FOREIGN EXCHANGE

Dominion, Volume 29, Issue 302, 17 September 1936, Page 14

FOREIGN EXCHANGE

On New Zealand Currency Basis DIRECT DOLLAR RATES - s ■■ I'he Bank of New South Wales, Wellington, quoted the following rates for their purchases and sales of foreign exchange yesterday :—

The associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis. They are subject to alteration without notice. U.S.A. Doi. Canadian Doi. (PerflN.Z.) (Per£lN.Z.) Selling—

Position of Sterling By Telegraph—Press Assn. —Cr>nvricmr.. London. September 15. The following mean closing rates .on foreign exchanges were current to-ilay compared with those ruling on September 14 :—

tSellers. official. ’Sellers. tl’ar. 8.23 31-32 since dollar devaluation on February 1, 1934. Gold and Silver. London, September 15. Gold.— £6/17/4 per ounce, fine. Silver. —Spot, 19 7-16 d. per ounce; forward. 19 7-16 d N.Z. Pound Abroad Based on the figures quoted by the Bank of New South Wales the New Zea land pound, compared with its origipa) nar value, is equivalent to approximately16/1 in London. £l/0/1 in Australia 16/8} in U.S.A. 16/8 in Canada. 9/11 in France. 11/14 iu Italy. 9/10 in Germany. 9/9} in .Java. £l/7/102 in Japan. Beriei Ltd. At die annual meeting in Sydney of Beriei Ltd., the chairman (Mr Arthur Burley), referring to remarks- made at tlie Associated Chambers of Manufacture eiw' conference at Adelaide, to the effect that the shortening of working hours would not alleviate unemployment, said that the directors of Beriei (X.Z.) Dt<l. bad found it necessary, to increase prices as a result of the 40-hour week increasing their eoste of production, nm| | ia( | reported that such action must become general in the Dominion. -The effect of more leisure, combined with leo speiidin." power, was difficult tn forecast, and the results of the New Zealand experiment would be watched with the greatest interest in Australia,

He stated that the gradual and continued improvement in trading coitdi tions and business generally was responsible for the equally steady and continued reflection in unemployment. "The upward trend in business," tie added, “has shown no steep rises, givin" more assurance of permanent improve” ment. The company’s improved result® from trading in all States thus reflected the general condition, and with excellent seasonal prospects and improved prices of primary products we have every reason to' expect still further progress towa-d prosperity.

Bartholomew Timber Co.

A substantial increase in profits and recommendation of dividend and bonus payments are features of the annual accounts of Bartholomew Land and Timber Company for the year ended July 31. After making full allowance tot depreciation and income tax there is a net profit of £3047. To this is added the balance brought forward from last year of £4774. giving n total of £7821. _ An interim dividend of 2} per cent, paid in April nbsorbed £1250. leaving at Hie credit of profit and loss £6571. ■ From this the directors recommend the payment, of a final dividend of 2} per cent., ranking 5 per cent, for the year, and in addition n bonus absorbing £1750. leaving to be carried forward £4821. The report of the directors states: “The company has completely recovered from the dislocation of trade incidental to the fire, and the year has shown a substantial increase in sales. The new mill .is running most satisfactorily and has proved an economical unit. The currying out of extensive repairs and renewals' to the tramways and bridges, which was reduced to n minimum during the slump period, was undertaken throughout the year and these assets are now in a much improved state.”

Dividends Payable

New Colosseum Ltd.

Two dividends, making a torn) of 10 per cent., have been paid by New Coins «enm. Ltd.. Christchurch. during the year ended .Inly 31, 1936. Net profits nt £1976 compares with £1913 made in the previous 12 months, and the amount to be carried forward stands at £2261. compared with £1784 brought in. The directors' report to shareholders states that of the profits for the year, the sum ot £2SO has been allotted to the depreciation on buildings, and £154 to depreciation on plant and furnishings. Provision has also been made for the payment of iccome tnx.

New Zealand Buying. Selling. on London— £N.Z. to fstg.100 T.T. 124 124/10/O.D. 123/10/124/8/9 Australia — £A to £N.Z. 100 T.T. 101 100/10/O.D. 101 100/10/Fiji— £F. to £N.Z. 100 ... T.T. 90/7/6 89 O.D. 90/7/6 89 New York— 4.05J Doi. to £1 N.Z. T.T. 4.008 O.D. 4.10s 4.068 Montreal— 4.051 Doi. tn £1 N.Z. T.T. 4.091 O.D. 4.10i 4.06J Austria— Schillings to 1 ;1 21.13 N.Z. ... T.T. — O.D. — 21.15 Belgium— 23.953 Bel. to £1 N.Z. T.T. — O.D. - 23.964 Czechoslovakia— Cr. to £1 N.Z. T.T. — O.D. — 97.39 97.44 Denmark— 17.893 Kr to £1 N.Z. T.T. 18.203 O.D. 18.263 17903 France — 61.54 Fr. to £1 N.Z. T.T. — O.D. — 61.58 Germany— 10.043 Mk. to £1 N.Z. T.T. — O.D. — 10.048 Holland — '5.948 Fl. to £1 N.Z. T.T. — O.D. — 5.952 Italy— 51.45 Lr. to £1 N.Z. T.T. — O.D. — 51.50 Java— 5.910 Fl. to £1 N.Z. T.T. — O.D. — 5.014 Norway— Kr. to £1 N.Z. T.T. 16.181 15.891 O.D. 16.241 15.901 Sweden — Kr. to £1 N.Z. T.T. 15.785 15.490 O.D. 15.843 15.500 Switzerland— 12.393 Fr. to £1 N.Z. T.T. — O.D. — 12.398 Noumea — Fr. to £1 N.Z. T.T. — 60.17 O.D. — 60.23 Papeete— 60.32 Fr. to £1 N.Z. T.T. — O.D. — 60.38 Hong-Kong— N.Z. d. to 1 18 29-32 dollar .. T.T. 17 29-32 O.D. 17 13-16 18|. India and Ceylon— N.Z. d. to 1 rupee T.T. 22 9-64 22 57-64 O.D. 22 3-64 22J Japan— N.Z. d. to 1 yen .... T.T. — 171 O.D. — 17 39-64 Shanghai— N.Z. d. to 1 dollar T.T. 17 21-64 18 21-64 O.D. 17 9-64 18 5-16 Singapore— N.Z. d. to 1 dollar ... T.T. 34 27-64 35 31-64 O.D. 34 15-64 35 15-32

T.T. ... ... 4.05} 4.05} . O.D. ... 4.00} 4.00} Buying— O.D. ... ... 4.10} 410}

Sept, 15. Sept. 14. Par. X. York, dol. to : 5.065 5.06 3-16 74.866 Montreal, (lol. to £ 5.065 5.06 4.866 Paris, fr. to £ 70 15-64 1 76 55-64 124.21 Brussels, bel. to £ 211.105 — 48 611 Geneva, fr. to £ — 15.51 25 225 Aius-t’dam. fl. to £ 7.4BJ 7.45? 12.107 Berlin, inks. to £ 12.59 12.58 20.43 St'holm, knr. to £ 19.395 19.395 18.159 C’hagen. knr. to £ 22.395 22.305 18.159 Oslo. knr. to £ 19.90 19.90 18.159 Vienna, sehjrs. to £ 26.75 20.75 34.585 Prague, knr. to X* — 122.50 164.25 1 lol fors. inks, to £ 227 193.23 Madrid, pes. to £ 50.55 58.50 25 225 Lisbon, esc to £ 1103-16 1103-16 iio Milan, lire, to £ 64 3-16 64 5-16 92.46 Athens, draeh. to X* *531 *531 375 Bucharest, let to ; £ *677 *077 .813.60 Belgrade, din. to £ OO1 221 •276.31 Kio de J., p. to mH. 74 J Hi v-35 5.899 B. Aires, p. to peso t35 47 62 M. Video, p. to peso 7381 7384 51 Calcutta, p. to nip. IS 1-8 18 1-8 18 Shanghai, p. Io dol. 14 3-8 14 11-32 —. H.-Kong, p. Io (lol. 1413-16 1413-16 — Y’hama. p to yen 14 3-64 14 3-64 24.5.82 Batavia, fl. to £ 7.425 7.425 12.107

Huddart, Parker—int.. pref.. 3 p.c.: ord. 3} p.c Apex Investment. Masterton—int., Sept. 17 4 p.c.. p.a. Sept. 17 Broken Hill South—2/6 per share Sept IS Kaiapoi Woollen—ord. & pref.. Sept. IS N.Z. Drug. Co.—int.. 3} p.c Sept. 21 Renown Coal—ord.. lOd a share; final pref.. 7 p.c.. n.a Sept. 21 Sept. 21 Howard Smith—int., 2* p.c.. p.a. Sept. 24 Auckland Farmers' Freezing—6 p.c Sept. 25 Nemona Gold—Id. per share Sept. 26 Hume Pipe (Aust.)—5 n.c Sept 2 s * North Broken Hill—final 2/6 a share and bonus 2/6 a share. making 77} p.c for year ... Sept. 20 Dunlop-Perdrlau Rubber—ord 5 p.c.: •’•ef., final, 5 p.c Sept. 30 British Tobacco—final quarterSept. 30 United Building (Ch’ch.) —int., Oct. 1 p c Bank* of Australasia—-int. 3/6 a Oct 2 Imperial Chemical Industries — ord. int. 24 p.c Nov. 2