DOLLAR EXCHANGE

New Zealand Herald, Volume LXXI, Issue 21983, 14 December 1934, Page 9

DOLLAR EXCHANGE

BUYING AND SELLING RATES BANKS' SMALLER MARGIN The latest buying and selling rates for the United - States and Canadian dollars, as quoted by the Associated Banks, show a margin of 10 cents only, instead of 20 cents as previously. The margin between the two ratas represents the banks' commission, but it is also an allowance for fluctuations which might occur between the date of a transaction and the date of settlement overseas. The rates are based on the middle London-New York rate. Previously, the allowance was 10 cents each way (a full difference of 20 cents), hut it is now 5 cents each way (a full difloreneo of 10 cents). In effect, the banks will now transact business on a smaller margin and the customer gains 5 cents in the £1 sterling on dealing both ways. Probably the absence of violent fluctuations now makes the concession possible. It should prove an inducement to further business. It is understood that the Associated Banks in Australia work on a smaller margin than 20 cents and also that quotations are made available on the* basis of the Australian pound and not sterling. With the New Zealand-Lon-don exchange stabilised, quotations based on the New Zealand pound might now be made.

Current dollar exchanges, as quoted by the New Zealand banks, are as under, compared with previous quotations:—

U.S. Dollars to £1 sterling Nov. 5 Nov. 12 Nov. 26 Dec. 3 Dec. 13 Buying 5.07 5.09 5.0!) 5.07 4.90 Selling 4.87 4.89 4.89 4.87 4.89 Canadian Dollars to £1 Buying 4.97 4.97 4.96 4.96 4.95 Selling 4.77 4.77 4.76 4.76 4.85

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: —

FOREIGN EXCHANGES STEADINESS OF QUOTATIONS (Received December 13. 6.5 p.m.) British Wireless RUGBY, Dec. 12 The following rates oil foreign exchanges are current, compared with the cabled quotations on December 11 and par: —■

CUSTOMS EXCHANGE RATES Rates of exchange ruling at the announced dates of departure of the vessels named are shown in the following tnble. They are subject to confirmation by the Customs Department when the exact time of departure is learned on arrival of the vessel in New Zealand, finally declared rates being marked*: — Melbourne Maru, Japan, yen .. 14d Canadian Highlander, Canada, dol. 4.87 City of Glasgow, America, dol. .. 4.90 Golden State. America, dol. .. 4.00% Sydney Maru, Japan, yen .. .. Niagara, Canada, dol. . . . • 4.81% Canadian Britisher, Canada, dol. .. 4.84%

PRICES FOR METALS

LONDON MARKET STEADY

(Received December 13. 8.55 p.m.') LONDON, Dec. 12 Following are to-day's quotations on the London metal market, compared with those of December 11: Dec. 12 Dec. 11 F'.er ton I'ev ton £ s <1 £ s d Copper, stall., spot . . 27 14 4} 27 10 3 Copper, stan., 3 inos. u8 1 10 i 23 3 H Copper, electrolytic 31 0 0 31 0 0 to to 31 10 0 31 10 0 Copper, elect., wire bars 31 .10 0 31 10 0 Lead, soft, snot . . 10 2 f> 10 2 0 Lend, soft, forward . . 10 8 9 10 3 9 Spelter, spot .. .. 11 13 0 11 13 9 Soelter, forward .. 11 17 6 11 17 6 Tin, stan., epot . . 228 11 3 22S 6 3 Tin, stall.. 3 mos . . 228 11 3 228 11 3 AUSTRALIAN PRODUCE (Received December 13, 8.55 p.m.) SYDNEY, Dec. 13 Quotations on the Sydney produce market to-day were as follow: —Wheat: At country sidings, Is 10$ d, both bagged and bulk; equal to 2s 5d to 2s GJd ex trucks, Sydney. New season's wheat is quoted at 2s 9d. Flour: £7 ss. Bran: £5. P.ollard: £5 ss. Potatoes, Tasmanian, £l-1; Victorian, £l2; local, new, £l2. Onions: Victorian brown, £8 10s; globes, £ll. Maize: Yellow and white, 3s 3d. (Received December 13, 8.55 p.m.) ADELAIDE, Dec. 13 Wheat. —Grower*' lots, 2s 5Jd; new crop, 2s 7d. Flour: Bakers' lots, £7 ]os. Bran: £5. Pollard: £5 2s Gd. Oats: Is Bd. Barley: 2s Bd. NEW PRIVATE COMPANY The following private company has been registered in Auckland: Miranda Shell Lime Development, Limited, to acquire and work lime, shell, granite, metal and shingle, gravel or pumice quarries, or properties bearing lime, shell, granite,, sand, metal, shingle, gravel or pumice. Capital: £6OOO, in shares of £l each. Subscribers: M. E. Thomas and M C. Bailey, 2000 shares each; H. T. Thomas and A. S. Bailey, 500 each.

PROPERTY AUCTION C. F. Bennett. Limited, will offer at auction at its rooms, corner of Queen '"j r | Short land Streets, at noon to cl ny, freehold waterfront dairy farm at. Beach Ifoad, Piipakura, containing 193 acres (suitable subdivision), six-roomed house, combined milking shed, concrete cowyard, extensive piggeries.

T.T. On Demand To £1 N.Z. Currency Selling Buying Selling France, fr. 59. f >3 61,23 59.68 Noumea, fr. 58.88 62.28 58.93 Papeete, fr. 68.68 G2.2S 58.93 Belgium, belga .. 16.708 17.508 16.723 Germany, r.m. .. 9.690 — 9.695 Italy, lire . . . - 45.87 — 45.91 Switzerland, fr. .. 12.091 12.566 12.101 Holland, fl. 5.7f>'2 fi.0G2 5.766 Java, fl. .. •• 5.716 6.021 ' 5.750 N.Z. pence to Japan, yen .. Shanghai, dol. India, rupee 17* /33 21 »/„ 22% 20 Va 225-33 21% 22%. Ceylon, rupee 22% O05/ 3 22%, Hongkong, dol. .. 26/33 25/io 26%3 Singapore, dol. .. 35% 35 Yia 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 8 (1 Australia, pound .. 19 10.S1 20 0.00 London, pound .. .. 24 10.50 20 0.00 New Yorlj, dollar .. 5 1.06 4 1.31 Montreal, dollar .. 5 1.55 4 1.31 Paris, franc .. o 3.98 0 1.9S Berlin, reichmark .. 2 0.23 0 11.74 Copenhagen, krone .. 1 1.33 1 1.22 2 0.58 Yokohama, yen 1 5.45

Dec. 12 Dec. 11 Par Montreal, do). .. 4.88 4.85% 4.8(56 New York, dol. . 4.95%s 4.95 4. JOG Paris, fr. .. 75%« 75Vi« 12-1.21 Brussels, belga . 21.20 21.21% 35.00 Geneva, fr. .. 15.29% 15.29% 25.22 Amsterdam, fl. . 7.31% 7.32% 12.10 Milan, lire .. 5S 53 92.4(5 Berlin, r.m. .. 12.32 12.34 20.43 Stockholm, kr. . 19.39% 19.39% 18.159 Copenhagen, kr. . 22.39% 22.39% 18.159 Oslo, kr. .. 19.90% 19.90% 18.159 Vienna, sch. .. 27 27 34.585 Prague, kr. .. 118^ 118% 164.25 Helsingfors. mark 226% 22G 3 ,u 129.23 Madrid, pes. .. 36yi9 3r>% 25.221 Lisbon, escu. .. 110% ) 10% 110 Athens, dr. .. 517 517* 375.00 Bucharest, lei. . . 492% 492% 813.G RiodeJaneiro.mil. 4%d* 4%d* 5.899d Buenos Aires, dol. 3G%d* 36%d* 47.019d Montevideo, dol. 39%d* 39'jd* old Bombay, rupee . 18V^«d* j8Vi 6 d* 18d Shanghai, dol. . lf^'/md 16 3 ,4d — Hongkong, dol. . 20"/,«d 20%d — .Yokohama, yen . 16V,,d 24.58d Batavia. fl. . . 7.29% 7.29% 12.10 'Sellers.