WALL STREET ADVANCE

Dominion, Volume 31, Issue 237, 4 July 1938, Page 12

WALL STREET ADVANCE

Finn Commodity Markets BASE METALS BRIGHTER By Telegraph—Press Assn.—Copyright. (Received July 3, 6.30 p.m.) London, July 2. Although Wall Street has resumed its advance after momentary profit taking, prudent observers are not yet persuaded that the recovery will be lasting.. Lon; don would feel more comfort able if Wan Street slackened its tempo, but there are a number of factors inspiring hopes. In generally firm commodity markets the outstanding feature has been the rapid advance of rubber. The trade demand from the Continent, especially Germany, has been good. The outlook for base metals is also brighter. TL'e United States domestic copper sales have shown a marked improvement and a further rise in price is certain. Lead also is higher, while there has been heavy buying of spelter in London during the week. LONDON STOCK EXCHANGE More Active Market By Telegraph.— Press Assn. —Copyright. London, July 1. While Wall Street has been indulging in pyrotechnics,' dazzling even speculators, the London Stock Exchange has been content to maintain the price of industrials and gilt-edged investments at around recent levels. Wide movements have been eon lined to shares in commodity companies, most of which are now substantially higher on account despite profit-taking during the past 24 hours. Gold shares, however, have been subdued owing to the shifting of speculative interest to the United States. While London is thus content to follow Wall Street at a respectful distance, the atmosphere generally has greatly improved and war fears are rapidly receding. Brokers report that there is a steady increase in inquiries from clients throughout Croat. Britain. LONDON BUTLER MARKET Increase In Stocks gy 'Telegraph—- Press assb,--Copyright. (Received Juh’ 3, 6.30 p.m.) -Ixindon, July 2. Butter has had a difficult market. The publication of stocks showing an increase of 98,900 boxes resulted iu Hesitancy follower! by a slight appreciation, after which the marked turned easy. An appreciable break is, however, unlikely. FOREIGN EXCHANGES Position Of Sterling By Telegraph.—Press. Assn.—Copyright. (Received July 3, C. 30 p.m.) ■ I.ondon July 2. . The following mean closing rates ou foreign exchanges were current to-day compared with those ruling on June 29:—

t Market Rate- t Sellers Official. London July 2. Gold.—£7/0/9 an ounce, fine. Silver.—Spot, 19d. an ounce; forward, 18jd. On New Zealand Currency Basis The Bank of New South Wales, Wellington, quoted the following rates for their purchases and sales' of foreign exchange on Saturday:-— . ~, New Zealand Buying celling.

The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates on Saturday on a New Zealand currency basis. They are subject to alteration without notice.

N.Z. Pound Abroad Based on figures quoted by the Bank of New South Wales, the New Zealand pound, compared with its original par value, Is equivalent to approximately:— 10/1 in London. £l/0/1 In Australia 10/4 In U.S.A. 10/5? in Canada. .£l/2/10} In France. 10/4 In Italy. 9/7} In Germany. 11/0} in Java. £l/8/0} in Japan.

Pa r. July 1. July 2. N. York, (lol. to £ 4.860 4.95 11-16 4.955 Montreal, do!, to £ 4.860 5.003 5.008 Paris, £r. to £ 124.21 177 59-64 177 57-04 Brussels, bel. to £ 4S.611 29.235 29.235 Geneva, fr. to £ liui) 21.605 21.60} Amst'dam, fl. to £ 12.107 8.95* 8.95 J Berlin, mks. to £ 23.43 12.305 12.30} St'holm, kur. to £ 23.43 19.395 19.395 Chagen, knr. to £ 18.159 22.40 22.40 Oslo, knr. to £ 18.159 19.90 19.90 Hel’rors, inks, to £ 193.23 226.75 226.75 Prague, knr. to £ 134.25 142.75 142.75 Madrid, pes. to £ Lisbon, esc. to £ 25.223 , ■ ■ - 100 110.25 110 3-16 ■Milan, lire to £ 92 013-16 04 3-10 Athens, drac. to £ ,5 (4j 517.50 547.50 Bucharest, lei to £ 813.60 672.50 672.50 Belgrade, din. to £ 276.31 217 217 Bio de J., p. to mil 4.90 42 13-10 t2 13-10 B. Aires, p. to pesa 47.62 19.015 19.015 M. Video, p. to peso 51 +20} J20} Calcutta, p. to rup. .18 .17 13-16 ; 17 13-10 Shanghai, p. to dol. 18 82 11. Kong, p. to dol. Y'hama, p. to yen — 1 u 15 24.582 8.94 8.94 Batavia, tl. to £ 12.107

on London T.T, 121 124/IV/£N.Z. to £stg. 124/8/9 wo O.D. 123/10/Australia T.T. 101. 100/10/£A to £N.Z. 100 O.D. T.T. 101 100/10/Fiji 90/7/0 89 £F t o £N.Z. 100 O.D. T.T. 90/7/6 ■ 89 New York 4.0074 3.9729 Dol. to' &N.Z. . O.D. 4.0174 3.97(19 Montreal T.T. 4.0441. 4.0117 , Dol. to £N.Z. . O.D. 4.056.1 4.0157 Belgium T.T. 23.687 23.377 Bel. to £N.Z. . O.D. 23.762 23.388 Czechoslovakia .. T.T. —— 113.82 Krs. to £N.Z. . O.D. —-. 113.87 Denmark T.T. 18.1103 j 7.893 Kar. to £N.Z. . O.D. 18.263 17.899 Finland T.T. 185.35 179.55 Mbs to £N.Z. . O.D. 185.7a 179.65 France T.T. 14-1.44 141.94 Frs. to £N.Z. . O.D. 145.41 141.98 Germany T.T. — 9.812 Mks. to £N.Z. . O.D. — - 9.81.1 Greece t.t. — 429.54 Diac. to £N.Z. . O.D — 429.8-1 Holland T.T. .7.295 7.145 FIs. to £ N.Z. . O.D. i .33o 7.149 Italy T.T. —■ 75.49 Lire to £ N.Z. . O.D. — i «>.u4 Java T.T. 1.2 i u ».12.) t-ls. to £N.Z. . O.D. 7.315 7.129 Norway t.t. 16.182 1.5.892 Krs. to £N.Z. . O.D 1(1.242 15.81)8 Noumea T.T. 146.91140.19 Frs. to £N.Z. . O.D. 147.4-1 140.23 Papeete T.T. 140.34 1.40.34 Frs. to £N.Z. . O.D. 147.34 140.38 Sweden T.T. 15.785 15.‘190 Krn. to £N.Z. O.D 15.845 15.496 Switzerland T.T. .17.536 17.266 Frs. to £.N.Z. . O.D. 17.641 17.271 ChefoO T.T. — 12| N.Z. <1. to DolO.D — 12'15-64 Hong Kong N.Z. d. to Dol. . T.T. O.D. 1813-32 183 21 (13-04 18 25-32 IS 25-32 India and Ceylon T.T. 22 17-64 N.Z. d. to Dol. O.D. 21 01-64 22 17-04 Japan T.T 17 33-6-1 N.Z. <1. to 1 eu O D . —■ 17 33-64 Manila t.t. 29 21-32 30 5-32 Z. d. to Peso . O.D. 29 9-1(1 30 5-32 Shanghai T.T. — N.Z. J. to Dol. . O.D. — 1 IB Singapore T.T. 348 3 1 55-64 N.Z. d. to Dol. . O.D. 34 9-32 34 i>5-64

U.S.A. Doi. Canadian Doi. Selling— Il’crCN.Z. > (I’or fiX.Z.) T.T. 3.9" 5-1C 4.01 J O.U. 3.97' 4.01 9-1'1 Buying— '■t.01 S 4.0o 9-10 O.D.