LATE COMMERCIAL

Evening Star, Issue 22720, 6 August 1937, Page 12

LATE COMMERCIAL

BANK OF ENGLAND RETURN, Press Association—By Telegraph—Copyright LONDON, August 5. (Received August 6, at 1 p.m.) The following is llio Bunk of England return: — —lssue Department.— Note issue in circulation £505,900,000 Bank department 22,500,000 Government securities 185,800,000 Other securities 3,200,000 Silver coin —Banking Department.— U cg (, £3,600,000 Public deposits 9,800,000 Bankers' deposits .95,500,000 Other amounts ... 37,000,000 Government securities 110,300,000 Discounts and advances 6,400,000 Other securities 20,200,000 Notes and coin 23,600,000 Ratio of reserve to liabilities is 16.61 per cent. The Bank of England discount rate remains unchanged at 2 per cent. ' FOREIGN EXCHANGES. (British Official Wireless.! Press Association—By Telegraph—Copyright RUGBY, August 5. (Received August 6, at noon.) The following are the mean closing rates: — Paris, franc to £1 132 53-64 , New York, dollar to £1 4.98^ Montreal, dollar to £1 4.981-16 Brussels, belgas to £1 29.58^ Geneva, francs to £1 21.684 Amsterdam, florin to £1 9.034 Milan, liro to £1 Berlin, reichraarken to £1 ... 12.57 J Stockholm, kroner to £1 19.394 Copenhagen, kronor to £1 ... 22.40 Oslo, kroner to £1 „ 19.90 Vienna, schillings to £1 264 Prague, crowns to £1 142| Helsingfors, marks to £1 2164 Madrid, pesetas to £1 92 11-32 Lisbon, escudo to £1 100 3-16 Athens, drachmae to £1 5471. Bucharest, lei to £1 670 Belgrade, dinars to £1 216 Warsaw, roubles to £1 Rio do Janeiro, pence to milreis H Buenos Aires, pence to dollar ... Montevideo, pence to dollar ... 39 s - Bombay, pence to rupee 184 Shanghai, pence to dollar 14i Hongkong, pence to dollar ... 14 29-32 Yokohama, pence to yen 13 31-32 Batavia, florin to £1 9.004 k.z.l. and m.a. company. SCHEME TO DEAL WITH ARREARS OF DIVIDEND. Press Association—By Telegraph—Copyright LONDON, August 5. (Received August 6, at 1 p.m.) The directors of the New Zealand Loan and Mercantile Agency Company have drawn up a scheme to deal with the arrears of dividend on the 04 and 5 per cent, preference stocks. They propose to pay in cash the arrears nnd a year’s dividend to June f 1937, on the 5 per cents and to cancel the arrears on the 6J per cents, and also the current dividend, and convert this class of capital into ordinary stock. Second preference holders will receive £IO,OOO in cash and £250,000 in ordinary shares, which the existing ordinary shareholders will provide by surrendering a fourth of their holdings. They will also surrender another quarter for cancellation. The scheme will enable dividends to be paid far sooner than is at present possible. (Received August 6, ‘at 2 p.m.) The City editor of ‘ The Times ’ considers the New Zealand Loan and Mercantile Company’s scheme a reasonable solution of a complicated problem. SYDNEY STOCK EXCHANGE. Press Association—By Telegraph—Copyright SYDNEY, August 6. (Received August 6, at 2.30 p.m.) Bonds: 3J per cent. (1949), £IOO 7s 6d; 4 per cent. (1938), £lOl 15s; 4 per cent. (1950), £104; 4 per cent. (1961), £lO3 7s 6d; Tooth’s, 55s 9d ; Australian Gas (A), £7 6s; Associated News, 24s (pref., 255) ; Horderns (pref.), 22s 9d; British Tobacco, 525; Broken Hill Proprietary, 84s 6d; Dunlop Perdriau, 24s l^d; Electrolytic Zinc (pref.), 60s 9d; Coles, £5 Is;'G oldsbrough, 36s 6d. WHEAT AND FLOUR. Press Association—By Telegraph—Copyright LONDON, August 5. (Received August 6, at 1.30 p.m.) Wheat.: —Cargoes dull and easier. Parcels irregular. Futures: London—■ July, 45s 7d; November, 44s 3Jd. Liverpool—October. 8s 9d; December, 8s 9-gd; March. 8s Bid. The spot trade is slow. Australia (ex ship), 475. Flour is lower. Australian (ex store), 33s (id to 34s 3d. Chicago futures:; September, 115 J cents per bushel; December, 1154; Mav 11GS. BEET SUGAR. Press Association—By Telegraph—Copyright LONDON, August 5. (Received August 6, at 1 p.m.) Beet sugar, 6s 7|d. PRICE OF GOLD. Press Association—By Telegraph—Copyright LONDON. August 5. (Received August 6, at 1.15 p.m.) Fine gold is quoted at £6 10s Bcl per ounce. DOLLAR AND FRANC. Press Association—By Telegraph—Copyright LONDON, August 5. (Received August 6, at 1.15 p.m.) The dollar is quoted at 4.97|. The franc is quoted at 132 25-32. BUTTER AND CHEESE. Press Association—By Telegraph—Copyright LONDON, August 5. (Received August 6. at 1 p.m.) .Butter: Firm. Danish, 120 s; choicest salted Now Zealand, 119 s to 120 s; Australian, 118 s; unsaltod New Zealand, 121 s; Australian, ]2os. Choose; Steady, New ZealandWhite 71s to 74s Ud, coloured 7is to

LONDON STOCK EXCHANGE. Press Association —By Telegraph Copyright LONDON, August 5. (Received August 6, at 1.15 p.m.) The following are the latest quotations of Government securities:—

BRADFORD MARKET. Press Association—By Telegraph—Copyright LONDON, August 5. (Received August 6, at 2 p.m.) Bradford Tops.—Merino quotations : Seventies. 40d; sixty-fours, 38d; sixties, 36Jd. Ciioss-breds; Fifty-eights, 32d; fifty-sixes, 29d; fifties, 25 4d; forty-sixes, 25d; forty-fours, 25d, the last two nominal. The market is very quiet owing to the holidays. Yarns are hardening. . MOUNT LYELL SHARES, Press Association—By Telegraph—Copyright LONDON, August 5. (Received August 6, at 1 p.m.) Mount Lyell shares are quoted at 34s 9d, METAL MARKET. Press Association —By Telegraph—Copyright LONDON, August 5. (Received August 6, at 1 p.m.) Copper.—Standard, £SB 5s 7ld per ton; forward, £SB 6s IGJd. Electrolytic.—Spot, £65; forward, £66. Wire bars, £66. Lead.—Forward, £23 0s 7jd; spot, £22 19s 4J d. Spelter.—Spot. £23 16s 10)d; forward. £24 Is 10(d. Tin.—Spot, £267 17s 6d; forward, £265 12s Od. Silver.—Fine, 20d per ounce; standard, 21 9-16 d. SALES ON CHANGE: THIS DAY. Auckland.—First call: Electrolytic Zinc (pref.). 595; Mount Lyell, 43s 9d. Unlisted: M‘Kenzie’s, 83s 6d; Woolworths, £6 10s. 12.15 p.m. call: Dominion Breweries (rights), 12s; Australian Glass, 94s 6d; Broken Hill Proprietary, 83s 9d; Colonial Sugar, £47 12s; (Doles, 995; Taranaki Oil, 4s 10s; Broken Hill South, 51s; Mount Lyell, 43s 9d, 43s 10id. _ - Christchurch.—Australian Glass, 94s 3d; Broken Hill Proprietary, 83s 9d (2), 83s lid, 83s lOd; Dunlop Rubber. 23s 9d; Electrolytic Zinc (ord.), 59s 5d (2); Electrolytic Zinc (pref.), 69s 6d (4) ; Hume Pipe, 19s 9d (3) ; Woolworths (South Africa). 17s 6cl; Broken Hill South, 51s, 51s 3d; Mount Lyell; 43s Cel. 43s 7d. 43s 8d (11) ; Mount Morgan. 12s OJd, (4) ; Rawang Tin, 12s 7cl (2),’12s 75d, 12s 7cl (2). Reported: British Tobacco (late sale on the sth), 50s 9d. ' *’ Wellington,—Morning call: Bank oi New Zealand, £2 4s Cd ; Taranaki Oil. 4s Sd: Wool worths Limited (first pref.), £2 Is 9d. Sales reported 3;J per cent. Stock (1941), £lOl ss; New Zealand Guarantee Corporation. ss: Union Steam (pref.), £1 Cs 6d; Kaudos Cement, £1 6s Id; Taranaki Oil, 4s 10d. Unofficial list: MTCenzies Department Stores, £4 4s. Noon call: 4 ;>er cent. Stock (1946). £105; Broken Hill, 84s (three sales). 83s 9d; G. J; Coles, 99s (two); Wilson’s Cement, 20s Id; Neraona, Is 6sd. Unofficial list: M'Kenzies Department Stores, 84s (two).

Consols, 2i per cent £74 10 0 Funding Loan, 4 p.c., 1960-90 110 15 0 Assented War Loan 100 5 0 Conversion Loan, 3£ ... ... ... 100 10 0 Victory. Bonds, 4 (ex div.) 109 5 0 Commonwealth, 5, 1945-75 107 5 0 Commonwealth, 3j, 1936-37 101 0 0 Commonwealth, 4, 194348 102 17 6 Commonwealth, 3{, 1948-53 90 2 6 Commonwealth, 3i, 1956-61 88 17 6 Commonwealth, 3, 1955-58 88 15 0 New South Wales, 4i, 1935-45 ... 96 12 6 Victoria, 3, 1929-40 94 0 0 Victoria, 4J, 1940-60 102 12 6 Victoria, 5, 1945-75 106 17 6 Queensland, 3, 1922-47 94 10 0 Queensland, 5, 1940-60 104 17 6 South Australia, 3. 1916 (opt.) 77 15 0 South Australia, 5, 1945-75 107 1 3 West Australia, 5, 1942-62 100 8 9 Tasmania, 3$, 1920-40 101 7 6 Tasmania, 4, 1940-50 ... 100 10 0 ♦New Zealand, ty, 1948-55 102 12 6 New Zealand, 3J,, 1940 100 0 0 New Zealand, 3, 1945 * Ex interest. ' 95 10 0