STOCK EXCHANGES

New Zealand Herald, Volume LXIX, Issue 21249, 1 August 1932, Page 5

STOCK EXCHANGES

SATURDAY'S -SALES RETURN ON INVESTMENTS Following is a list of Saturday's transactions on New Zealand Stock Exchanges. In the second column is given tho return, based on tlio last annual dividend, from investment at the quoted price. In the caso of Government and other redeemable securities no return is given, in view of the new method of quotation, but tho months in which interest is duo are shown. In calculating the return on shares in companies which pay their dividends outside New Zealand exchango rates, being liable to fluctuation, havo not been ' taken into consideration. Tho first column gives the figures at Vvhich tho sales were made:— AUCKLAND EXCHANGE Return on Sale Prico Investment £ s d , £ a d Union Bank . . . . (! 17 0 218 5 Northern Steam. .. 0 C 0 11 3 1 i Moturoa Oil ~ 03 U j Auckland Gti? ..110 * i Farmers' Trading ~o4l} WELLINGTON EXCHANGE Stock, 1937, 5! (Sei>t.-March) . . 101 6 0 Ditto. 1933, 4J ■ (Mny-Nov.) (2) Of, 0 0 Bank of N.S.W. . . 26 12 fi * Queensland Ins. . . 2 0 0 5 0 0 DL'NEDIN EXCHANGE Stock. 1037, 5J (Sept.-Maicli) . . 101 5 0 National Insurance 012 7 fi 010 N.Z. Refriu. (ill . . 012 0 8 0 8 Union Steam (yref.) 1 0 0 510 0 'lnterim dividend reduced. MILK FOR, CHEESE-MAKING PAYMENTS TO PRODUCERS DETAILS OF NEW SYSTEM The Rahotu dairy factory of Taranaki is the first in the Dominion to adopt for (he corning season the method of payment for milk for cheese-making recommended by Mr. P. O. Veale, research chemist at tho Hawern dairy science laboratory. Under (lie system the testing of milk for its butter-fat content is retained, and production in terms of butter-fat is figured exactly as at present. Each supplier's milk is also tested for casein and the ratio of casein to fat is then determined for each supplier. The ratio of casein to fat for the whole of the factory supply is also determined. A rate of payment per lb. of butter-fat will bo decided on as a basis for payment and the casein-fat ratio of each supplier's milk, as compared with the casein-fat ratio for the whole factory supply will determine whether the supplier gets an addition to or a deduction from the price per lb. butter-fat. For example, if there are two suppliers whoso casein-fat ratios are .70 and .60 respectively, and the caseinfat ratio for the whole factory is, say, .64, the payment to the two suppliers, with the prico of butter-fat at Is per lb., would be 13.12 d a lb. and 11.25 d a lb. respectively. The system of payment now being adopted at the Rahotu factory will thus ensure that payment is made to each supplier according to the value of his milk for cheese-making. From a table prepared by tho Department of Scientific Research after hundreds of experiments and factory records with milks of varying fat tests, it is apparent that as the percentage of butter-fat increases in milk the ratio of casein to fat, and also the yield of cheese per lb. of butter-fat decrease. DOLLAR EXCHANGE DOMINION RATES REVISED COMPARISON OF QUOTATIONS Current dollar exchanges, as quoted bv tho New Zealand banks on Saturday, are a<? under, compared with previous quotations : U.S. Dollars to ill N.Z. July 11 July 18 July 25 Aim. 1 Buving . . 3.r<B 3.64 3.65 3.60 Selling . . 3.1S 3.44 3.45 3.40 Canadian Dollars to £1 N.Z. Buying .. 1.10 4.13 4.17 4.12 Seliins . . 3.99 3.98 5.97 3.92 ROYAL INSURANCE COMPANY DIVIDEND OF 65 PER, CENT » ' With a premium income of nearly £15,000,000, the Royal Insurance Company, Limited, last year showed a net trading surplus in all departments, and a total profit not much less than the 1930 figure. The dividend, which has been maintained at 65 per cent, involves a disbursement of £1.375,000, which is met as to £1,330,000 out of interest income, so that virtually the whole of the net trading surplus is available to increase the company's surplus assets. FOREIGN EXCHANGES LITTLE CHANGE IN STERLING British Wireless RUGBY, July 29 The following rates on foreign exchanges arc current, compared with tho cabled quotations on July 28 and par:—

{Nominal. CUSTOMS EXCHANGE RATES Rates of exchange ruling at the nn nounced flate of departure of the vessels named aro shown in tlio following table. They are subject to confirmation by the 'Cusioins Department when the exact time of departure is learned on the arrival of the vessels in New Zealand, finally declared rates being marked*:— Canadian Conqueror, Canada, dollars 4.14 Brisbane Maru. Japan, yen .. .. 18.5 Golden Coast. America, dollars .. *3 57 Golden Coast, Canada, dollars . .. *4.20_ Aornnsi Canada, dollars .. .. Ardenvolir. Americr dollars .. . 3. Port, Ilobart. America, dollars . . 3.54 Canadian Cruiser, Canada, dollars .. 4.05 P. AND O. DEFERRED STOCK LONDON, July 29 P. and 0. deferred stock is quoted at 16s 6d, compared with 16s lid yesterday.

July 29 July 28 Par Montreal, dol. .. •1.1)35 4.03 4.SOU New York, <U>1. . 3.50J 3. SOS 4.8GG Paris, (L'. 89 n-ir, 89 11 10 124.21 Brussels, belpa, .. 25.255 25.325 35.00 Geneva, fr. 18,025 18 1 -32 25 22 Amsterdam, 11, •• 8.715 8.725 12.10 Milan, lire 08! 09 92.4 G Berlin, r.m. 11.725 14.7G 20.13 Stockholm, kr. .. 19.45 — 18.159 Copenhagen, kr. . 18.59 18.55 18.159 Oslo, kr. 10.95 — 18.159 Vienna, sell. ai.sot — 34.535 Prague, kr. 118.25 _ 104.25 HolsintjforB, mark m — 129.23 Madrid, pes. 43 0-1(1 44 11-10 2o.22I Lisbon, obcu. 119 110 110 Athens, dr. _ .. 540 550 375 (V) Bucharest. lei. .. 592.5(1 590 813.0 Bio de Janeiro, mil. 51 5 1-321 5.890d Buenos Aires, dol. t + 47.019(1 Montevideo, dol. nni301 Bid Pornbay, rupee .' is 3-32 18S 18d Shanghai, Inel .. 00 7-1C 20 9-32 — T-Iomrkons, dol. . 151 15.50 — Yokohama, yen . 18} 18.75 21.58d Batavin, 11. — 8.81 12.10 Belrirude, din .. 220 222 50 270.31 Warsaw, zlotys . . — 31.02 43.38