CITY DEBENTURES

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

CITY DEBENTURES

DEMAND MAINTAINED LOWER INTEREST LEVEL In spite of the compulsory lowering of interest rates, there is still a good demand for municipal debentures, judging by the recent experience of the Auckland and Christchurch City Councils.

Sineo April 1, when the rate was reduced to 4J per cent, the Auckland Council has sold £3900 worth of debentures, and the total would have been larger but for the interruption caused by the Easter holidays. In spite of the former 10 per cent stamp duty on interest, which was, however, not universally applicable, the council's sales since July 1, 1932, have amounted to £160,000.

During tho past few weeks several ofiers to buy largo parcels of debentures ha ve been received by tho Christchurch City Council, but as tho council is not at present on the market for loan money it has not been ablo to take advantage of the offers. One man offered to take £'lo,ooo worth of clebentxires at the ruling rate of interest and another offer was received for £6OOO worth. Several smaller amounts were also offered.

NEW ZEALAND'S FUTURE 11 BOUND TO COME THROUGH " SIR R. ANDERSON'S VIEW Sir Robert McC. Anderson, who returned to Sydney recently from a holiday trip to New Zealand, expressed his complete confidence in the ability of No\v Zealand to recover from tho economic depression she is experiencing. At present, he said, New Zealanders were suffering from tho type of nervousness Australians experienced when tho depression was at its worst two years ago.

Tho fundamental soundness of the New Zealand national character supplied the basis of Sir Robert's confidence in tho country's future. " The New Zealanders aro peoplo wlio will face their troubles squarely, and they are bound to come through, ho declared. Although Sir Robert emphasised that he had not studied tho of the Ottawa agreement on New Zealand, he said that it seemed to him that many New Zealanders viewed tho agreement with disfavour. They had the idea that tho agreement had been made " with tongue in cheek," in such a way that it could be circumvented.

STRONG WOOL MARKET COMPETITION ,IN SYDNEY (Received April 10, 9.15 p.m.) SYDNEY, April 19 At the Sydney wool sales to-day 10,082 bales were offered and 8917 were sold. Also 1570 bales were sold privately. The market was fully equal to tho previous day's rates. There was excei>r tionally strong competition in all sections. Greasy Merino sold to 15d. DOLLAR EXCHANGE DOMINION RATES REVISED Current dollar exchanges as quoted by the New Zealand banks are as under, compared with previous 'quotations: — U.S. Dollars to £1 Mar. 20 Mar. 27 Apl. 3 Apl. 10 Apl. 19 Buvins . 3.56 3.53 3.51 3.51 3.58 Selling . 3.36 3.33 3.31 3.31 3.38 Canadihn Dollars to £1 Buying . 4.19 4.22 4.22 4.23 4.25 Selling . 3.90 4.02 4.02 4.03 4.05 "WASTY" FRUIT THE OTIRA CONSIGNMENT The Department of Agriculture has received the following cablegram, dated April 13, from the High Commissioner for New Zealand, London, dealing with fruit shipments:— The Otira consignment all very mature. Cox's Orange affected with bitterpit. All parcels show waste up to 50 per cent and many much worse. Immediate sales were essential and shipment was practically cleared, but already there have been many rejections and reclamations. Initial sales: —Cox's Orange (average), 10s 6d; Dunn's, 9s; Jonathans, 12s; London Pippins, 9s; Mobb's Royal, 7s 6d; Ballarats, 9s 6d; Lord Wolseley, 8s 9(1. Port Wellington consignment sales to date: —Cox's Orange, 6s 6d to 18s (average of sales to date, 14s 7d); Dunn's, 8s to 10s 6d (9s); Worcester Pearinains, 7s to 12s 3d (10s) ; Shoreland Queen, 8s to 9s 6d (9s 3d); Alfris-' tons, 9s; Reinette du Canada, 8s 3d to 8s 9d (8s 6d); Lord Wolseleys, 7s to 8s 9d (7s 6d); Ballarats, 8s 6d to 10s 6d (9s). The Akaroa consignment.—Only a few landed, but indications are that this shipment is in a better condition.

No fruit from the Auckland province was carried on the Otira and Port Wellington, hut there was a shipment of 8000 cases on the Akaroa. CUSTOMS EXCHANGE RATES Hates of exchange ruling at the announced date of departure of the vessels named are shown in the following table. They are subject to confirmation by the Customs Department when the exact time of departure is learned on arrival of the vessels in New Zealand, finally declared rates being marked*: — Wirral, America, dollars . . . 3.445 Niagara, Amorica, dollars . . . . *3.4'; Niagara. Canada, dollars . . *4.15 Golden Eagle, America, dollars .. 3.42* Brisbane Maru, Japan, yen .. 15 l-32d Wnikawa, America, dollars . .. 3.425 Mariposa, America, dollars . . . . 3.41 J Canadian Cruiser, Canada, dollars . 4.14 NEW ZEALAND MONEY ABROAD The cost in New Zealand currency of the pound sterling and of the principal foreign units, on the latest quotations, is as follows: — Present Price Par s d s d London, pound . . . . 24 11.58 20 0.00 Australia, pound . *. 20 0.00 20 O.Of) New York, dollar . . . 7 4.07 4 1.31 Montreal, dollar .. ». G 2.00 4 1.31 Paris, franc . . . • 0 3.4G 0 1.98 Berlin, mark .. .. 1 8.80 0 11.74 Copenhagen, krone .. 1 1.36 1 1.2.. Yokohama, yen . 1 6.65 20.5 H These valuations represent the current rates at which banks sell drafts payable on demand. THE PRICE OF GOLD LONDON, April 18 Fine gold was quoted to-day at £6 0s 9id .an ounce, compared with £6 Is Gd on April 13. TIN IN NEW YORK NEW YORK. April 18 Tin (standard), April delivery, is quoted to-day at 24.70 cents a lb., compared witlx 23.75 cents on April 5.-