THE LONDON MARKETS

New Zealand Herald, Volume LXX, Issue 21525, 23 June 1933, Page 5

THE LONDON MARKETS

QUOTATIONS FOR METALS EASIER TENDENCY SHOWN (Received June 22. 8.15 p.m.) LONDON, June 21 Following are to-day's quotations on tho London metal market compared with those of June 20:—

HIGH EXCHANGE RATE CONDITIONS IN DOMINION AN AUSTRALIAN COMMENT Commenting on the New Zealand trade returns for the year ended March 31, tho Melbourne Argus states the expedient of raising prices by depreciating currency has not proved as profitable as the Government hoped, and it has caused a great deal of unrest and uncertainty in commerce iu New Zealand. With a consistently favourable balance of trade sufficient to provide more than enough for interest payments abroad, the economic need for a high exchange rate did not exist. The fact that a change in the rato was arbitrary has made traders very wary, because it might become expedient for the Government to reverse its policy at any time. Traders are still very chary of undertaking commitments that involve transfers of money to and from New Zealand, and importers there are reported to he wording on a weekly basis because they are fearful of a sudden return to a 10' per cent rate of exchange. VICTORIAN BUTTER l SHIPPING DIFFICULTIES "ft OUTPUT LARGELY INCREASED Unusual difficulties confronted the Victorian authorities this season in arranging and allocating freight space for Melbourne exporters of butter. As a result of the congestion in the London market at tho close of last year, 20 per cent of the December surplus of Australian butter was withheld from the export trade. The shipment of these arrears later in the season disturbed shipping arrangements, and necessitated the allocation of space offering on a pro-rata basis. The shipping companies responded sympathetically to the attempts to meet the situation, and since March they have been able to meet all exporters' requirements for space for butter. In spite of adverse weather conditions, which resulted in a rapid decline in the production of butter at the close of the present season, the export of butter from Victoria in 1932-33 exceeded the record of the previous year. Including Tasmanian and King Island shipments, butter exported amounted to 38,243 tons, compared with 33,667 tons for the previous year. FOREIGN EXCHANGES STERLING RATHER EASIER British Wireless RUGBY, Jure 21 The following rates on foreign exchanges are current, compared with the cabled quotations on June 20 and par:—

CUSTOMS EXCHANGE RATES Rates of exchange ruling the announced dates of departure of the vessels named are shown in the following table. They ate subject to confirmation by the Customs Department when the exact time of departure is learned on arrival of the vessels in Now Zealand, finally declared rates being marked*:— Canadian Cruiser, Canada, dollars . . *4.14 Canadian Challenger. Canada, dollars 4.41 Golden Cloud, America, dollars . . 4.00 Canadian Constructor, Canada, dollars 4.51 Waihetno, America, dollars . . . . 4,14} Wniliomo, Canada, dollars ~ », 4.51 Ashburton, America, dollars .. . , 3.883 NEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by tho New Zealand banks, are as under: — . Buying Selling United States . . 4.24 4.04 Canada . . . . 4.G9 4.4!) Tho cost in New Zealand currency of tho pound sterling and of the principal foreign units, on the latest quotations, is us follows: — Present Prico Par sd s d London, j>ounrl . . . 24 11.58 20 0.00 Australia, pound , .. 20 0.00 20 0.00 New York, dollar . .. 6 2.18 4 1.31 Montreal, dollar .. •• G fi.oß 4 1.31 Paris, franc, .. .. 0 ,3.58 0 1.98 Berlin,, mark . . .. 1 8.95 0 11.74 Copenhagen, krone , . 1 1.36 1 1.22 Yokohama, yen . . . . 1 C.Bl 2 0.58 These valuations represent the current rates at which banks sell drafts payable on demand. RUBBER RESTRICTION PRODUCERS' DISCUSSIONS (Received Junj 22, 7.45 p,n;,) British Wirele»« RU<rEY, June 21 The Colonial Secretary, Sir Philip Cunliffe-Lister, in the House of Commons to-day, said he understood that discussions about rubber restrictions had taken place between certain English and other producers. However, there had been no negotiation between the British and other Governments, and no request for negotiations had been received from tho Dutch Government. BRITISH WAR LOAN (Received June 1%. 5.5 p.m.) British Wireless RUGBY, June 21 War loan, 3J per cent, is quoted today at £9B 17s Gd, same as yesterday.

June 21 June 20 Per ton Per ton Copper, stan., spot . . i.' 8 3G 2 d 6 £ s 37 4 d 41 9 0 Copper, Btan., 3 mos. . 3fi 6 3 37 8 40 10 to *Copper, electrolytic . '40 0 to 0 Copper, elec., wire bars 41 0 41 0 •o 0 41 10 41 10 0 0 Lead, soft, spot 13 3 9 13 5 0 Lead, soft, forward . . 13 11 3 13 11 3 Spelter, spot 17 2 6 17 2 6 Spelter, forward . . 16 15 0 lfi 12 6 Tin, stan., spot 220 10 0 225 2 6 Tin. stan., 3 mos. . . 220 12 6 224 7 G * American 8 cents June 19. a lb., same as on

June 21 Juno 20 Par. Montreal, dol. .. 4.62} 4.635 4.860 New .York, dol. .. 4.16J 4.19 4.866 Paris, fr 861 86} 124.21 Brussels, belga .. 24.315 24.32 35.00 Geneva, fr. .. 17.615 Amsterdam, fl. ., 8.46 17.61 25.22 8.46 12.10 Milan, lire .. 64.75 64 { 92.46 Berlin, r.m. .. 14.305 14.305 20.43 Stockholm, kr. .. 22.425 19.435 18.159 Copenhagen, kr, . 22.425 22.425 18,153 Oslo, kr. . .. 19.80 19.80 13.159 Vienna, sch. .. 31.50t 31.50} 113.75 34.585 Prague, kr. ' . . 114 164.25 Helsingfors, mark 220.50 226.50 129.21 Madrid, pes. .. 40 1-16 40 3-32 25.221 Lisbon, escu. . . 110 110 110 Athens, dr. . . '590 590 375.00 Bucharest, lei. .. 572.50 570 813.6 RiodeJaneiro.mil. 4Jd+ 4.50dt 5.899d Buenos_ Aires, dol. 41.75d 41.75d 47.619d Montevideo, dol. . 34dt 34dt51 d Bombay, rupee ., 18 5-64d 18 5-64d 18d Shanghai, dol. ., 15 5-16d Hongkong, dol. .. 17d 15fd — 16 WOd Yokohama, yen .. 15 l-16d 15 3-32d 24.58d Belgrade, din. . . 250 250 276.31 iNominal.