RESERVE BANK SHARES

New Zealand Herald, Volume LXXI, Issue 21758, 24 March 1934, Page 7

RESERVE BANK SHARES

PRIVATE DEALING ACTIVE TRANSFERS AFTER VACATION Although transactions in Reserve Bank of New Zealand shares are not being recorded by New Zealand Stock Exchanges until the machinery for their transfer is completed a considerable amount of private trading is tak-» ing place in the sharbs in Auckland. Many small lots are being bought up by investors anxious to build up sizeable holdings and the transfers will be registered as soon as tho facilities to do so become available.. At present it is understood that the Treasury is hopeful of having all the machinery completed soon after the Easter holidays and that dealing in the open market will be facilitated immediately the Stock Exchanges resume after the Easter vacation. By that time the shares will be £3 paid, although a large number of investors who were unable to secure the allotment of all tho shares applied for now hold fully paid shares. The bank is to commence business on August 1. Profits, against which dividends are a charge, .accrue from that dato, from which, it is also considered, dividends will be paid. I

LOWER SUGAR PRICES REDUCTION OF 10a A TON A reduction of 10s a ton in the wholesale price of sugar, to take effect from to-day, is announced by the Colonial Sugar Refining Company, Limited. The now prices are as follows:-" Brewers' crystals, £27 a ton; caster sugar, £2B 15s; No. 1 coarse grain, £26 os; No. 1A fine grain, £25 10s; No. 2 soft, £25; No. 3 ? £24; invert sugar, £23 10s. Reductions have also been made in the price of golden syrup and treadle. This alteration follows an increase of 10s a ton made in the latter part of February. Prior to that prices had ruled at a steady level since November, 1933, when a reduction of 10s a ton followed two similar reductions in May of last year. In February, ' 1933, the raising of the sugar duties was responsible for an exceptional advance of £5 a ton that month, in addition to a seasonal advance of 10s a ton. LONDON CAPITAL INTEREST IN NEW ZEALAND The need for thorough investigation locally of any mining or industrial proposition submitted to London to attract capital was stressed by Mr. H. R. Young, of Wostport, who recently represented abroad Coal Distillation and By-products (N.Z.), Limited. Mr. Young said that capital was available in London, but it was useless sending plans for any venture without the backing of a thorough local investigation. All propositions were submitted to specially trained technical staffs with commercial experience. The facts regarding an undertaking should be marshalled in as brief a space as possible for the attention of busy men. BRADFORD TOPS MARKET STILL QUIET LONDON, Mar. 22 The Bradford tops market is quiet. Following are to-day's quotations and those for the three previous weeks: — Mar. 1 Mar. 8 Mar. 15 Mar. 22 Per lb. Per lb. Per lb. Per lb. d d d d Seventies .. 39% 40 40. 39>4 Sixty-fours .. 3 7'/a 3S 38 37% Sixties .. 35 1 /, 36 36 35 1 /, Fifty-sixes .. 27'/ 3 27 1 /, 27 1 /, 27 Fifties .. 20 20 20 20 Forty-aixes .. 14Vi 15 15 15 Forties .. 12 12 12 12 PRICES OF METALS TIN AND COPPER FIRMER (Received Marcli 23, 7.85 p.m.) LONDON, March 22 Following are to-day's quotations on the London metal market, compared with those of March 21:— Mar. 22 Mar. 21 Per ton Per Ton , £ s d £ s d Copper, stan., spot . . 32 6 3 32 4 4i Copper, stan.,. 3 mos. 32 10 7£ 32 9 4i Copper, electrolytic ~ 35 5 0 S5 o 0 to to Copper., elec., wire bars 35 15 0 35 15 0 Lead, sett, spot ~ 11 10 0 11 7 6 Lead, soft, forward .. 11 15 0 11 18 9 Spelter, soft . . . . 14 13 9 14 13 9 Spelter, forward . . 14 18 9 14 18 9 Tin, fitan., spot . . 235 0 0 234 17 6 Tin, etnn., 3 mos. . . 233 8 9 233 7 6 GOLD AND SILVER QUOTATIONS IN LONDON (Received Marcli 23, 7.35 p.m.) LONDON, March 22 Fine gold is quoted to-day at £6 16s 2d an oz., compared with £6 16s yesterday Silver is quoted at 19|d an oz. spot and 19 15-16 d forward, compared with 19 35-16 d and 20d yesterday. The quotation for silver at per fine oz. is 21 7-16 d, compared with yesterday.

The following table shows recent fluctuations in the pric<j of fine gold at per ounce:—

£ed £ e d Feb. 26 . . 816 5 Mar. 10 . . 616 10* Feb. 27 . . 6 .16 7 Mar. 12 . . 61G 10 Feb. 2S . . 617 1 Mar. 13 . . 616 8} Mar. 1 .. 617 1 Mar. 14 .. 616 2 Mar. 2 .. 616 7 Mar. 15 . . 616 4 Mar. 3 .. 6 16 101 Mar. 16 .. 6 16 5 Mnr. 5 . . 616 10 Mar. 17 . . 616 6 Mnr, 6 . . 617 2 Mar. 19 . . 6 .16 6 Mar. 7 . . 616 10 Mar. 20 . . 616 2 Mar. 8 . . •« 16 6 Mar. 21 .. 616 0 Mar. 0 , . 616 10 Mar, 22 . . 616 2 SHEEPSKIN SALES LONDON, March 22 At the London sheepskin sales 3590 bales were offered, including 1211 from New Zealand. There was a good attendance of Home, Continental and United States buyers and competition was general, but somewhat irregular. Home and Continental buyers were the chief operators. About 85 per cent of the offerings were sold. Compared with February prices were "mostly easier. Australian Merinos: Combings, par to 5 per cent down; fine crossbreds, 5 per cent to 7£ per cent; New Zealand crossbreds, fine, 5 per cent; medium and low, 7$ "to 10 per cent. Dalgety and Company, Limited, have received the following cablegram:—A total of 3590 bales was bales being sold. The attendance was good, competition being fairly animated and selection good. The Home trade and the Continent were the principal operators. As compared with the closing rates of last series, crossbred fine were 5 per cent lower; crossbred medium and low, 7A pfr cent to 10 per cent lower; lambs, 5 per cent lower. The range of prices was:—Merino, three-quarter to full wool, lOd to 12d; Merino, quarter to half wool, 5d to OJd; short and' shorn, 3d to 6sd; crossbred, threequarter to full wool, fine. Bsd to 12|d; three-quarter to full wool, medium and coarse, 5Jd to quarter to half wool, fine. 7id to lOd; quarter to half wool, medium and coarse, 5d to 6|d; short and shorn, 4Jd to 6Jd; lambs, 63d to ll|d.