MARKETS IN BRITAIN

New Zealand Herald, Volume LXXII, Issue 22086, 16 April 1935, Page 5

MARKETS IN BRITAIN

GENERAL AIR OF OPTIMISM STOCK EXCHANGE TENDENCY LONDON, April 13 Although the Stock Exchange has not displayed much activity lately, tho general tendency of the markets has been decidedly better. Gilt-edged stocks show an improvement all round. Industrials and African gold mining shares have also hardened, with more business doing. There is a general air of optimism, thanks to the expectation that the Budget will afford some relief to taxpayers in the way of restoration of personal allowances and exemptions, although apparently all hope of a reduction in the standard rate of income tax has gone. Another factor contributing toward the cheerful tone is the prospect that the Stresa conference may have good results, while satisfactory features at home are the "general improvement in commodity prices, and the decision of the building societies to cut rates of interest on mortgages by \ per cent, a concession which will affect an enormous number of householders. Mr. Roosevelt's unexpected action in raising the official buying price of American silver has caused a wave of speculative excitement on our market. Buyers came from every quarter, with the residt that the price rose to 31 5-16 d an ounce, the highest touched since January, 1926. AUSTRALIAN EXCHANGES SLACKNESS BEFORE HOLIDAY (Received April 15. 7.5 p.m.) SYDNEY, April 15 The market to-day afforded evidence of pre-holiday slackness, neither buyers nor sellers appearing anxious for extensive business. Sales made this morning included: — Commonwealth 4 per cent bonds, 1938, £lO4 6s; 1947, £106; 1955, £lO7 10s. Australian Gas, A shares, £8 Is 6d; Toohey's Brewery, 29s 7]d; BurnsPhilp, 595; Dunlop-Perdriau, 17s 4sd; Winchcombe-Carson, 26s 9d. Later sales included: —Colonial Sugar, £42 15s; Commercial Bank of Sydney, £l6 15s; United Insurance, £11; Associated Newspapers (preference), 23s lOJd; Australian Gas, A shares, £8 Is; British Tobacco, 38s 9d; Tooth's Brewery, 50s 6d; Australian Glass, 58s 6d; Automatic Totalisators, 20s 6d; Dunlop-Perdriau, 17s 4Jd; ditto (preference), 35s 6d; WilcoxMofflin, 9s 4d; Morris Hedstrom, 18s 6d: Greater J. D. Williams, 5s 6d; Millaquin Sugar, 34s 6d; Anthony Hordern (preference), 25s 3d; Standard Cement, 20s 9d; Australian Iron and Steel (preference), 23s 6d; Broken Hill Proprietary, 52s 6d; Placer Development, £27 ss; General Industries (preference), 21s 3d. Sales at Melbourne included:—Commercial Bank of Australia, 15s 6d; Australian Iron and Steel (preference), 23s 6d; Broken Hill Proprietary, 52s 6d; Electrolytic Zinc, 23s 3d; Broken Hill South, 80s; North Broken Hill, £5 lis 6d; Mount Lyell, 20s; DunlopPerdriau, 17s 7d. FOREIGN EXCHANGES FRANC AND BELGA British Wireless RUGBY. April 13 The following rates on foreign exchanges are current, compared with the cabled quotations on April 12 and par: Apl. 13 A pi. 12 Par Montreal, dol. .. 4.86 ! 4 4.86 Vi 4.8G8 New York, dol. . 4.83% 4.84% 4.866 Paris, fr. . . 73'/,, 73=5124.21 Brussels, belga . 2S l % a 28 37-64 35.00 Geneva, fr. . . 14.94 14.95Va 25.22 Amsterdam, fl. . 7.17% 7.1S 12.10 Milan, lire . . 58% 58V le 92.46 Berlin, r.m. .. 12.01 12.01 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. . . 25' i 25 3 <4 34.585 Prague, kr. . . 115% 115'J 1G4.25 Helsinpfors, mark 22fi% 22fi% 129.23 Madrid, pes. . . 35% 35% 25.221 Lisbon, escu. .. 110 110 110 Athens, dr. . . 509* 509* 375.00 Bucharest, lei. . 480 480 813.fi RiodeJnneiro.mil. 4/id* 4%d* 5.899 d Buenos Aires, dol. 35d" 35d* 47.r,19d Montevideo, dol. 40% d* 40% d* 51d Bombay, rupee . 18% 2 d 18Vi«d 18d Shanghai, dol. . . 19 3 /;„d 18% d Hongkong, dol. . 26 7 / Is d 25% d Yokohama, yen . 14% 2 d 14'isd 21.58 d Batavia, fi. .. 7.10% 7.15% 12.10 Belgrade, din. . . 212 212 276.31 Warsaw, zloty .. 25.75 25.75 43.38 •Sellers. NEW ZEALAND QUOTATIONS The Associated Banks (other than the Bank of New South Wales) quoted the following dollar-sterling rates yesterday, subject to alteration without notice: United States Canada Conversion dollar hills received for collection and sale dollar drnfts and telegraphic transfers . . . . 4.83 4.85 Purchase dollar bills .. 4.86 4.88 On a New Zealand currency basis these rates are equivalent to: — Selling: United States Canada T.T 3.88 3.89'% On demand .. 3.88% 3.90 Buying: On demand . . 3.93% 3.95% Following are the latest rate 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 Soiling Buying Selling U.S.A., dol. .. 3.88% 3.93% 3.88% Canada, dol. .. 3.90 3.95 3.90% France, fr, . . 58.21 59.81 58.26 Noumea, fr. . . 57.46 60.86 57.51 Papeete, fr. . . 57.46 60.86 57.51 Belgium, belga . . 22.595 Germany, r.m. .. 9.433 Italy, lire .. .. 46.10 Switzerland, fr. .. 11.828 12.303 11.838 Holland, fl. .. 5.649 5.949 5.653 Java, (3. .. .. 5.513 5.788 5.517 Sweden, kr. .. 15.457 15.827 15.467 Norway, kr. .. 15.867 16.237 15.877 Denmark, kr. . . 17.878 18.248 17.888 Austria, sch. . . 20.224 C/,echo-Slovakia, cr. 92.43 N.Z. pence to Japan, yen .. 17% —— Shanghai, dol. . . 24%« 23/„ «-4 India, rupee . . 22"/»» 22.', a 22v a Ceylon, rupee . . 22"/»« 22% a Hongkong, dol . . 33% 3 32%„ 33 A a Singapore, dol. . 35!« 31%, 35v% The cost in New Zealand currency of the pound sterling, and of the principal overseas units, ou tho latest quotations, is as follows: — ~ Present Price Par s (1 « d Australia, pound .. 19 10.81 20 0.00 London, pound .. 21 10.50 20 0.00 New York, dollar .. 5 1.80 4 1.31 Montreal, dollar .. 5 1.48 4 1.31 Paris, franc . . . . 0 4.07 0 1.98 Berlin, reichmark . . 2 0.85 0 11.74 Copenhagen, krone . . 1 1.33 1 1.22 Yokohama, yen . . . . 1 5.52 2 0.58 CUSTOMS EXCHANGE RATES Rates of exchange ruling at the announced dates of departure of 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 are marked*: Niagara, America, dollars .. .. *4 80 Niagara, Canada, dollars . . • • 4-»-Brisbane Maru, Japan, yen . . "/,»« Indien, America, dollars . . . . Mariposa. America, dollars .. Canadian Britisher,. Canada, dol. 4.84/, Golden State, America, dollars . . 4.20 APPLE SEASON OPENING LONDON, April 13 The Australian and New Zealand apple season opened moderately well, considering that fair quantities of Americans were still arriving and the market was receiving large supplies of South African soft fruits, as well as a fair number of apples.