EXCHANGE RATES

New Zealand Herald, Volume LXX, Issue 21400, 26 January 1933, Page 5

EXCHANGE RATES

LONDON ON NEW ZEALAND NEW TARIFF IN FORCE

Following the raising of tho rate of exchange on Loudon last week, the Bank of New Zealand announces an alteration as from January 20 in the exchange rates London on New Zealand. The rates are now as follows :

LONDON ON NEW ZEALAND (Basis of £IOO London) Buying Selling Telegraphic transfer j On demand . . £126 0 0 121 15 0 !30 days . . . . J26 12 (1 160 days .. 127 5 0 90 days .. .. 127 17 6 | 120 days . . ICB 10 n I The rates arc quoted on tho basis of j £IOO London, i.e., a demand bill drawn i on New Zealand for £126 will bo purj chased by the bank in London for £IOO. . Under the selling rate £IOO English funds L lodged in London will provide a demand ' draft for £124 15s on New Zealand. I The following rates New Zealand on I London became effective on January 20, , 3933: — I NEW ZEALAND ON LONDON (Basis of £IOO London) Buying Selling i On demand . . £l2l 0 0 £124 17 C !30 days .. .. 123 15 0- 12115 0 60 days .. .. 123 10 0 J24 12 G 90 days . . . . 123 5 0 124 10 0 120 days . . 123 0 0 Telegraphic transfer

DOLLAR EXCHANGE DOMINION RATES REVISED COMPARISON OF QUOTATIONS Current dollar exchanges as quoted by the New Zealand banks are as under, compared with previous quotations:— U.S. Dollars to £!. Jan. 16 Jan. 19 Jan. 21 Jan. 24 Buying . . 3.45 3.44 3.45 3.49 Selling . . 3.25 3.24 3.25 3.29 Canadian Dollars to £1 Buying .. 3.89 3.94 3.94 4.02 Selling . . 3.69 3.74 ' 3.74 3.82 The rates quoted are for the conversion of dollars into English currency or English currency into dollars. Exchange is charged or allowed on drafts or bills drawn in dollars in the same way as if drawn in English currency.

| TURNIP CROPS BLIGHTED DISTRICTS NEAR PAEROA CONCERN AMONG FARMERS [by telegraph—own correspondent] THAMES. Wednesday The farmers of the Hikutaia, and Nethcrton districts, near Paeroa, are much concerned over a blight which has set in among their turnip crops. An inspection of several acres of purple tops and green globes in both localities shows that the blight is farreaching. A count in one paddock revealed that two out of every ten plants were affected, while there were signs that other roots had already decayed. The first sign of trouble shows at the tips of the leaves, which begin to droop. This extends rapidly to the whole of the foliage, which finally drops off. Turnips looking quite wholesome, but with no- tops, prove to be full of water. Decomposition is very rapid, and turnips stricken a day or two ago have practically disappeared into nothing. Farmers cannot suggest any reason for this. One settler, who has grown such turnips for the past three years, regards the disease as extraordinary. He had never seen such wholesale destruction before. It was common enough, he said, for weather conditions to crack roots and, if rain fell then, some rot might set in. The weather this summer on the Hauraki Plains and in the Thames Valley had not been exceptional compared with the past two years. There had been less rainfall than usual, but occasional showers- had kept the grass growing, so that there was no lack of feed. 1 From the way the turnips are affected, it looks as if half the farmers' crops in the districts mentioned- will be wasted. So far thero is no sign of rot in crops grown further north in the Kopuarahi and Orongo districts.

JAPAN'S WOOL BUYING

CONSISTENT ACTIVITY AUSTRALIAN OUTLOOK BRIGHTER Japan's consistent wool-buying activity has been one of the most prominent features of this season's wool market, states Winchcoinbc, Carson and Company, Sydney. During the first five months of the season she took 212,000 bales from tiio Commonwealth. It looks quite possible that her record purchaso of 628,000 bales in Australia last season will be eclipsed during the current selling year. The depreciated value of Japanese currency, which gives foreign money increased purchasing power in Japan, has given a decided fillip to her export trade in manufactures, Slie is experiencing similar trading circumstances to those seen in Franco when the franc fell decidedly in value. Rho is soiling remarkably increased quantities of cotton piece goods and artificial silk in India and other Eastern countries, tho effect of which has been to give a large amount of work for Japanese hands, providing them with the means to buy apparel made from Australian wool. Japan lias, in addition, decidedly increased her export trade in woollen goods with India, the cheapness of them being their great attraction. She has also invaded the Indian market with knitted woollen goods. With her ,protected home market and development in her foreign trade in woollen products, strong competition from Japan looks assured for tho season's sales.

in all quarters prospects appear favourable for the maintenance of general competition at the Australian auctions, tho firm adds. Prices may move moderately upward as llio season progresses. No person, however, could make a definite prophecy in that regard. Wool market anticipations arc difficult enough to make under normal circumstances. With rates of exchange influencing prices in Australia, the American debt question in abeyance, and political developments playing such an important part in all countries, any wouldbe prophet is liable to encounter totally unexpected pitfalls; but on present indications, tho outlook for 1933 new year wool sales is promising.

MALAY TIN COMPANIES I?AST YEAR'S OPERATIONS Changkat Tin Dredging, Limited, has declared a dividend of 6d (sterling) a share. In view of the satisfactory cash position of the company, which on January 1 amounted to approximately £30,000 (a sum in excess of that considered necessary to ensure the payment of regular dividends) a bonus of 6cl sterling a share has also been declared, making in all Is sterling a share. Payment will be made on January 28, plus the exchange premium. On a production of 562 tons of tin oxide from 3,500,000 cubic yards of wash in the year ended Juno 30, Kampong Lanjut Tin Dredging, Limited, earned a net profit of £7461. and paid one dividend of 6d a share (£7500). In the year ended May 31 Rawang Concessions, Limited, earned a net profit of £23,508,' and paid out £15,000 in three dividends of 6d a share. Further dividends have been paid since tho books were closed.