldsbrough. Mort. ... N.Z. Guar. Corpn., ord. 14 0 0 4 3 0 4 8 GAS. Wellington, ord. ...... «1 9 8 1 10 0 insurance. Aust.'Prbv. Assee. .... National 0 7 0 0 8 6 • 0 13 10 »2 2 6 —— 2 15 6 —— 2 3 0 — MEAT. 17 0 N.Z. Refrig.,£1 ...... 0 TO 6 —- Ditto, 10/0 3 7 2 5 Southland F.M. Co — TRANSPORT. Huddart, Parker, pref. 110 —— P. and O; def. stock .... 0 19 0 TIMBER. . „ 0 10 6 0 12 0 .—— Leyland-O’Brien 0 17 6 0 19 0 National 0 2 0 0 6 BREWERIES. N.Z. Breweries 17 3 1 7 9 Staples and Co 110 Tooth and Co 1 14 6 1 15 0 0 19 6 ' ■. , MISCELLANEOUS. British Tobacco, ord. , 1 11 .9 1 12 9 Burns, Philp ......... 2 6 0 —— 0 Colonial Sugar 52 10 0 54 0 Electro. Zinc, ord. .... 0 18 0 0 18 9 Ditto, pref. 18 0 1 9 6 Henry Jones Co-op. .. 1 16 0 1 17 6 Farmers’ Fertiliser ... 0 14 6 — Sharland and Co., ord. 0 19 0 — Wgtn. Queen’s Theatre Wilson's Cement — 1 1 0 16 6 1 8 6 OIL. 0 4 6 __ • . , MINING. Blackwater ......... 10 6 1 -2 o: Golden Dawn 0 4 6 0 5 King Solomon ........ 0 2 0 Mount Lyell 113 1 1 9 Okarlto .,. ___ 0 9 0 Paddy’s 'Point 0 5 0 ■— Walhi 1 2 0 1 2 6 Big River 0 1 6 0 0 9 ■ II — ‘Cum. dividend.

£ s d N.Z. Guarantee Corpn,. ord. .. 0 4 6 Wellington Gas, ord (4) ..19 6 Burns. Philp ■ Wilson’s Cement ..2 6 0 ..18 0 Waihi Mining ..12 0 Sales reported: Inscr. Stork, 44 p.c., 1938 95 5 0 Ditto, 5J p.c., Sept.. 11)37 •101 0 0 Ditto, 5} p.c., 1931 •99 10 0 Bank of New Zealand 9 Electro. Zinc, pref .. -1 8 o Mount Lyell ..........i ,.11 o ’Late sale Thursday. AUCKLAND. £ s d Inscr. Stock, 5J p.c., Sept., 1937 101 0 0 Bank of New Zealand . 2 2 9 Ditto . 2 3 0 Colonial Sugar . .52 0 0 Electro. Zinc, ord. . 0 18 0 Ditto, pref . 1 S 0 Henry Jones . 1 16 0 Wilson’s Cement . •! 6 9 Ditto . 1 6 9 Waihi . *0 19 3 Ditto . 1 1 0 Ditto (2) . 1 1 6 Ditto . 1 1 8 Ditto . 1 1 9 Grand Junction (2) . 0 3 9 Mount Lyell . 1 1 3 New Zealand Insurance . 2 4 o ■ CHRISTCHURCH. £ s d laser, stk., 54 p.c., Sept., 1937 (J) 101 2 6 Com. Bank of Aust., cum div. (G) 0 16 0 Ditto (2) 0 16 1 Bank of N.S.W 29 15 0 Bank of New Zealand 0 Union Bank of Aust., cum div. .. 8 0 0 New Zealand Insurance, cum div. O ” (j Ditto 2 4 0 Dalgety and Co. (2) 8 0 0 Goldsfbrough, Mort (S') 1 4 0 Ditto (4) 1 4 6 Ditto (2) 1 4 8 N.Z. Itefrig., 10/- paid (6) N.Z. Breweries o 3 : 11 1 6 11 Ditto 1 7 0 Ditto (2) 1 7 1 Ditto (2) 1 7 6 Ditto (2) 1 8 0 Ditto ... 1 8 3 Ditto 1 8 6 Ditto 1 8 7 Ditto 1 8 8 Colonial Sugar 53 7 Dunlop Rubber 0 16 9 Electro Zinc, pref 1 8 Y Ditto (3) 1 8 6 Mount Lyell (7) 1 1 0 Ditto (4) .-. 1 1 8 Blackwater • 1. 1 6 Ditto. ...... 1 2 0 Ditto 1 1 1 Ditto 1 o : 10 Golden Sands o 2 : 11 'Nokomai (5) 0 5 9 Okarito 0 8 6 Waihi 1 1 0 Ditto 1 1 6 Ditto 1 1 7 Sales reported— Inscribed stock, 5J p.c., 1937 .. 101 10 0 Bank of N.S.W 30 0 0 United Building 0 14 9 Colonial Sugar 53 7 6 DUNEDIN. £ R d New Zealand Breweries 1 7 0 Sales reported— Kawarau 0 0 6 Gillespie's 0 0 91 IWaitahu o s : 11 Inscr. stock, 4} p.c., 1938 96 0 0

ISSUE DEPARTMENT. £ £ Notes issued— Govt, debt 11,015,100 In circulaOther Govt. tiou 354,663,728 securities 255,228,147 In banking dept. 40,129,851 Other securities 5,041,120 Silver coin 3,715,633 •275,000,000 Gold coin and bullion 119,793,579 £394,793,579 £394,793,579 ‘Amount of fiduciary issue. BANKING DEPARTMENT. £ £ Capital 14,553,000 Govt, scRest 3,520,531 entities 96.552,390 Deposits— Discounts Public 12,116,190 and adBankers 105,380,987 vances ' 11,819,357 Other a/cs 32,504,416 Other seSeven day, curities 18,803,005 etc. bills 1,535 i Notes 40,129,851 Gold and silver coin 777,075 £108,082,668 £108,082,668 Proportion of reserve to liabilities, 27.20 per cent., compared last week. with 16.80 per cent. The principal items of the above return compare as follow with those of last week:— Jan. 11. Jan.18. Deposits— £ £ Public 12,788,078 12,116,196 Bankers : 112,920,507 105,380,987 Other accounts .. 33,743,720 32,504,416 159,452,305 150,001,599

N. York, dol. t £ 8.342 , 3.34 7-8 4S66 Montreal, dol. to- £ 3.85 3.841 24.194 4.866 Brussels, tel. to £ 24.18J .35.00 Paris, fr. to £ 85? 8513-16 124.21 Geneva, fr. to £ 17.374 17.39 25.225 Amst’dam, fl. to £ 8.33 8.34 12.107 Milan, lire to £ 05 7-16 65 7-16 92.46 Berlin, inks, to £ 14.07} 14 3-32 20.43 St’holm, knr. to £ 18.35 1811-32 18.1'50 C'hagen, knr. to £ 19 31-35 I 201-32 18.159 Oslo, knr. to £ 194 194 18.150 Vienna, schgs. to £ *28.5 ‘28.5 34.585 Prague, knr, to £ 113 113 164.25 HePfors, mks. to £ 227 227 193.23 Madrid, pes. to £ 41 40 15-16 25.225 Lisbon, esc. to £ 110 110 110 Athens, drach. to £ 025 025 375 Belgrade, din. to £ 250 250 276.31 Bucharest, lei. to £ 505 565 813.60 Rio de J.,’ p. to anil. ‘53-8 ‘5 3-8 5.899 B. Aires, p. to peso 42.5 42.5 47.62 M. Video, p. to peso ‘30 ‘30 51 Calcutta, p. to rnp. 18'5-32 IS 3-6 18 Shanghai, -p. to tael 201-8 201-16 — H.tKong, -p. to dol. 15} 15} . — Y’hama, p. to you. Batavia, gl. to £ 14 15-16 14 7-8 24.582 8.34} _— 12.107 Warsaw, zloty to £ — — 43.38 The South African ipound is quoted at £90 to £100 per £100 sterling. , ‘Nominal.