THE LONDON MARKETS.

New Zealand Herald, Volume LXVI, Issue 20252, 11 May 1929, Page 9

THE LONDON MARKETS.

BANK OF ENGLAND RETURNS. I COMPARISONS WITH LAST! WEEK. Australian Press Association —United Service ' ' -,' (Received May 30, 6.5 p.m.) LONDON.' May 9. ,The Bank of England returns for the week ended. May 9, as compared with those for the week ended May 2, are as follows :■ — May' 9. May 2. jg £ Note circulation . . 420,213,000 418,216,000 Coin . ■ . • 1(50,213,000 103,042,000 Reserve .. • • 58,086,000 57,394,000 Govt, deposits . . 8,679,000 10,939.000 Other deposits . • 98,754,000 99,162,000 Govt securities . . 39,781,000 45,351,000 Othor securities . 27,312,000 25,069,000 Proportion of reserve to liabilities .. 64.00 52.10 SHORT LOANS AND BILLS. Short loans, 4£ per cent., same as last week; three months' bills, 5 3-32 per cent., compared with 5 1-8 per cent, last week. CONSOLS AND COLONIAL STOCKS. The following table gives quotations for consojs and colonial inscribed stocks, compared with those of May 2: — V ariaPrice. tion. £sd s d Consols, 24 per cent. . . 54 15 0 2 6* Funding Loan. 4, 1960-90 88 5 0 Same War Loan, 5. 1929-47 . . 100 17 C Same Conversion Loan, 3i . . 77 5 0 Same Coni-wealth. 64. 1922-27 .98J8 9 Same Com-wealth, 6. 1931-41 . . 101 10 0 2 b Victorian, 3. 1929-49 . 71 10 0 3 9t Victorian, 34, 1929-41, . . 76 7 6' 7 6t Victorian. 55. 1930-40 . . 99 15 0 2 W Victorian. 6, 1932-42 . . 96 17 6 2 6t Victorian, 43, 1940-00 . . 94 0 O 7 6t N.9.W.. 4. 1933 . - . . 94 2. G 2 fat N.S.W.. 3 19.15 . . . 75 17 6 Same N.S.W., 35, 1930-50 . . 85 5 0 2 6* N.S.W.. 52. 1922-32 . . 99 13 9 1 3* N.S.W., 6Jr. 1930-40 .. 102 0 0 Same N.S.W.. 6, 1930-40 . . 100 2 G 2 6* Queensland. 34, 1930 .. 98 5 0 feame Queensland, 3. 1922-47 -. . 71 12 6 « 6 Queensland. (!. 1930-40 . . 101 10 0 Same New Zealand. 4, 1929 . . 99 7 „(> 2 6t New Zealand, 34. .1940 .. 87 12 6 7 (>t New Zealand. 3. 1945 . . 78 6 3 1 3t New Zealand, 6, 1936-51 . . 105 17 6 2 fat •S. Australia. 3i. 1939 . . SI 12 6 Same S. Aus.. 3, 1916 or after 59 0 0 2 fa* S. Australia 6i. 1930-40 . 102 1 3 1 3t Tasmania, 34, 1920-40 . 84 17 fi Same Tasmania. 3. 1920-40 . . 81 0 0 20 Ot Tasmania. <U. 1930-10 . . 102 5 0 5 0+ W, Australia. 34. 1929-35 89 0 0 10 Ot W. Australia, 3, 1915-35 86 5 0 1 3+ "VV. Australia. 6. 1930-40 . 10L 10 0 5 0t tHiglier. "Lower. WHEAT, FLOUR AND PULSE. As it is the holiday season in the Argentine and most of the Continental centres wheat cargoes are quiet and quotations are 3d higher. Buyers are awaiting American bureau reports. Parcels are held for an advance of 3d to 6d. Trading is 'quiet! Spot trade dull. Australian, ex ship, 44s 6d. Flour. —Easier on heavy arrivals. Australian, ex store, 33s 6d. Oats. —Weak. Australian Algerians, 24s 6d to 265; A Gartons, 28s to 295. Peas. —Blue, neglected; Tasmanian, 360s to 380s; New Zealand, 340s to 3605.

Maples.—More active. Tasmanian, 72s 6d to 755; New Zealand, 58s to 60s. Beans. —New Zealand, quiet at 50s to 52s 6d.

Beet Sugar.—June, 8s l^d. THE METAL MARKETS.

(Quotations on May 6 in parentheses.) Copper.—Spot, £7B (£79 18s ljd); three months, £75 2s 6d (£76 6s 3d). Electrolytic Copper. —Spot, £B4 10s (£B4 ss); three months, £BS (£B4 15s). Wire Bars.—£Bs (£B4 15s). Lead.—Spot, £24 3s 9d (£24 8s 9d); three months, £24 Is 3d (£24 2s 6d). Spelter.—Spot, £26 13s 9d (£27 8s 9d); three months, £26 15s (£26 13s 9d). Tin.—Spot, £2OO 13s 9d (£197 lis 3d); three months, £202 8s 9d (£199 15s). Silver.—Standard, 25 5-16 d (25 5-16 cl) per oz; fine, 27 5-16 d (275-16 d):

FOREIGN EXCHANGES. (Received May 10, 7.15 p.m.) t British Wireless. KUGBY, May 9.

The following rates on foreign exchanges are current to-day, compared with the cabled quotations on May 7 and par:—

May 10. May 7. Par. Montreal, do!. .. 4.881-8 New York, dol. .. 4.85 532 4.85 5-1(5 4.8G6 Paris, fr 124.15 124.15 124.21 Brussels, belga. .. 31.01 £ 34.95 35.00 Geneva, fr. .. 25.18* 25.191 25.22 Amsterdam, fi. .. 12.0G 7-S 12.07 1-8 12.10 Rome, lire .. 92.65 92.(50 92.4G Berlin, r.m. .. 20.461 20.45* 20.43 Stockholm, kr. .. 38.161 18.10 18.159 Oslo, kr 18.191 18.19* 18.159 Copenhagen, kr. .. 15.20* 18.20* 18.159 Vienna, seh. .. 34.54$ 34.54 34.58* Prague, kr. ..164 IG4 24.02 Helsinsfors. mark 193 193 192.23 Madrid, pes. .. 33.99* 34.02* 25.22* Lisbon, escu. .. 1081-8 108 Athens, dr. . 375 -375 375.00 Bucharest, lei. .. 818 817 25.22* Rio de Janeiro, mil. 5 57-64 5 57-64 Buenos Aires, dol. 47 5-16 47 5-16 47.57 c! Calcutta, rupee .. 17 29-32 17 29-32 18d Shanghai, tael . .. 29* 29* Hongkong, dol. .. 23 3-8 23 3-8 Yokohama, yen .. 22 3-18 22 3-32 24.58 d Batavia, fl. .. 12.11* 12.11* 12.10

RELIANCE LOAN CORPORATION. NEW ISSUE OF SHARES. The capital of the Reliance Loan, Mortgage and Discount Corporation, Limited, is to be increased to £160,000 by the issue of 100,000 £1 cumulative preference shares at 8 per cent. The corporation, with offices situated in Auckland, claims to be the largest financial organisation in New Zealand, operating and financing in every class of security. The value of securities backing the issue is estimated at £400,000 when the new capital is called up and invested. All mortgages and securities are negotiated on a minimum margin of 50 per cent. An independent certificate issued by Messrs. Morris, Duncan and Gyllies, and Messrs. Gilfillan and Gentles, auditors, states that the company's profits on its present capital for the 11 months ended March 31 were sufficient to pay 8 per cent, on tho proposed issue of preference shares paid up to 10s a share without such new capital earning any interest. Copies of the prospectus aro obtainable from tho National Bank of New Zealand, Mr. Campbell Paterson, 23, Shortland Street, the company's office, Dilworth Building, Messrs. Chambers, Worth and Chambers, Shortland Street, or any registered sharebrolccr. WRIGHT, STEPHENSON AND CO. DIVIDEND OF 7 PER CENT. The annual report of Wright, Stephenson and Company for the year ended March 31 discloses a net profit of £37,576, which, with the balance from the previous year, makes a total available of £71,649. The interim dividend absorbed £17,313. The directors recommend, in addition to the fixed payment on preference shares, a final dividend of 3£ per cent, on ordinary shares, making 7 per cent, for the year. The balance to be carried forward is £37,024. Following is a comparison of tho company's results and appropriations for the last three years: — 1927. 1928. 1929. Brought forward £41,349 £33,465 £34,073 Net profit .. . 2G.5G2 35,144 37.57G £67,911 X 65.609 £71,649 Dividends— Pref., 5* p.c. .. 13,741 13,741 13,741 Old., 7 p.c. . . 20,706 20,795 20,884 Carried forward £33,465 £34,073 £37,021