HIGH PRICE OF GOLD

New Zealand Herald, Volume LXXI, Issue 21727, 16 February 1934, Page 7

HIGH PRICE OF GOLD

EFFECTS IN DOMINION WARNING TO INVESTORS The rise in the world price of cold and its effect upon gold mining in NewZealand were commented upon by Mr. F. E. Graham, upon his recent retirement from the presidency of the Christchurch Stock Exchange, a position he had held foi' 23 years. After referring to the raising of the rate of exchange New Zealand on London, Mr. Graham said the alteration in the exchange rate, added to the sensational rise in the price of gold, had I been of material benefit to gold mining companies. Many companies which were working 011 small profits before these two factors began to operate were now. showing large profits, and this had been reflected in the price of the shares, which had risen appreciably. In addition, prospecting for gold had been given a j great stimulus, and the flotation of ! gold-dredging and sluicing companies j had been very active, and the public j had been seized with a mild gold fever, j When a gold boom occurred the in- : vestor needed sometimes to bo protected against himself, and the Christchurch Stock Exchange committee had : made very careful scrutiny of every | prospectus placed before it, trying to ; ensure that the investing public got, I as far as possible, adequate protection. I "There is no guarantee that the pre- | sent price of gold will continue, and ! alterations in currency conditions in : the world might easily bring about a severe drop in price, which would mean | that very largo sums of money could be lost in gold mining ventures," i added Mr. Graham. "I do not think it I would be out of place for mo to advise investors not to bo over-impressed by • the meretricious suggestions of enthusiastic share salesmen, and to exercise such caution as the uncertain conditions i demand." FOREIGN EXCHANGES DOLLAR FAIRLY STEADY ! British Wireless RUGBY. Feb. 14 The following rates on foreign ex- ; changes are current, compared with the cabled quotations 011 February 13 and par:—•

NEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by the New Zealand banks, are as under: — Buying Selling United States . . .. 5.11 4.91 Canada . . .. . . 5.15 4.95 The cost in New Zealand currency of the pound sterling and of the principal foreign units, on the latest quotations, is as follows: —

These valuations represent the cur- j rent rates at which the banks sell drafts payable 011 demand. CUSTOMS EXCHANGE RATES Rates of exchange ruling at the announced dates of departure of the vessels named are shown in tbe 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, declared rates being marked*:— Canadian Cruiser, Canada, dollars 5.09 Wirral, America, dollars . . , . 5.091 Waihemo, America, dollars 6.00J Port Alma, America, dollars .. 4.98} Golden Cloud. America, dollars . . 5.03} Melbourne Maru, Japan, yen .. 14 9-32 d Aorangi, Canada, dollars . . . . 5.0il GOLD AND SILVER QUOTATIONS IN LONDON (Received February IS, 7.35 p.m.) LONDON. Feb. 14 Fine gold is quoted to-day at £6 17s 5d an 07.., compared with £6 16s lid yesterday. Silver is quoted at 20id an oz. spot, and 20 5-1 Gel forward, compared with 19 10-16 d and 20d yesterday. The quotation for silver at per fine oz. is 21 Jd, compared with 21Jd yesterday. The following table shows recent fluctuations in the price of fine cold i

NEW PRIVATE COMPANIES . i AUCKLAND REGISTRATIONS | The following private companies I have been registered in Auckland: — I The Saddle Gold Mines, Limited, to i carry into effect agreements for the I purchase of the Inez Extended Quartz 1 Claim. Coromandel, the Big Boy Extended Quartz Claim, Coromandel, and all the interest of the vendor in an application for a prospecting licence for 25 acres adjoining the Inez Claim, etc. Capital, £2500, in £1 shares. Subscribers: Rose E. McNeil, 1.380 1). D. N. McGregor, 870 shares; 11. M. Scelly, 200 shares; C. M. Kattray, 50 shares.

Rotoma Providers, Limited, Rotoma, general merchants, storekeepers, etc. Capital, £IOOO, in £1 shares. Subi seribers: S. N. Main, 999 shares; Flora Main, 1 share. HAMILTON RAM FAIR AN EXCELLENT DEMAND [from OUtt OWN correspondent] HAMILTON. Thursday There was an excellent demand for better class sheep at the combined auctioneers' ram fair at Claudelands to-day. This was particularly noticeable as far as animals with dense fine wool were concerned. The number of entries, 600, was smaller than usual, and this factor had its effect in forcing up prices. Practically {he whole of the offering was sold. There were 730 flock Romneys, 43 Lincolns and sis stud Romneys. The top price of the sale for atud Romneys was 21gns, paid by Mr. R. Monckton, of Waingaro, for a jam offered by Seddon Brothers, Puketaha The best price for flock Romneys was 17gns paid by G. W. Vercoe and Company} Limited, for a. ram entered by Mr. S. C. Johnstone, Waitetuna.

Feb. It Feb. 13 Par. Montreal, dol. .. 5.07% 5.07% 4.866 ' New York, dol. . 5.03/4 5.04 4.806 Paris, fr. 77% 77% 124.21 Brussels, belga .. 22 79 21.83% 35.00 Geneva, fr. 15.72 15.73 25.22 i Amsterdam, fl. .. 7.55 7.55% 12.10 j Milan, lire 57 ' 57 1 /ie 92.46 1 Berlin, r.m. 12.83 12.8S 20.43 i Stockholm, kr. .. 19.39% 19.39% 13.159 ; Copenhagen, kr. . 22.40 22.40 18.159 Oslo, kr. 19.90 19.90 18.159 Vienna, sch. 28% 28% 34.535 Prague, kr. 107% 109% 164.25 Helsingfors, mark 226 1 , 2 226% 129.23 Madrid, pes. 37 15-32 37 9 \ 25.221 Lisbon, escu. 109% iosi'a 110 Athens, dr. _ .. 535* 530* 375.00 Bucharest, lei. .. 510 510 813.6 Rio de Janeiro, mil 4%d* i% d* 5.S39d Buenos Aires, dol. 36%d* 3S%d* 47.619d Montevideo, dol. ."S/ed * 33d* 51d Bombay, rupee .. 13 3-32d 13 3-32d lSd Shanghai, dol. .. lR'-nd ir,v„d — Hongkong, dol. . 18%d 18%d 24.5?d Yokohama, yen . 14 9-32d 14V«d Belgrade, din. .. 220 227 276.31 'Sellers.

Present s c Price . s ■ Austral London New Y Montre PariB, Berlin. Copenn Yokoha la, pound . . . 2C pound . . w . 2-i ork. dollar .. 5 il, dollar . . . 5 ranc . . .. 0 Ml] 00 20 58 20 03 4 55 4 ; 9 0 mark . . .. 1 agen, krone .. 1 ma, yen . . . . 1 11.24 1 1.3S 1 o. 13 2 m

at per ounce: — f 8 d £ e d Jan. 20 . . 6 12 9 Fob. 2 . 6 19 6 Jan. 2-2 . . G 12 11 Feb. 3 . 6 18 3 Jan. 23 . . 6 12 9 Feb. 5 . 7 0 0 , Jan. 24 . . 6 12 10 Feb. 6 . 6 19 3 Jan. 25 .. 6 12 1 Feb. 7 . G 16 9 Jan. 26 . . 6 12 8 Feb. 8 . 6 16 9 Jan. 27 . . 6 12 3 Feb. 9 . (5 17 4 Jan. 29 . . 0 12 5! Feb. 10 . G 17 1 Jan. 30 . . • 6 12 10 Feb. 12 . fi 17 2 I Jan. 31 . . C 13 1 Feb. 13 • 6 16 n j Feb. i . . 6 15 G Feb. 14 . 6 17 5 !