EXPANSION OF TRADING

New Zealand Herald, Volume LXX, Issue 21533, 3 July 1933, Page 5

EXPANSION OF TRADING

BUOYANT STOCK MARKETS INTEREST OF INVESTORS ,> LOOSENING HOARDED CAPITAL J hero has boon remarkable expansion of trading on the New Zealand stock exchanges during the past few weeks. I'ho investment market has responded to favourable influences and is now in an extremely buoyant state. the view that the activity in the market was an indication of returning prosperity was expressed by a leading broker on Saturday. Ho said that past experience had proved the investment market to be u fairly reliable guide to changing conditions in the business world. At the beginning of 1930, values on the stock exchanges began to fall rapidly, but the business community and the producers were not adversely a Sleeted until some months later. Tliis was possibly a reflection of conditions in Australia, which preceded the .Dominion in the drop to low prices. It was interesting that a sudden buying wave on the Australian stock exchanges some weeks ago provided tho impetus needed in tho New Zealand market, ho said. The renewed activity in- Australia was reflected directly in tiie Dominion owing to heavy buying on Commonwealtli account. Tho original buying movement had been largely worked out, but pressure from local investors had taken its place. On the Auckland Stock Exchange, tho heaviest turnover for a considerable tim« was recorded on Friday, when 45 parcels of stock and shares changed hands. "Influenced by a rising market, investors are turning to every issno which in their opinion will appreciate in value, ' .said the broker. ".Risks aro being taken moro freely in a general endeavour to j.nticipato the market. There has been a .widespread loosening of hoarded capital, brought about largely by tho reduction of interest on fixed investments. A healthy sign is the attention being given to loan and agency shares, investors bearing in mind the improvement in the produce markets. Industrials are being combed thoroughly lor steady dividend-paying stocks and banks are showing continued ap- i prceiaLion. For somewhat different rea- | sons, the mining market is strongly i supported as tho premium on gold helps to place new ventures on a dividend-paying basis." Tho point that tho return on Government loans must bo kept at a low level was emphasised. It was satisfactory that tho Government had this in mind, as shown by tho resumption of over-the-counter sales at 3jj per cent. THE LONDON MARKETS QUOTATIONS FOR METALS • TIN AND COPPER EASIER LONDON, June 30 Following are to-day's quotations on !:he London metal market, compared with thoso of June 29: — Juno 30 June 09 Per ton Per ton £ s d ' ,£ s tl Popper, stall., spot . . fiG 14 4.J 37 1 3 L'oppcr. stau., 3moa. . . 36 18 loj 37 4 4} 'Copper, electrolytic; . 40 10 0 40 10 0 1:o to 41 ;to n 41)0 o Copper, elec., wire bars 41 10 0 . 41 10 O jead, soft, spot . . 13 0 3 13 7 (• '•.cad, soft, forward . . 13 R 3 13 11 3 j spelter, spot . . . . 17 15 0 17 10 0 I ?pelter, forward . . 17 C 3 17 '2 fi j fin, stall., spot . . 221 15 0 222 17 6 j Tin. stan., 3mo a . . . 220 15 0 222 2 (5 "American, 8 cents a lb., same as on I une 23. Quotations for other metals are:—Pig | ron , home, 63s 6d; export, oßs tid. j Vntimony, British, £39 10s; foreign, j -24 ss; Molvbdenite, 4's 6d. "Wolfram, j As 3d

COTTON, RUBBER, JUTE, ETC. Quotations on June 24 in parentheses.) Cotton. —Spot, 6.35 d (6.18 d) a lb.; August delivery, 6.03 d (o.OOd, July). Rubber. —Para, s§d (ojd) a lb.; plantation and smoked, 3 ?-16d (o 11-82 d). Jute. —July-August shipments, £l7 8s 9d (£l7 Os 73d) a ton. Copra. July-August shipments, South Sea, £lO 17s 6d (£lO 15s, JuneJulv) a ton; plantation Rabaul, £ll (£lO 17s 6d). Linseed Oil. —£22 (£l9 15s) a ton. Turpentine.—s2s 9d (55s <3d) a cwt. FOREIGN EXCHANGES STERLING FLUCTUATIONS British Wireless RTJGBY, June 30 The following rates on foreign exchanges are current, compared with the cabled quotations 011 Juno 29 and

CUSTOMS EXCHANGE RATES Hates of exchange ruling nt the announced dates of departure of the vessels named are shown in the following table. They arc 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*;— (loltlon Cloud, Canada, dollars . . *'1.51 (iriMeri Cloud, America, dollars .. *l.Ol C'.'iniulinu Constructor. Canada, dollars 4.51 Waihomo, Amoricii, dollars . . . . 4.141 W'ailunno, Canada, dollars .. 4.51 Ashburton, America, dollnra .. .. :).BSJ Monowai. Canada, dollars .. .. 4.T.S Monterey, America, dollars .. 4.38

par:— June 30 June 29 Par Montreal, do!. . 4.Co 4.69 4.86(5 New York, rlol. 4.201 4.295 4.80(5 Paris, fr. 80.25 8(n-lG 121.21 Brussels, belga . 24.235 2-U 35.00 Geneva, fr. 17.575 17.52 25.22 Amsterdam, fL . 8.4(5 8.415 12.10 Milan, lire (54 3-16 (54 i 92.4(5 Berlin, r.m. 14.305 14.29 20.43. Stockholm, kr. . 19.425 19.425 18.159 Copenhagen, kr. 22 13-32 22.425 IS.159 Oslo, kr. 19.90 " 19.90 18.159 Vienna, sell. 31.501 31.501 34.585 Prague, kr. 114 113.75 KM.25 lie)sin<>fors, mar : 225.75 226.50 129.23 Madrid, pea. •10 7-16 - -iO 13-32 ■?n "21 Lisbon, escu. 110 110 1 10 Athens, dr. 590 590 375.00 Bucharest, lei. . 570 572.50 813.0 Kio de Janeiro, mil '. 42dt 43d 1 5.899rF Buenos Aires, dol . 41.75d 41.75d 47.i'.19d Montevideo, dol 3 Id t 34 d 1 old Bombay, rupee IS 1 IGd 18 1 -l(>d lSd Shanghai, dol. . 15 5-32d 15 fi-32d Hongkong, do!. 1(5 35-32d 1(5 13-1 lid Yokohama, yen 15 1-32(1 15 1-32(1 24.58(1 Bataviu, fl. 8.45 12.10 Belgrade, din. . 250 2511 27<;.3t Warsaw, zloty . — 30,31 43.38 1 Nominal. Fluctuations in the dollar were nnrrower to-day. Tho rate opened at 4.27 aiul moved to 4 .30, but closed at 4.2G.1. Gold currencies remained firm. NEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted bv the New Zealand banks, are as under, compared with previous quotations: — U.S. Dollar?, to .L'l J line 23 June 2(5.1 nae 2!) J line 30 July 3 Buying . -1.3-1 4.31 4.48 4.39 4.30 Soiling . 4.14 4.11 4.28 4.19 4.10 Canadian Dollars to .£1 Buying . 4.7(5 4.77 4.8(5 4.77 4;76 Selling . 1.50 4.57 4.0(1 4.57 4.55 Tlio cost in New Zealand currency of the pound sterling and of the principal foreign units, on the latest quotations, is as follows: — Present Price Pa r s <! s d London, pound . .. 2)11.58 20 0,00 Australia, pound . . 20 0.00 20 0.00 New York, dollar ('. 0.01 4 1.31 Montreal, dollar . . . 5 5.72 4 1.31 Paris, franc . . .. 0 :;. !7 0 1.98 Berlin, mark . . 1 8.95 0 11.74 Copenhagen, krono . . 1 1.38 1 1.22 i Yokohama, yen . ... 1 0.(7 2 0.58 These valuations represent Hie current rates at which banks sell drafts payable on demand. i