LONDON STOCK MARKET.

New Zealand Herald, Volume LXIX, Issue 21113, 22 February 1932, Page 5

LONDON STOCK MARKET.

REDUCED BANK RATE. TONIC EFFECT REPORTED. AUSTRALIAN SECURITIES. (Received February 21, 5.5 p.m.) LONDON, Feb. 20. The reduction of the bank rate to 5 per cent, had a, tonic effect on the London Stock Exchange. All sections rapidlyresponded. Previously business had been quiet, the bullishness of Wall Street',, which followed the American Government's proposals for the expansion of credit not being reflected here, but on Thursday, when in addition to the bank ralo reduction Britain had another gocd revenue return, optimism was apparent everywhere and British funds jumped upward. The 5 per cent, war loan touched par for the first time since Britain went off the. gold standard in September. Australian Government securities, however, mostly showed little change. An announcement that the Commonwealth Government proposed to ask stockholders to accept a reduction of interest was unfavourably received. The. general impression in financial chcles is that there is little probability of such a proposal being accepted. .Jobbers on Tuesday attempted to put up the price of Now South Wales 6{r per cents, on the announcement that the interest, was being paid, but no business •was done and the quotation remains unchanged. INSURANCE BILL. AUSTRALIAN PROPOSALS. COMMENT IN LONDON. (Received February 21. 5.5 p.m.) LONDON. Feb. 20. Commenting on the Commonwealth's Insurance Bill, the Morning Post %;iys British insurance companies no doubt will consider it a trifle, anomalous that the Commonwealth should require higher deposits than does the British Covernmenl in respect to companies doing business here, but they will welcome the provision in the new bill that no State Government may require any insurance company to make deposits as well, and the fact that th'.i detention of deposits by any State Government is expressly forbidden. THE LONDON" MARKETS. FROZEN MEAT. (Received February 21, 5.5 p.m.) LONDON. Feb. 20. The weekly quotations for the undermentioned classes of frozen meat are based on actual sales of wholesale qusintities. of carcases of mutton or lamb, or of quarters of beef delivered to Smithfield market and/or London stores. They are compiled by the Quotations Committee, Smithfield. To arrive at the equivalent e:c ship values, one farthing per pound should be deducted from the prices quoted below. Quotations given represent the average for the week and are not selected lines, but fop parcels fairly representative of the bulk of shipments now on offer:— New Zealand Frozen Sheep.—North Island crossbred wethers and maiden ewes, 651b. to 721b., 4£d; ewes, under 481b;, 3£d. Australian Sheep.—First quality orossbreds and/or Merino wethers, 401b. to 651b., 3|d- 301b. to 551b., 3£d. Argentine Sheep.—First quality crossbred wethers, 481b. to 641b., 3fd; 651b. to 721b., 3?d. New Zealand Lambs.—Canterbury, 451b. to 501b., 6 7-8 d; second quality, average 301b.. 6 l-8d; selected North Island brands, including Downs, 361b. and under, 6 5-8 d; 371b. to 421b., 6-Jd; second quality, average 301b., 6 l-Bd;ootheri r North Island brands, first quality, 361b. and under, 6jd; 371b. to 421b.. 6 5-Bd. Australian Lambs.—Victorian, first quality, 361b. and under, s|d; all States, third quality, sjd. New Zealand Frozen Beef. —Ox fores, 1601b. fn 2201b., 2d. Argentine Chilled Beef.—Ox fores, 1601b. to 2201b., 3 3-8 d; ox hinds, 1501b. to 2201b., 4fd. ' All other sorts unchanged. COTTON, RUBBER. JUTE, ETC. (Quotations on Feb. 12 in parentheses.) Cotton. —March deliverv, 5.65 d (5.30 d) a lb. Rubber.—Fara, o 7-8 d (3 7-8 d) a lb.; plantation and smoked. 25-8 d (211-16 d). Jute. —Februarv-March shipments, £l9 (£l7 18s 9d) a ton. Copra.—March-April shipments, South Sea. £l7 5s (£l6 7s 6d) a ton; plantation, Raboul, £l7 7s 6d (£l6 10s). Linseed Oil.—£l6 10s (£ls 15s) a ton. Turpentine.—sos 9d (51s 9d) a cwt. The Bank of New Zealand Reived the following report from its London office at the close of business -last week: — Wethers.—The demand is improving. Prices are practically unchanged. Ewes: The market is quiet and unchanged. Lambs: The demand is not so good and the market is easier:—Wethers: Light 4 3-8 dto 4 7-8 d per lb.; heavy, to to 6fd; eights, 6jd to 7d; fours, 6Jd to 7d; seconds, 6jd to 6id. FOREIGN EXCHANGES. STERLING RATHER FIRJIER. British "VTireless. FT7GBY, Feb. 19. The following rates on foreign exchanges were current, yesterday, compared with the cabled quotations on February 17 and par:—

CUSTOMS EXCHANGE RATES. Hates of exchange ruling at the announced date of departure of the vessels named are shown in tho fallowing 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* : Mariposa, U.S.A.. dollars .. .. 3.45 Aorangi., Canada, dollars . . . . 3.% Port Hunter. New York, dollars . . S.lol Canadian Conqueror, Canada, dollars 4.10 Melbourno Maru, Japan, yen .. 24.50 d

Feb. IS. Feb. 17. Par. Montreal, dol. 3.01 3.05 4 866 New York, do], . 3,15} 3.44 J 4.866 Paris, fr. 87 J 87 7-16 124.21 Brussels, belga .. 24.75 24.70 35.00 Geneva, fr. 17 11-16 175 25.22 Amsterdam, fl. .. 8.535 8.51 12.10 Milan, lire 663 66.25 92.46 Berlin, r.m. It 17-32 14.525 20.43 Stockholm, kr. .. 17 i 37* 18.159 Copenhagen, kr. . 185 181 18.150 Oslo. kr. 185 185 18.159 Vienna, sch. 32 32 34.&S5 Prague, kr. .: 116.50 116.25 164.25 Hel-sing-fors. mark 222.50 220 129.23 Madrid, res. 44 » 4 4.50 25.221 Lisbon, escu. 109.75 109.75 110 Athens, dr. 267.50 270 375.00 Bucharest, lei. .. 577.50 577.50 813.6 Rio de Janeiro, mil. 4 1-16 4 3-16 5.S9M Buenos Aires, dol. 39.50 39.50 47.619d Montevideo, dol. 30.50 30.50 51d Bombay, rupee .. 18 5-32 18 5-32 lSd Shanghai, tael .. 23.25 23 3-16 — Hongkong, dol. . 23.50 17 17-33 — Yokohama, yen . — 23 13-16 24.58d Batavia, fl. 8.56 8.56 12.10