EXCHANGE RATES

Evening Post, Volume CXII, Issue 116, 12 November 1931, Page 16

EXCHANGE RATES

NEW ZEALAND ON LONDON

The following rates of exchange, New Zealand on London, were operative as from 12th,October:— Buying • Selling Per £100 - -,- Per £100 London. London. £ a. d. . £ s. d. — Tele, transfers. 110 0 0 105 10 0 On demand 109 10 0 108 8 0 3 days - 108 0 0 30 days 100 5 0 107 10 0 60 days 109 0 0 107 0 0 90 days 108 15 0 106 10 0 120 days — AUSTRALIAN RATES. NEW ZEALAND ON AUSTRALIA. Buying per £100, New Zealand.—£ll9 7s 6d.. Selling per £100, New Zealand.—£llß 12s 6d. GILT-EDGED SECURITIES RISE. (Received 12th November, 11.40 a.m.) LONDON, 11th November. The satisfactory revenue returns for October caused a further all-round hardening in Australian stocks, and several States' loans rose by from 40s to 80s. PRICE OF GOLD. (Received 12th November, 11.50 a.m.) •" LONDON, 11th November. The price of fine gold is 109s per oz. DAIRY MARKETS SAGGING. The New Zealand Loan and Mercantile Agency Company, Limited, has received the' following advice from its London! house; dated 11th • November:—"Dairy Produce- (last week's figures in paren-theses):--Butteri—New Zealand, choicest salted, 1145,t0 116s per cwt (118s to< 119s); very slow. Cheese;, White, 67s to 68s per cwt. Cheese: Coloured, 60s to 67s per cwt (68s to 695, white and colured); market steady." age: limit for directors. After representations from legal and commercial' interests aud Press criticism, the Queensland State Government has decided not to establish an age limit for directors. A clause had been included in the Companies Act Amendment Bill, now.before Parliament, providing for the retirement of. directors .of companies ontheir reaching the age of 70. AUSTRALIAN BANK OF COMMERCE. Sir Mark Sheldon, chairman of the Aus-: tralian Bank of Commerce, at an extraordinary meeting of shareholders last week, referred to the amalgamation with the Bank of New South Wales, and added that the original agreement and copies of the agreement were available for perusal. He delivered a synopsis—reading various extracts,from the agreement so as to make the whole matter clear. He stressed that tho voluntary liquidation was merely a process of law made necessary by the provisions- of the Companies' Act, and that there woujd be no disturbance of the business of the customers of the bank in any shape or form. CUSTOMS EXCHANGE RATES. Rates of exchange ruling at the announced date of departure of the vessels named are shown in the following table. They are subject to confirmation by the Customs Department when the exact time of departure is learned on the arrival of the vessels in New Zealand, finally declared rates being marked with an asterisk:— Waiotapu, Canada, dollars *4.37 Waiotapu. U.S.A., dollars *3.89 Winton.'U.SiA., dollars ''. 3.94 Golden. Coast, U.S.A., dollars 3.83 Golden Coast, Canada, dollars 4.38 Port Dunedin, U.S.A., dollars .... 3.85 Makura, U.S.A., dollars 3.90 Melbourne Maru, Japan, yen 30% d Sonoma, U.S.A., dollars 3.78 ' FUNGUS EXPORT TRADE. The military disturbances in China have adversely affected the New Zealand fungus market, and buyers have been giving lower, prices for supplies arriving from the country districts during recent weeks. The Auckland "Star" states that earlier purchasers have been unable to move off their stocks without incurring a loss, and this has restricted tho business passing. However, unless the military position becomes worse it seems likely that a more active demand will spring up very shortly, in order to get all available supplies away before the mouth is out. This will be necessary if the fungus is to reach its destination in time to be distributed before the Chinese New Year festivities, which commence on Ist February. INCOME TAX BY INSTALMENTS. South Australians' are enabled to pay income tax by instalments. The Lord Mayor -of- Adelaide' 1 (Alderman Glover) explained the easing process, showing that employers collect Is in the £ from the wages' of their staffs, giving in return duty stamps to the amount deducted. It is the responsibility of employees to preserve these stamps. Whea wage-eariiers receive their assessments, the total of the progressive payments is deducted. So the income tax to be paid in a lump sum, on a specified date, does not seem so terrify-