GOLD IN LONDON

New Zealand Herald, Volume LXXI, Issue 21717, 5 February 1934, Page 5

GOLD IN LONDON

FRIDAY'S RECORD PRICE THE SOVEREIGN WORTH 32s INFLUENCE OF THE DOLLAR (Received February 4, 5.5 p.m.) LONDON, Feb. 3 Fine gold is quoted to-day at £6 18s 3d an ounce, compared with the record price of £6 19s 6d yesterday and £6 15s 0d on Thursday. America purchased the entire amount offered yesterday, namely, £BOO,OOO worth. A sensation was created in the market by the announcement that the price was fixed on the basis of the devalued United States dollar instead of on the franc as hitherto. A new boom developed and sovereigns sold at 32s each. To-day America purchased a largo proportion of the £1,000,000 worth of gold offered. The following table shows recent fluctuations in the price of fine gold at per ounce:— £sd £ a d Jan. 10 ..671 .Tan. 23 612 9 Jan. 11 .. 6 7 1 Jan. 24 . . 612 10 Jan. 12 .. 6 7 2 .Tan. 25 . . 6 12 1 Jan. 13 ". . 6 711 Jan. 26 . . 612 8 Jan. 15 ..686 Jan. 27 .. 612 8 Jan. 16 ~ 611 9 Jan. 29 . . 612 5J Jan. 17 .. 611 6 Jan. SO . . 612 10 Jan. 18 , t 612 10 Jan. 31 . . 613 1 Jan. 19 612 10 Feb. 1 .. 615 6 Jan. 20 .. 612 9 Feb. 2 .. 619 6 Jan. 22 .. 612 11 Feb. 3 .. 618 3 BETTER PROSPECTS LONDON FRUIT SEASON APPLES FROM DOMINIONS (Received February 4, 5.5 p.m.) * ' LONDON. Feb.' 3 Fruit traders generally are taking a fairly hopeful view of the forthcoming apple season, for although the latest information points to the total shipments from New Zealand and Australia again being not far off 6,000,000 boxes, there are several factors in the situation which seem to indicate that there will not be a repetition of last season's disastrous slump. In the first place about three-ci uarters of the expected Australian exports are scheduled for shipment bv the end of April, so they should arrive here before there is any risk of meeting competition from English soft fruits, which had such a serious effect on the market last year. Another satisfactpry factor is the elimination of many of the poorer sorts of apples akd plain grade fruit, which always had a depressing effect on the market. Still another favourable point is that stocks of apples stored in America are considerably lighter than a year ago.

PRICES OF METALS COPPER FIRMER AGAIN (Received February 4, 5.5 p.m.) . LONDON, Feb. 3 Following are yesterday's quotations on the London metal market, compared with those of February 1 Feb. 2 Feb. 1 Per ton Per ton £sd £ s d Copper, etan., spot . . 33 11 10$ 33 6 3 Copper, stan., 3 mos. . 33 15 71 33 8 9 'Copper, electrolytic . 36 15 0 36 5 0 to to 86 17 6 36 10 0 Copper, elec., wire bars 36 17 6 36 10 0 Lead, soft, epot . . 11 12 6 11 7 6 Lead, soft, forward . . 11 lb 9 11 13 9 Spelter, spot . . . .11 16 3 14 1;. 6 Spelter, forward .. 15 3 9 lo 0 0 Tin., stan., spot . . 226 11 3 226 12 6 Tin, stan., 8 mos. . . 226 1 9 220 18 9 "American, 8 cents a lb., same a3 on February 1. Quotations for other metals, with last week's prices in parentheses, are:—Pig iron: Home trade, £3 2s 6d (£3 2s 6d); export, £2 ISs 6d (£2 17s 6d). Antimony: British, £39 10s (£39 10s); foreign, £22 os (£23 10s). Molybdenite, £2 Is (£2 Is) a unit. Wolfram, £1 7s (£1 7s) a unit. « FOREIGN EXCHANGES MOVEMENTS OF DOLLAR (Received February 4, £.5 p.m.) British Wireless RUGBY, Feb. 3 The following rates on foreign excl:nnges were current yesterday, compared with the cabled quotations on February 1 and par:—

Feb. 2 Feb. 1 Par. Montreal, dol. .. 4.95 5.00 4.866 New York, dol. . 4.05 5.03% 4.866 Paris, fr. .. 76 l3 Ae 78% 121.21 Brussels, belga .. 21.86 21.98/j 3;>.00 Geneva, fr. .. 15.76 15.84 25.22 Amsterdam, fl. ~ 7.59% -7.62% 12.10 Milan, lire .. 58% 6 58'4 02.46 Berlin, r.m. .. 12.85% 12.89% 20.43 Stockholm, kr, .. 19.39% 19.39% 18.169 Copenhagen, kr. . 22.40 22.40 18.159 Oslo, kr. .. 19.90 19.90 18.159 Vienna, ach. .. 28% 29 34.585 Prague, kr. .. 103 103% 164.25 Helsingrors, mark 226% 226% 129.23 Madrid, pes. .. 37% 37 29-32 25.221 Lisbon, escu. .. 109% 110 110 Athens, dr. .. 525* 630 375.00 Bucharest, lei. .. 510 520 813.6 Rio rle Janeiro, mil. 4%d* 4%d* 5.899 d Buenos Aires, dol. 36% d* 36% d* 47.619 d Montevideo, dol. 38Vid* 37% d* old Bombay, rupee .. 18 3-32 dlB 3-32 d 18d Shanghai, dol. .. Hongkong, dol. . 17% d ISd Yokohama, yen . ll%d 14 9-32 d 24.58 d Batavia. fl. .. - 7.61 12.10 Belgrade, din. .. 225 '2-7 276.31 Warsaw, zloty .. 'Sellers. (Received February 4, 5.5 p.m.) LONDON, Feb. 3 On the foreign exchange market today the following quotations ruled:— New York, 4.925 dollars;* Paris, 77§ francs; Batavia, 7.56 florins. NEW. ZEALAND MONEY ABROAD Current dollar, exchanges, as quoted by tho New Zealand banks, are as under: — Dollars to £1 Buying Selling United States . • . . 5.10 4.90 Canada . . . • 5.14 4.91 The cost in New Zealand currency of the pound sterling and of tho principal foreign units, on the latest quotations, is as follows: —• Present Price Par sd s d Australia, pound . .. 20 0.00 20 0.00 London, pound . . . . 2i 11.58 20 0.00 New York, dollar .. 5 1.16 4 1.31 . Montreal, dollar . . . 5 o.i>6 4 1.31 > Puris. franc . . .. 0 3.9(1 (I Berlin, mark .. .. 1 11.30 1 11.<1 Copenhagen, krone .. 1 1.38 1 1.22 Yokohama, yen . . . . 1 5.79 2 O.oS These valuations represent the current rates at which the banks sell drafts payable on Remand. 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 tho exact time of departure is learned ou arrival of the vessels in New Zealand, finally declared rates being marked*: — Brisbane Maru, Japan, yen .'. 14 15-32 d Canadian Cruiser, Canada, dollars 5.09 Wirral, America, dollars . . . . 5.094 Waihemo, America, dollars . . 5.001 Port Alma, America, dollars . . 4.983 Golden Cloud, America, dollars . , 5.03} Melbourne Maru, Japan, yen . . 14 9-32 d