TRADE IMPROVEMENT

New Zealand Herald, Volume LXXII, Issue 22119, 27 May 1935, Page 5

TRADE IMPROVEMENT

POSITION IN BRITAIN EMPLOYMENT INCRE4SED (Received May 26, 5.5 p.m.) LONDON, May 25 The London Stock Exchange had to contend with a number of worrying events last week, notably the troubles over the gold bloc, France's continuous loss of gold and the uncertainty of that country's financial position; the Abyssinian situation, and the announcement of the expansion of the Hoy a! Air Force, which means heavy expenditure and impairs the chances of any relief from the burden of taxation. I he reference of the Chancellor of the Exchequer, Mr. Neville Chamberlain, on May 21 to trade booming seems to have considerable justification, for reports from almost all centres of industry mention increased business. Moreover, the latest evidence suggests that the improvement is likely to be maintained in the coming months. The increase in employment during April was not only fairly general, but more marked than during the corresponding period of 1933-34. The improvement was most pronounced in the building, coalmining and wool textile industries. Increases also were recorded in many other industries, including engineering, ironfounding, shipbuilding and repairing, electrical cable apparatus manufacture, dressmaking, millinery, furniture trades, cotton manufacturing, printing, bookbinding, public works contracting, road transport and shipping. All districts in the country showed a reduction of unemployment.

FOREIGN EXCHANGES FALL OF THE FRANC (Received May 26, 5.5 p.m.) British Wireless RUGBY, May 25 The following rates on foreign exchanges were current yesterday, compared with the cabled quotations on May 23 and pa-r:— May 24 May 23 Par Montreal, dol. .. 4.93% 4.92 4.866 New York, dol. .. 4.93% 4.93% 4.866 Faris. fr 74"/,« 74 is /i« 124.21 Brussels, belga .. 29.11% 29.11 35.00 Genera, fr. .. 15.31% 15.23 25.22 Amsterdam, fl. .. 7.32% 7.28% 12.10 Milan, lire .. 60% 59% 92.46 Berlin, r.m. .. 12.29 12.22 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. .. 2(5% 26% 34.585 Prague, kr. .. 118% 118% 164.25 Helsingfors, mark 226'4 226% 129.23 Madrid, pes. .. 36% 3f>%» 25.221 Lisbon, escu. .. 110 110 110 Athens, dr. .. 519* 517' 375.00 Bucharest, lei. . . 487% 487% 813.6 Rio de Janeiro, mil. 4%d* 4%d* 5.899 d Buenos Aires, dol. 35d* 35d* 47.619 d Montevideo, dol. 39% d* 39% d* 51d Bombur, rupee .. 18% d 18% d lSd Shanghai, dol. .. 20% d 20'-4d Hongkong, dol. .. 29%« d 29% d Yokohama, yen .. 14% d 14% d 24.58 d Batavia. fl. .. 7.30% 7.29% 12.10 Belgrade, din. .. 218 218 276.31 Warsaw, zloty .. 'Sellers.

(Received May 26, 5.5 p.m.) LONDON, May 25 On the foreign exchange market today the following quotations ruled: — New York, 4.90£ dollars; Paris, 75 3-16 francs; Batavia, 7.32J florins. NEW ZEALAND QUOTATIONS The Associated Banks (other than the Bank of New South Wales) quoted the following dollar-sterling rates oil Saturday, siibject to alteration without notice:— United States Canada Conversion dollar bills received for collection and sale dollar drafts and telegraphic transfers . . . . 4.94 4.93 Purchase dollar bills .. 4.97 4.9S j On a New Zealand currency basis these rates are equivalent to: — Selling; United States Canada T.T 3.96 3 /; 3.96 On demand .. 3.9" 3.96/4 Buying: On demand .. 4.02% 4.01% 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 U.S.A.. dol. .. 3.97% 4.02% 3.97% Canada, dol. .. 3.96% 4.01% 3.97 France, fr. .. 59.71 61.31 59.76 Noumea, fr. .. 58.96 62.36 59.01 Papeete, fr. .. 58,96 62.36 59.01 Belgium, belga. .. 23.074 Germany, r.m. .. 9.658 Italy, iire .. .. 47.63 Switzerland, fr. .. 12.126 12.601 12.136 Holland, fl. .. 5.770 6,070 5.774 Java, fl 5,746 6.021 5.750 Sweden, kr. .. 15.459 15.829 15.469 Norwav. kr. .. 15.870 16.240 15.850 Denmark, kr. .. 17.878 18.248 17.883 Austria, sch. . . 20.72 Czecho-Slovakia, cr. 94.61 N.Z. pence to Japan, yen .. n 2 % a Shanghai, dol. .. 25 3 ; 24% a 25"U India, rupee .. 22 r % a 22%, 22 a % s Ceylon, rupee .. 22"/ 3S 22% a 22 3 % a Hongkong, dol. .. 36 5 % a 35*% a 36 a %» Singapore, dol. .. 35% 34% 8 85% e The cost in New Zealand currency of the pound, sterling, and of the principal overseas units, on the latest quotations, is as follows: — Present Price Par sd s d Australia, pound .. 19 10.81 20 0.00 London, pound ~ 24 10.65 20 0.00 New York, dollar .. 5 0.43 4 1.31 Montreal, dollar .. 5 0.55 4 1.31 Paris, franc .. .. 0 3.97 0 1.98 Berlin, reichmark 2 0.28 0 11.74 Copenhagen, krona .. 1 1.33 1 1.22 Yokohama, yen .. 1 5.57 2 0.5S CUSTOMS EXCHANGE RATES Kates of exchange ruling at the announced dates of departure of vessels named are shown in the following table. Tbev 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*: Canadian Scottish, Canada, dollars 4.84% Aldington Court. America, dollars 4.83% s Golden Cloud, America, dollars . . 4.85% Melbourne Maru, Japan, yen .. 14% ad Niagara, Canada, dollars .. .. 4.91% AUSTRALIAN WOOL SALE METHODS UNPOPULAR LONDON. May 24 The Yorkshire Observer predicts that the Bradford delegates who will attend the wool textile conference in Berlin on June 6 will urge the spreading of the Australian sales over a longer period. Hitherto the bulk of the Australian wool has been sold in a short period, forcing importers to buy a year's supply in a few months, thus risking subsequent price fluctuations. COMMONWEALTH SALES INCREASE IN QUANTITY Returns issued by the National Council of Wool Selling Brokers of Australia show that, from July 1 to April 30, sales of wool in the principal selling centres of the Commonwealth totalled 2,540.581 bales, which realised £31,547,401. Compared with the similar period of last season, the quantity sold displays an increase of 117.413, but the amount realised a decrease cf £17,942.561. The greasy and scoured wool sold averaged £l2 8s 4d a bale, or 9.81 d per lb., the average a year previously being £2O 8s 6d a bale, or 16.4 d per lb., and in 1932-33, £ll 5s 6d a bale, or B.Bd per lb. The greasy wool sold in April this season averaged 10.14 d per lb., the highest figure recorded since the auctions opened. Including carry-over wool, the quantity on hand unsold on April 30, was 365,685 bales, the total unsold 12 months ago being 160,971 bales.