DOLLAR AND STERLING

Evening Post, Volume CXXII, Issue 132, 1 December 1936, Page 12

DOLLAR AND STERLING

[By Telegraph —Press Assn.—Copyright.) (Received December 1, 10 a.m.) LONDON, November 30. Sterling exchange London on New York, 4.90 dollars. Dollars. November 28 4.89:; November 2 4.88 7-8 October 1 4.944 September 1, 3 5.03J August 1 5.015-8 July 1 5.013 I June 2 4.99£ May 1 4.937-8 DOLLAK RATES. The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates today, on a New Zealand currency basis. They are subject to alteration without notice. U.S.A. Canadian Dollars Dollars (Per (Per £1 N.Z.) £1 N.Z.) j Selling— TT 3.93.1 3.925 On demand 3.93:,' 3.93 i Buying— On demand 3.984 • 3.97j| A REVIVAL IN WALES 'A thousand men are now at work on slag heaps at Ebbw Vale, Wales, and a town that has been dead industrially for seven years is being reborn. The revival is of. interest to New Zealand, as direct shipments of produce are made to Avonmouth and Cardiff. The wage bill is already £3800 a week. Within a year there will be 2500 men in employment, drawing £9000 weekly j in wages. ! The mountain-like heaps, reminders of a lost prosperity, are being levelled, and the rusted old steel mills dismantled. More than £1,000,000 was paid by Messrs. Richard "Thomas and Co. for these two square miles of desolation, where soon will rise one of the most up-to-date steel plants in Europe. Blast-furnaces are expected to turn out pig-iron by next April. Church bells will ring when the furnaces are lighted. Eighty per cent, of the unskilled labour has been recruited in the district. New shops are opening. Houses unsaleable for years are being snapped up. Foundations of the new strip-mill, stated to be the second largest in the world, absorb 1000 cubic yards of concrete daily. WAITAKI FREEZING YEAR. The annual report of the Waitaki Farmers' Freezing Co., Ltd., shows that the following quantities of stock were dealt with at the Pukeuri freezing works during the past season:—39,B76 sheep and 334,350 lambs, total 374,226, compared with 379,298 for the 1935 season. After providing £7615 16s 5d for depreciation, and £3000 for income tax, the profit and loss account shows a surplus of £5460 9s 3d. To this had to be added £1791 19s lid brought forward from last year, making a total of £7252 9s 2d, which the directors recommend be appropriated as follows:— To pay a 5 per cent, dividend £4778 6s Id, to carry forward £2474 3s Id. BROKEN HILL SOUTH. The New Zealand Slock Exchange Association received from Broken Hill South today at 9 a.m. the following telegram:—Subdivision of shares special resolutions confirmed by shareholders who will be advised by circular when to surrender old scrip in exchange for new scrip. NORTH BROKEN HILL. The New Zealand Stock Exchange Association received at 9 a.m. today from North Broken Hill Co. the following telegram:—North Broken Hill advises that the resolution authorising subdivision of the £1 shares into 5s shares has been carried and confirmed. Shareholders will be notified by circular letter when to surrender the old scrip in exchange for the new scrip. The Victoria Nyanza Sugar Co., Ltd., in a preliminary statement, reports a profit of £17,340 for the year ended June 30, compared with a profit of £3970 the previous year, and a loss of £18,360 in 1933-34. A dividend of 3 per cent, for the year has been declared. This is the first dividend since 1930.