FIJI EXCHANGE

New Zealand Herald, Volume LXX, Issue 21471, 20 April 1933, Page 5

FIJI EXCHANGE

UNUSUAL POSITION : variation in buying rate An unusual position with regard to [Fiji exchange has arisen. Of the two ibanks /conducting business between New, jZealand and Fiji, the Bank of New Zealand has advanced tl-re buying rate pu £IOO New Zealand to £lOl Fiji, jwliilo the Bank of New South Wales is trill transacting business at the carded fr-ate. This has been in effect since April 3, and is as follows on the basis of £'loo New Zealand: Buying, £9O 10s; polling, £SB 10s.

The Auckland branch of the Bank of [New Zealand is acting on advice from Jiead office and the reason for the change is not disclosed. It is still selling at £SB 10s. The effect is to penalise the exporter to Fiji without benefiting the importer. A possible explanation is that exports to Fiji have increased substantially, but this is not considered likely. A further suggestion is that the bank has largo funds in Fiji and does not wish to increase its balances there. The suggestion that it is a check on speculation is discounted by the fact that all speculative transactions and needless transfers of capital on any exchange market aro not accommodated by the banks. If the change is permanent, it is evident that the exchange premium, or portion of it, can be obtained by the exporter only by recourso to the outside market.

WHEAT IN AMERICA SALE OF HOLDINGS STABILISATION CORPORATION (Received April 10, 5.5 p.m.) < CHICAGO. April 18 Wheat.—May, 62J cents a bushel; 'July, t34J cents; September, 65 £ cenfs. The New York quotation for cash is 73£ cents. A message from Washington states that Mr. Henry Morgenthau, chairman of tho Federal Farm Board, announced after, tho close of the grain exchanges to-day that all the Grain Stabilisation Corporation's holdings of May wheat futures in all markets had been sold, also all its cash wheat. However, ho did not indicate whether any wheat contracts for future delivery outside of May/contracts have been, or arc being, held.

When Mr. Morgcnthau assumed office early in March tho board held about 30,000,000 bushels of wheat futures which, the chairman said at that time, were largely represented by May futures,

BRITISH CURRENCIES RISES IN NEW YORK /. NEW YORK, April 18 The talk of currency inflation legislation raised British currencies in New York, to-day. At noon the pound sterling reached three dollars 49i cents in United States funds, 3i cents higher than yesterday's closing price. Tho Canadian dollar advanced 3-16 cents to 83 15-16 cents. The pound sterling closed at three dollars 57* cents and the Canadian dollar at 84J cents. BUTTER MARKET QUIET NO CHANGE IN PRICES Th 6 London market for butter is quiet Rafter the Easter period. New Zealand finest is selling unchanged at 69s to 70s per cwt. The New Zealand Producers' Cooperative Marketing Association, Ltd., has received tho following cablegram, dated April 18. from its London office:—Butter: New Zealand. 69s to 70s; Danish, 92s to 945. Cheese; White, 40s; coloured, 465. Both markets are quiet.

TRADE OF CANADA ' FAVOURABLE BALANCE OTTAWA, April 18 Canada ended the past fiscal year with an export trade balance of 67,693,483 dollars. The value of domesexports for the 12 months ended March 31 totalled 473,907,455 dollars, as against 406,213,972 dollars in respect of imports. At the end of the preceding year the Dominion had an import balance of 2,148,580 dollars. The value of the total importations then was 578,492,882 dollars, and of the domestic exports, 576,344,302 dollars. Exports of wheat were. 239,375,225 bushels, valued at 130,546,365 dollars, compared with 191,316,933 • bushels, valued at 116,739,451 dollars for the preceding 12 months. TARIFF CHARGES HUNDREDS OF APPEALS OTTAWA, April 18 Hundreds of appeals are piling up for the Tariff Board, created through the last Imperial Conference, and huge sums in customs duties are involved. There are many British appeals from the rulings of the Customs Board. The appellants claim that the tariffs on goods from Britain are not fair. / SEARCH FOR GOLD ACTIVITIES AT CROMWELL [by TELEGRAPH —OWN cobbkspondentJ DUNEDIN, Wednesday Reports from Cromwell state that interest is being displayed in the activities of the Lady Rnnfurly Mining Syndicate. At this claim a patent, cylindrical process involving a*" novel application of hydraulics is being installed for the purpose of extracting gold from banks under water where no dredge could ever reach. If it proves a success, the method should open up a big field. Messrs. Bell and Kilgour ceased work on their claim over the holidays, but work on the Bell, Hooper Gold. Limited, claim is being pushed ahead. Many other propositions in the district are hanging fire, owing to inability to obtain titles, and outside those who have a licence there is comparatively little activity. CALL AND DIVIDEND LIST Dividends- Duo Electro. Zinc, pref.—arrears, half > year ended Dec. 31. 1931. 4 p.c. Apl. 29 British Tc.bucco— pref.. Quarterly, 6J p.c. pa. . A P L 23 E.. S. and A Bank—interim, 21 p.c. May I Bank of Adelaide —final. 4 p.c. p.a. May 3 K.Z. Investment Mortgage—final, 2 p.c. Ma,y Imperial Chemicals —final, ord., 3J p.o J UDO 1 Calls— Golcondp Mines, Ltd.—ld a share, makiiiK Od paid .. iO-day Waitaiui Mining—Oil n share, / making 4s a share . . . . Apl. 20 Equitable Building (Wellington), £1 a. share, making £0 paid, second pay meat of 5a . ..Juno 30