AUSTRALIAN GLASS

New Zealand Herald, Volume LXX, Issue 21507, 2 June 1933, Page 5

AUSTRALIAN GLASS

IMPROVED .RESULTS DIVIDEND AGAIN INCREASED The directors of the Australian Glass Manufacturers' Company, Limited, have advised the Auckland Stock Exchange that they are recommending a final dividend of 4 J por cent on preference shares and 6 per cent on ordinary shares, making 9 per cent on each class of share for the year ended March 31. Since the company's inception in 1922 a dividend of 10 per cent was paid on ordinary shares annually to 1930, with a bonus of 2} per cent in the last two years of that period. In 1931 ordinary dividend was reduced to 6 per cent as a result of a fall in profits to £76,763 from £187,168. Better rcsu'ts were secured in 1932 when a rise in earnings to £92,137 was accompanied by an increase in ordinary dividend to 7i per cent. The latest announcement indicates still better trading results during the year just ended. FOREIGN EXCHANGES APPRECIATION OF STERLING British Wireless RUGBY, May 31 The following rates on foreign exchanges are current, compared with t'necabled quotations on May 30 and par:— May 31 May 30 Par. Montreal, dol. . . 4.5T5 4.50 4.B<»S New York. dol. . . 3.03} 3.9 Di 4.806 Paris, fr 831 f4 15-16 124.21 Brussels, belga . . 24.195 24.005 . 35.00 Geneva, fr. . .. 17.47 17.31 1 25.22 Amsterdam, fl. .. 8.33 8.30 12. L 0 Milan, lire . .. 64 13-16 645 92.46 Berlin, r.m. .. 14.575 14 13-32 20.53 Stockholm, kr. . . 19.51 19.50 18.159 Copenhagen, kr. . 22.45 22.45 18.159 Oslo, kr 19 23-32 19 23-32 18.159 Vienna, sch. . . 30.50+ 30 + 34. 585 Prague, kr. . . 113.25 112.25 164.25 Helsir.jjfors, mark 225.50 22fi.50 129.23 Madrid, pes. . . 39 7-16 39J 25.221 Lisbon escu. .. 110 110 110 Athens, dr. . . 590 590 375.00 Bucharest, lei. . . 565 565 813.6 Rio de Janeiro, mil. 4.75dt 4.75d+ 5.899 d Buenos Aires, dol. Montevideo, dol. • 3ld+ 51d

Bombay, rupee .. 18 5-64 dlB 5-61 d 18d Shanghai, dol. .. 15 l-16d 15d Hongkong, dol. . . 16 11-16 d IOSd Yokohama, yen . . 14 13-16 dl 4 13-16 d 24.58 d Belgrade, din. tNorninal.

NEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by the New Zealand banks, are as under: — Buying Selling United States . . . . 4.06 3.81) Canada . . ..♦ . 4.61, 4.41 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 P;ir • d sd London, pound .. . . 24 11.58 20 0.00 Australia, pound . .. 20 0.00 20 0.00 New York, dollar . . 6 S.G-1 4 1.31 Montreal, dollar . ... 5 7.92 4 1.31 Paris, franc . . •« 0 3.50 0 193 Berlin, mark . . .. 1 8.56 0 31J4 Copenhagen, krone .. 1 1.35 1 1.-2 Yokohama, yen . 1 6.50 2 0.53 These valuations represent the current rates at which banks sell drafts payable on demand. CUSTOMS EXCHANGE RATES Rates of exchange ruling at the announced dates 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*:— Canadian Cruiser, Canada, dollars 4.J 4 Canadian Challenger, Canada, dollars 4.41 Melbourne Maru, Japan, yen .. .. 14id Niagara, Canada, dollars . • • • 4.4i5«

CHINESE CURRENCY USE OF TAEL FORBIDDEN For some weeks past the exchange quotations, Shanghai on London, have been transmitted in pence to the dollar, where previously they were given in pence to tael. The reason for the change is explained by a message from the Shanghai correspondent of the Times. Writing on ApriL 7 he says:—"An announcement made yesterday that the Chinese Government has required that all public and private transactions must be made in terms of silver dollars or be considered null and void in law has caused considerable comjnotiou in Chinese as well as foreign business circles. The basic currency in China is pure silver represented by the tael, which is a unit of weight, and foreign banks keep their reserves in taels. Between taels and dollars the exchange fluctuates, and the advantage of adopting a standard coinage to supersede the tael is obvious, foreign banks, however, cling to the tael, because hitherto there has been no guarantee of the maintenance of the fineness of the products cf the Chinese mints. "In making the dollar the only legal currency the Government apparently expects to force the banks to desert the tael, and in furtheranco of this object has, in addition, imposed a 2i per cent export duty on silver in order to induce the banks to have their, silver minted, the cost of mintage being the same as the new duty. As all foreign exchange and commercial transactions are done in taels the change sought to lie made so suddenly embarrasses all interested in foreign trade, and it remains to be seen whether the foreign banks will be willing 10 put their funds ijito ;i coinage over the quality of which they will not have direct; control.'' LONDON WOOL SALES RANGE OF ADVANCES Further cablegrams relating to the close of the London wool sales are: — New Zealand Loan and Mercantile .Agency Company, Limited.—As compared with the closing rates at the last sales prices are higher ltd to 2d per lb. for fine scoured crossbred, scoured Merino medium; Id to lsd p?r lb. higher for greasy Merino medium, scoured Merino inferior, fine greasy crossbred; Id per lb. higher for grcas> Merino inferior, medium crossbred slipe, fine crossbred slipe, medium (scoured crossbred; id to Id higher for lambs, Merino and crossbred, Merino greasy crossbred, coarse scoured crossbred, coarse crossbred slipe; 2d to 2kl per lb. higher for scoured Merino super; lAd per lb. higher for greasy Merino super; id per lb. higher for coarse greasy crossbred. The sales closed firmly. There was good all-round competition. America was operating, but very little suitable wool was catalogued. H. Irwell and Company.—As compared with the opening prices of the sale there is a better tone in the market, which is very strong. All sections of the trade bought freely, Continental buyers lifting heavy parcels. Average prices obtained in the saleroom are: 58's, lid; 56's. 104*1; 50's, 8(1; 48? P, 6cl; 4(j's P, oid; 44"s P, 4|d. Shpes: halfbred lambs, Hid; threcquartcrbred, 9jd; seconds, 6d.