COST OF EXCHANGE

New Zealand Herald, Volume LXX, Issue 21578, 24 August 1933, Page 5

COST OF EXCHANGE

BRITISH FIRMS' AID LOWER RATES QUOTED CONCESSIONS TO IMPORTERS The reports from Christchurch regarding the offers of British firms to convert New Zealand currency at a lower rato than that carded by the hanks indicato increased endeavours on the part of British manufacturers and shippers to lighten the burden imposed upon consignees by the New Zealand Government's action in raising the exchange rato last January. Many houses at tho outset absorbed part of the extra cost in their quotations to merchants, which were not raised to tho full extent of tho cost of exchange. Several Auckland softgoods houses havo knowledge of the operations of a firm of English softgoods manufacturers which is prepared to endeavour to land goods for tho payment of 10 per cout premium on -tho st.erlirg quotation. No guarantee, however, can bo given that tho cost of oxchango will not exceed this. Similar methods to this have been in operation ever since New Zealand money was placed at a discount against sterling and since tho rate was increased to 25 per cent activities havo been more widespread. These havo been particularly noticeable in cases in which British goods are coming into competition with local manufacturers or in cases in which considerable sums havo been spent in establishing a foothold for a certain line. In such instances, an Auckland merchant stated yesterday, concessions from 5 to 15 per cent had been available, not only from • British shippers, but from Canadian shippers as well. In other cases, New Zealand funds were being paid into deposit accounts in tho Dominion to await a more favourable opportunity for transfer. Most of the saving in exchange has been made as a result of negotiation between principal and agent, but in addition to this, owing to the embargo on the transfer of capital funds from London, an "outside" market has been in existence for some time. London funds through this avenue havo been purchasable at i to 1 per cent below the carded rato for telegraphic transfer, but the volume of business is stated not to bo largo. THE LONDON MARKETS QUOTATIONS FOR METALS SLIGHT FLUCTUATIONS (Received August 23, 7.35 p.m.) LONDON, Aug. 22 Following are to-day's quotations on tho London metal market, compared with those of August 21:— Aug. 22 Aug. 21 Per lon Per ton n ..A's d £ e d Copper, stan., spot . . 35 13 V/ a 35 13 9 Copper, stan., 3 mos, . 35 18 l l / a 35 18 9 f Copper, electrolytic .. 39 15 0 40 5 0 | to to > , , . 40 10 0 40 15 0 Copper, elect., wire bars 40 10 0 40 15 0 Lead, soft, spot ~ 11 17 lj 1L 18 9 Lead, soft, forward . . 12 3 9 12 5 0 Spelter, spot . . . . 16 16 3 16 15 0 Spelter, forward . . 16 16 3 16 16 3 Tin, atan., spot .. 213 3 9 213 2 6 Tin, stun., 3 mos. . . 213 6 3. 213 2 G GOLD AND SILVER QUOTATIONS IN LONDON (Received August 23, 7.35 p.m.") LONDON, Aug. 22 Fine gold is quoted to-day at £6 5s 3d an oz., compared,with £6 5s 2d "yesterday. Silver is quoted at 17 13-16 d an ox. spot, and 17 15-16 d forward, same as yesterday. ' The quotation for silver at per fine oz. is 19 13-16 d, compared with 19 3-8 d yesterday. FOREIGN EXCHANGES DOLLAR RATHER STRONGER British Wireless RUGBY, Aug. 22 The following rates on foreign exchanges are current, compared with the cabled quotations on August 21 and paw—- ,, Aug. 22 Aug. 21 Par. Montreal, dol. . . 4.77 4.765 4.866 New York, dol. .. 4.495 4.50'/ 4.8G6 Paris, fr 84 9-32 84 11-32 ,124.21 Brussels, belga .. 23.645 23.675 25.00 Geneva, fr. .. 17.095 17.115 25.22 Amsterdam, fl. .. 8.17 8.18 12.10 Milan, lire .. C 262 13 / 1S 92.4G Berlin, r.m. .. 13.845 13.805 20.43 Stockholm, kr. . . 19.385 19.39 18.159 Copenhagen, kr. . 22.40 22.40 18.159 Oslo, kr. . . 19.90 19.90 18.159 Vienna, sch .. 30t 30t 34.585 Prague, kr. .. 111% 111.50 164.25 Helsiugfors, mark 226.50 226.50 129.23 Madrid, pes. .. 39.50 39.50 25.221 Lisbon, eacu. .. 109.25 109.25 110 Athens, dr. .. 587.50 687.50 375.00 Bucharest, lei. . . 500 560 813.6 RiodeJaneiro.mil 4%d 4%d 5,899 d. Buenos Aires, dol. 42.25 d 42.25 d 47.619 d Montevideo, dol. . 34'dt 34dt 51d Bombay, rupee .. 18'/, 6 d 187, 0 d 18d" Shanghai, dol. . . 15d 35'/i>d Hongkong, dol. .. JG.75d 16.75 d "Yokohama, yen . . 14% d 14% d 24.58(1 Bntavia, fl. R.IR 12.10 Belgrade, din. ~_243 243 27G.31 INoniinal. NEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by the New Zealand banks, are as under:— Buying Selling United States .. .. 4.63 4.43 Canada 4.89 4.69 Tho cost in New Zealand currency of tho pound sterling and of the principal foreign units, on the latest quotations, is as follows: — Present Price Par fid a d London, pound .. .» 24 11.58 20 0.00 Australia, pound . .. 20 0.00 20 0.00 New York, dollar . . . 5 7.65 <4 1.31 Montreal, dollar .. •. 5 3.90 4 1.31 Paris, franc .. .. 0 3.55 0 1.98 Berlin, mark .. . 1 9.05 0 11.74 Copenhagen, krone . j 1 1.38 1 1.22 Yokohama, yen .. .. 1 5.95 2 0.58 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*: — Port Fremantle, Canada, dollars ..*4.92 Port Fremantle, America, dollars . . *4.53 Molbourno Mam, Japan, yon .. 14 13-10 d Canadian Victor,' Canada, dollars . . 4.81 Golden Eagle. America, dollars . . 4.50 Hauraki, America, dollars . . . . 4.49} Golden Rod, America, dollars . , 4.41} Aorangi, Canada, dollars ... 4.G7 Maunganui, Canada, dollars .. .! 4.90 Maunganui, America, dollars .. .. 4.46 . t ■ GREY AND MENZIES, LTD. The annual meeting of shareholders of Grey and Menkes, Limited, was held yesterday. The chairman of directors, Mr. A. B. Koberton, presided. The chairman briefly reviewed the results of the year, and the report and accounts, details of which were published in tho Herald on August 16, were adopted Messrs. W. Eddowes and A. B. Roberton were re-elected directors.