RESERVE BANK SHARES

New Zealand Herald, Volume LXXI, Issue 21845, 6 July 1934, Page 7

RESERVE BANK SHARES

OPENING OF REGISTERS THE DATE ANNOUNCED The announcement is made by the Reserve Bank of New Zealand that its share registers will bo open to record transfers in the bank's shares from July 23. Except for some early transactions jwhich took place in Christchurch immediately after allotment, dealings in the shares have not been publicly quoted on the Stock Exchanges, but with the opening of transfer books the bank's scrip will appear in the exchange's daily quotation list. The shares were fully paid to £5 on June 1, and, although subscribers have not yet received share certificates, these will be distributed at an early da to upon surrender of allotment letters. Many original subscribers, who received small lots, however, have since parted with their holdings and received payment for "future delivery." As a result of this a fairly substantial rush of transfers is likely as soon as the register is open. These dealings were completed at various premiums ranging as high as 27s a £5 a share, but the market has since eased. Two important restrictions are imposed in relation to transfer of the bank's shares. The bank has power to decline to accept any transfer of shares except to a British subject, who is ordinarily resident in New Zealand, or who is only temporarily absent, and any transfer that would increase a holding of any person beyond 500 shares. The total capital of the bank, amounting to £500,000, was offered for public subscription in February and was heavily over-subscribed. Allotment was made pro rata, the largest number of shares .allotted to any one person being 20. The bank will commence operations on August 1.

AUSTRALIAN EXCHANGES YESTERDAY'S BUSINESS (Received July 5, 8.15 p.m.) SYDNEY. July 5 On tho Sydney Stock Exchange today announcement of the date of the Federal general election caused a hesitant tone to develop in the investment market and tho trend of values mostly was downward. This morning's sales included:—Commonwealth bonds: 3J per cent, 1948, £101; 4 per cent, 1938, £lO4 17s 6d; 1947, £lO9 7s 6d; 1950, £llO ss; 1953, £llO ss; 1959, £llO 10s; 1961, £lll 2s 6d. Australian Gas, A shares, £8; Tooth's Brewery, 43s 6d; Associated News, preference, 235; British Tobacco, 37s lid; Broken Hill Proprietary, 455; Dunlop Perdriau, 17s 10Jd; Lustre Hosiery, 245; Wilcox Mofflin, lis 6d. Later sales included: —Bank of New South Wales, £3O; Associated News, 225; Australian Gas, A shares, £8; British Tobacco, 375; Australian Glass, 495; Goklsbrough-Mort, 29s 9d; Winchcombe Carson, 29s 6d; Wilcox lis 6d; Fairymead Sugar, 375; Anthony Hordern, 14s 9d; Standard Cement 17s 10£ d; Lustre Hosiery, 245; Australian Iron and Steel, preference, 21s 4£d; General Industries, 12s'3d; ditto, preference, 22s 9d; G. J. Coles, 43s 6d; Goodyear, preference, 31s 3d'; British Tobacco, 375; Tooth's Brewery, 43s 6d; Kuala Kampar, 16s 10Jd; Tullamore, Is 7sd; Tonkah Harbour, 18s; Peninsula Tin, 225; Euratlia Gold, lis 4d; Arnheim Gold, 14s 9d; Rawang, 9s 2d. Melbourne sales included: —Broken Hill Proprietary, 45s 3d; North Broken Hill, 945; Goldsbrough-Mort, 30s; Dunlop Perdriau, 18s.

NEW POTATOES ON SALE CROWN IN OTAGO [by telegraph —OWN correspondent] DUNEDIN, Thursday New potatoes grown on the Otago peninsula are at present on sale in the city. It is doubtful if locally grown new potatoes have previously been obtainable at this time of the year. FOREIGN EXCHANGES

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*: — Canadian Challenger, Canada, dollars 5.05 Sydney Mnru, Japan, yon .. .. 14 9-32 d Tapti. America, dollars . . = = 6.045 Wairuna Canada dollars .. . • 4.993 Niagara, Cnnada, dollars , . . 4.9R4 Mariposa, America, dollars , . .. 5.033 PROPERTY AUCTIONS R. S. Newcombe, Limited, will offer at auction at its rooms, 12-14 Brunswick Buildings, at _ noon to-day,, house of five rooms at 7 Kiwi Road, Devonport. Messrs. Robert C. Carr and Son will offer at auction at their rooms. 20 Swanson Street to-day, at noon, house of four rooms at G4 Fowlds Avenue, Sandringham. T. Mandeno Jackson will offer at auction at his rooms, 3 Swanson Street, at 11 a.m. to-day, house of 4 rooms at 3G Kiwi Road, Devonport. Nevillo Newcomb, Limited, will offer at auction to-day at noon, at its rooms, 4 Wyndham Street, farm of 141 acres at Tnkanini. Samuel Vailo and Sons, Limited, will offer at auction at its rooms, 83 Queen Street, at 2 p.m. to-day, house of 4 rooma. at 27 Rocklands Avenue, Mount Eden. Alfred Buckland and Sons, Limited, will offer at auction at its Haymarket land sale room, Albert Street, to-day at 2.39 p.m., farm of 20} acres at Luke Street, Otahuhu, with house of nine rooms.

DOLLAR A SHADE EASIER (Received July 5. G.5 p.m.] British Wireless RUGBY, July 4 The following .rates on foreign exchanges are ' current, compared with the cabled quotations on July o ana P ar:— T 1 , July 4 July 3 Par. Montreal, dol. .. 5.00% . 5.01% 4.866 New York, dol. . 5.00% 5.05% 4.866 Paris, fr. .. 76% 76% 124.21 Brussels, belga .. 21.G5 21.65 35.00 Geneva, fr. .. 15.54 15.54 25.22 Amsterdam, H. .. 7.45 7.45% 12.10 Milan, lire .. 58 is / la 58 l y IO 92.46 Berlin, r.m. .. 12.22 13.22% 20.43 Stockholm, kr. .. 19.40 19.40 18.159 Copenhagen, kr. . 22.39% Oslo, kr. .. 19.90% 22.39% 18.159 19.90% 18.159 Vienna, sch. .. 27 27 34.585 Prague, kr. .. 121% 121% 164.25 Helsingfors, mark 226% 22G% 129.23 Madrid, pes. .. 37 37 25.221 Lisbon, escu. .. 110 110 110 Athens, dr. _ .. 525 520" 375.00 Bucharest, lei. ._. 505 505 813.fi EiodeJiineiro.mil. 4%d* i'Ad* 5.899d Buenos Aires, dol. 30%d* 3fi%d* 47.619d Montevideo, dol. 38%a* 38%d* 51d Bombay, runee .. 18% «d 18Vied 18d Shanghai, dol. .. 1™ — —• TTonprkong, dol. . 16/nd 18d 24.58d Yokohama, yen . 14 7-32c 14 7-32d Batavia, fl. .. 7.43 7.42 12.10 Belgrade, din. .. 222 222 27C.31 'Sellers. NEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by tho New Zealand banks, are as under: — Dollars to £1 Buying SellinK United States . . 5.14 4.94 • Canada . . . . 5.09 4.89 The cost in New Zealand currency of the pound sterling and of the principal foreign units, on the latest quotations, is as follows: — Par Present Price s d r d Australia, pound . 20 0.00 20 0.00 Lon.don, pound New York, dollar . . . 24 11.58 20 0.00 5 0.00 4 1.31 Montreal, dollar . . . . 5 1.29 4 1.31 Paris, franc . . . . 0 3.90 0 1.93 Berlin, mark . . . . 2 0.53 0 11 74 Copenhagen, krono 1 1.38 1 1.22 Yokohama, yen 1 5.79 2 0.5S These valuations represent the current values at which the banks sell drafts payable on demand.