AUSTRALIAN EXCHANGES

New Zealand Herald, Volume LXXI, Issue 21882, 18 August 1934, Page 7

AUSTRALIAN EXCHANGES

YESTERDAY'S BUSINESS DEMAND FOR GOLD SHARES (Received August 17, 7.35 p.m.) SYDNEY, Aug. 17 On the Sydney Stock Exchange today values of Australian consolidated loans continued their downward movement. However, demand was exceptionally strong for Placer Development and Bulolo shares, which rose to new record prices. This morning's sales included: —Commonwealth bonds: 3J per cent, 1948, £lOl 8s 9d; 4 per cent, 1938, £lO5 Is 3d; 1947, £lO9 8s 9d; 1950, £lO5 12s 6d; 1957, £lO7 7s 6d. Bank of New South Wales, £3O 12si*.6d; Anthony Hordern (preference), 23s 7£d; Associated News, 22s *9d; British Tobacco, 37s 7£d; Broken Hill Proprietary, 48s; Goldsbrough-Mort, 29s 9d; James Stedman, 16s 6d; Morris Hedstrom, 16s 4£d. Later sales included:—Colonial Sugar, £66 10s; F3ank of Now South Wales, £3O 12s 6d; Commercial Bank of Sydney, £l6 16s; Associated News, 235; ditto (preference), 23s 4Jd; Howard Smith, 15s 10id; Berlei (ordinary), 30s 6d; Tooth's Brewery, 44s 9d; Wilcox-Mofflin, 12s 6d; Morris Hedstrom, 16s 4jd; Greater J. D. Williams, 7s 3d; Electrolytic Zinc, 275; Anthony Hordern, 14b 6d; Standard Cement, 18s lOJd; Mount Morgan, 265; Mount Lyell, 20s 3d; Broken Hill Proprietary, 48s; Bulolo Gold, £9 2s 6d; Bulolo Deposits, 9d; Kuala Kampar, 16s 10jd; Rawang, 9s 3d; Larut, 14s; Placer Development, £29 15s; General Industries, 13s. Melbourne sales included: Golds-brough-Mort, 29s 9d; Huddart-Parker (preference), 30s; Associated Newspapers, 22s 9d; Australian Glass, 51s 6(1; British Tobacco, 37s 4£d; DunlopPerdriau, 18s lOd; Electrolytic Zinc, 26s 9d; ditto (preference), 355; Howard Smith, 15s 9d.

GOLD AND SILVER

QUOTATIONS IN LONDON

(Received August 17, 7.35 p.m.) LONDON, August 16

Fine gold is quoted to-day at £6 18s lJjd an oz., compared with £6 18s 4d yesterday. Silver is quoted at 21& d an oz. spot and 21 9-16 d forward, compared with 213 d and 21 11-16 d yesterday. The quotation for silver at per fine ounce is 23 5-16 d, compared with 22id vesterda.v.

Following is a summary of the fluctuation in the price per ounce of fine cold this year: s £ 8 d Highest price, Feb. 5 . . ..700 Lowest price, Jan. 9. . ..8 6 8} Aug. 10 6 18 1 Aug. 11 18 li Aug. 13 6 18 3 Aug. 14 6 18 2} Aug. 15 6 18 4 Aug. 16 G 18 1}

ASSOCIATED BANKS

NEW RATES ANNOUNCED LONDON, August 1G The Associated Australasian Banks announce that from August 17 London selling rates on Australia for drafts will be as follows:—-Mail transfers, £125 2s 6d; cable-transfers, £125. The rates for purchasing hills will . be:—Sight, £126 7s Od; 30 days, £126 17s 6d; 60 days, £127 7s 6d; 90 days, £127 17s 6d. The selling rate on New Zealand for drafts will be:—Mail transfers, £124 2s 6d. Other New Zealand rates are unchanged.

The New Zealand rate affected finds its principal use in the transference of funds from London to New Zealand. The lodging of £IOO English funds will provide now for a demand draft of £124 2s 6d on New Zealand, not £124 5s ns previously. The amended rates are:

LONDON ON NEW ZEALAND (Basis of £IOO London) Buying Selling . On demand . £125 10 0 £124 2 6 30 dnys . . 12R 13 GO days 126 12 f> 90 days • ■ 127 3 9 Telegraphic transfer

Minor changes in the buying rates of exchange London on Australia were i made recently. The "steps" or .scale of increases for the usances have been reduced from 12s 6d to lis 3d per £IOO of London money, making the price for 30 s days £127 13s 9d, for 60 days £l2B 6s 3d, and for 00 days £l2B 18s Od. BRADFORD TOPS LITTLE BUSINESS DONE LONDON, August 16 Business on the Bradford tops market is almost at a standstill awaiting the opening of the Australian sales. Following are to-day's quotations and those of the three previous weeks; — July 2G Aug. 2 Aug. 9 Aug. 16 Per lb. Per lb. Per lb. Per lb. ddd ' d Seventies . . 30 30 30 30 Sixty-fours . . 27 27 27 28 Sixties . . 2(j '2ll 20 2<> Fifty-sixes .'. 21 21 21 2 J Fifties . . 15 15 15 1.) Forty-sixes . . 12 12 12 U!'a Forties .. 10VS 11 II '0 PRICES OF METALS AN EASIER TENDENCY (Received August 17, 7.35 p.m.) LONDON, Aug. 15 Following are to-day's quotations on the London metal trarket, compared with these of August 15: Aug. 16 Aug. 15 Per ton Per ton £sd £ b d Copper, stall., spot 28 (I 71 28 8 9 Copper, ntan.. 3 mos. 28 9 4J 28 16 10} 'Copper, electrolytic . 31 10 0 31 10 0 to to 31 15 0 32 0 0 Copper, elec.. wire bars 31 15 0 32 0 0 Lead, soft, spot . 10 15 0 10 17 6 Lead, soft, forward .. 11 1 3 11 3 9 Spelter, spot 13 13 9 13 13 9 Spelter, forward 13 13 9 13 16 3 Tin, stan.. spot . 228 7 G 229 16 3 Tin. stan., 3 mos. . . 228 7 6 229 16 3 "American, 9 cents a lb. TAUPO-TOTARA TIMBER SUGGESTED CAPITAL REDUCTION An intimation that the directors are considering a proposul to write down capital was given to shareholders of Taupo-Totara Company, Limited, at the annual meeting in Wellington this week. The chairman of the meeting, Mr. R. A. Wilson, said the company had surplus funds invested and the directors were considering a scheme of writing off part of the ordinary share capital. The share capital written off, if the scheme was proceeded with, would enable some of the surplus funds to be used in paying off part, at least, .of the accrued dividends on the preference shares, and thus bring the prospect of a dividend on the ordinary shares much nearer The chairman intimated that shareholders would be advised of developments in the matter. Details of the company's accounts were published in the Herald on July 2-i.