BRITISH STOCK MARKET

New Zealand Herald, Volume LXXI, Issue 21968, 27 November 1934, Page 5

BRITISH STOCK MARKET

SLIGHT CHECK TO ADVANCES RECENT HIGH LEVELS LONDON, Nov. 24 The upward march of British funds received a slight check this week, which was only natural, considering the high level to which all these stocks had been pushed. Apparently the big banks and other institutions have tilled their requirements for the time being, and also there has been a large number of pro-fit-taking sales. * Another factor was the speech by the Chancellor of the Exchequer, Mr. Novill Chamberlain, who, referring to optimists who were hoping for reductions in,taxation, said the country had been increasing expenditure so rapidly of late that very large increases of revenue would be necessary before there would be anything over for the relief of the taxpayer in the next Budget. This speech was generally interpreted as a warning that there is little hope of a reduction of income tax, and this has caused some selling of gilt-edged, but the market became more hopeful later, and closed last night with "a better tone. Dominion stocks reacted a little in sympathy with British, but their position all-round is still strong. Much interest attaches to the announcement that the Birmingham loan of £5,000,000, 22 per cent, 1955-7, at £96 10s is being underwritten. This ii» tho first long-dated issue by a Home corporation at an interest rate below 3 per cent.

AUSTRALIAN EXCHANGES QUIET SYDNEY TONE FEW PRICE VARIATIONS (Received November 26, 7.45 p.m.) SYDNEY, Nov. 26 To-day's investment market on the Sydney Stock Exchange was quiet in tone and produced few price variations. This morning's sales included: —Commonwealth 4 per cent bonds, 1941, £lO6 2s 6d; 1944, £lO7 15s; 1961, £lll 10s. Toohey's Brewery, 28s 6d; Anthony Hordcrn, 17s 10id; Associated News, 25s 6d; Broken Hill Proprietary, 51s 9d; Dunlop-Perdriau, 20s. Later sales included: —Colonial Sugar, £7B; Bank of New South Wales, £33; United Insurance, £ll ss; Associated News, 25s 6d; British Tobacco, 425; Tooth's Brewery, 57s 6d; Australian Glass, 01s; Dunlop-Perdriau, 19s lOkl; Goldsbrough-Mort, 30s; Henry .Tones, 36s 6d; Anthony Hordern, 18s; Standard Cement, 18s 74d; Broken Hill Proprietary, 52s 3d; Rawang Tin, 7s 9d; Placer Development, £23 15s. Melbourne sales included: —Golds-brough-Mort, 30s 3d; British Tobacco, 425; Australian Glass, 61s; Electrolytic Zinj, 255" ljd; North Broken Hill, 103s 6d; Zinc Corporation 32s 7Jd.

FOREIGN EXCHANGES 4 RATES GENERALLY STEADY British Wireless RUGBY, Nov. 24 The following rates on foreign exchanges are current, compared with the cabled quotations on November 26 and par: — Nov. 24 Nov. 23 Par. Montreal, dol. .. 4.86 4.86% 4.866 New York, dol. . 4 98% 4.99 V,. 4.866 Paris, fr. •• 75 /3a -75 124.21 Brussels, belga . 21.38 21.40% Geneva, fr. . • 15.39% 15.40/ a 2a. 2Amsterdam, fl. ■. 7.37% 7.38% 12.10 Milan, lire .. 58% 58A 92.4b Berlin, r.m. .. 12.41 12.41 20.43 Stockholm, kr. ■. 19.39% 19.39% 18.159 Copenhagen, kr. . 22.39% 22.39% 18.159 Oslo, kr. .. 39.90% 19.90% 18.159 Vienna, sch. .. 27 27 Prague, kr. . . 119% 119/ i 164.2 a Helsingfors, mark 22G 3 / 22G% 129.23 Madrid, pes. .. 36%. 36% a 25.221 Lisbon, escu. .. 110% 110/% 110 Athens, dr. .. 523* 523* 375.00 Bucharest, lei. . . 497 497* 813.6 RiodcJaneiro.mil. 4%d* 4%d* 5.899 d Buenos Aires, dol. 36% d* . 36% d* 47.619 d Montevideo, dol. 39d* 39d* 51d Bombay, rupee . 18% g d 18%« d 18d Shanghai, dol. . 12 15 /,.d 12 l %«d Hongkong, dol. . 19 is /i o d 19 is /i«d Yokohama, yen , 14% ad 14% ad 24.58 d Batavia, fl. .. 7.37 7.37 12.10 * Sellers. NEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by the Now Zealand banks, are as under:— Dollars to £1 sterling Buyers Sellers United States .. 5.09 4.89 Canada .. .. 4.96 4.76 Following are the latest rates for purchases and sales of foreign exchange quoted by the Bank of New South Wales, Auckland. They are subject to alteration without notice: — T.T., On Demand To £1 N.Z. Currency Selling Buying Selling France, fr. .. G0.18; 61.78 60.23 Noumea, fr. . • 59.43 62.83 59.48 Papeete, fr. •. 59.43 C 2.83 59.48 Belgium, belga . • 16.861 17.661 16.876 Germany, r.m. .. 9.763 Italy, lire . . .. 46.27 Switzerland, fr. 12.190 12.665 12.200 Holland, fl. .. 5.818 6.118 5.822 Java, fl 5.806 6.081 5.810 N.Z. pencq to Japan, yen .. 17'%. Shanghai, dol. .. 20 13 / 16 ' 39 I %j 20% India, rupee .. 22% 22% 22%. Ceylon, rupee .. 22% 22% 22 9 /,« Hongkong, dol. .. 25'% a 24% a 25"/ aa Singapore, dol. .. 35% 34% 0 35%. The cost in New Zealand currency of the pound sterling, and of the principal foreign units,- on the latest quotations, is as follows: — Present Price Par «d s d Australia, pound .. 19 10.81 20 0.00 London, pound . . .. 24 10.50 20 0.00 NAw York, dollar .. 5 1.06 4 1.31 Montreal, dollar •• 5 2.70 4 1,31 Paris, franc .. .. 0 3.94 0 1.98 Berlin, roichmark .. 2 0.07 0 11.44 Copenhagen, krone .. 1 1.33 1 1.22 Yokohama, yen ... 1 5.45 2 0.58 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 oh arrival of the vessel in New Zealand, finally declared rates being marked : Port Campbell, America, dollars .. 4.981 Golden Coast, America, dollars .. 4.97J Melbourne Maru, Japan, yen .. 14d Aorangi, America, dollars .. *4.96 Aorangi, Canada, dollars .. ». *4.88 Hauraki, America, dollars .. .. 4.981 Canadian Highlander, Canada, dol. 4.87 Monterey, America, dollars .. .. 4.99J CALL AND DIVIDEND LIST Dividends— Due Tooth's Breweries—final. 5 p.c. To-morrow Wilsons Cement —int., 7{<l x a share .. v .. ..To-morrow Nat. Bank A'asiu—int., £5 and £lO paid, 21 p.c To-morrow Dalgety and Co.—finai. 21 p.o. (sterling) To-morrow Ley land-O'Brien—s p.o. .. To-morrow Rawang Concessions—int., 6d sterling and bonus 6d sterling .. Nov. 29 Farmers' Trading—A ana B pref., 5 3-5 p.o. Nov. 30 National Timber—int., 2} p.o. ~ Nov. 30 E.S. and A. Bank—final, 21 p.o. (sterling) tax free . . Nov. Aust. Glass—int., pref., 41 p.c.; ord.f 6 p.c. .» .» . • Dec. 1 Henry Jones Co-op.—final, Is a share . • Deo. 1 Bank N.Z.—int., ord., le a share D pref., 8i p.o. ~ .. Dec. *8 N.Z. Breweries—mt„ 31 p.o. .. Deo. 10 North Broken Hill—ls 6d a shar© Deo. 12 Broken Hill South—la 6d a share Deo. 15 Kauri Timber—3 p.o. p.a. .. Deo, Mataki—int., Id a share .... Deo. Blackwater Mines—int., 1b a share Deo. Consolidated Gold—final, 6d a share .. .. ' > • . • Dec. Bulolo—int., 90 cents ~ .. Jan. 10 Placer Development—int., 1 dollar > 20 cent H.. .. .. • ■ Jan. 10 Calls— Northern Roller Mills—ord., 1933 issue, fourth (final), 3s a share Deo. 8 Golconda—eighth, Id a share _.. Dec. U Alexander—6d a share, makms 15s paid» ».«i »-•>