FORWARD MARKET

Hokitika Guardian, 9 January 1932, Page 5

FORWARD MARKET

AUSTRALIAN EXCHANGE. ( Australian Press Association) SYDNEY, Jan. 8. For the first time in the history oi the Commonwealth, a forward buying market of exchange, on London has now been established by the Commonwealth Hank. This will operate till further notice on the basis ol the current rates for fourteen days, and live shillings per cent less than the current rates for fifteen to twenty-eight days. ■ The current rates will he announced as usuaf each Friday. The object of providing the forward exchange is to meet the convenience of the buyers of Australian export produce, principally the woolhuyers, and the wheat buyers. EXOI IA NO E II ATE U N ALTER ED. SYDNEY, .Jan. 8. The Commonwealth Bank reports an unaltered rate of exchange on London on the basis of buying telegraphic transfers £125 Australian fbr £3OO London. COMMERCIAL BANK DIVIDEND. SYDNEY, Jan. 8. The Commercial Bank of Australia, Ltd.,’is not paying a half-yearly interim dividend on the ordinary shares, owing to the effect of the exchange and other adverse conditions, but the dividend at the rate of four per cent per annum fs to be declared on the preference shares. SYDNEY STOCK EXCHANGE. SYDNEY, Jan. 8. The Stock Exchange was quiet yesterday. Sellers were not disposed to force matters owing to the complete release of the Government's Savings Bank deposits next week and the hardening of wool prices. Australian consolidated bonds and stock showed fractional rises, buyers often failing to locate sellers. The bank section was inactive. Bank of New South Wales shares fell 2s Pd to £3O 17s Gd. Colonial Sugars dropped 12s 6d to £45 os. British Tobacco shares rose 6d to 31s 6d.

Broken Hill Proprietary shares rose 3d to 17s 3d.