PRODUCT OF INDUSTRY

New Zealand Herald, Volume LXXII, Issue 22197, 26 August 1935, Page 7

PRODUCT OF INDUSTRY

FBOFIT-SJIARING SCHEMES A DECLINE IN BRITAIN LESS INTEREST SHOWN Sonic years ago considerable interest was shown in the progress of protitiharing schemes in industry, but apparently little progress has been made in furthering these projects during the depression years, when there were less profits to share. The number of profit-sharing or copartnership schemes in operation in Great Britain at the end of 1934 was again lower than in the previous year, according to a report bv the Ministry of Labour. There has been a continuous fall since the end of 1929. Hie number of employees entitled to participate in 436 schemes was 210.000 and the average addition to earnings was £lO 9s (5.6 per cent). Of the schemes, 159 were in co-operative societies and 277 in other firms. In industries apart from gas, water and electricity undertakings, profitsharing schemes have boon tried only in a very small proportion of firms, and a large number have been discontinued after a short period of experiment, usually either through apathy on the part of employees, diminution of profits, or losses, or changes in the management of the business, states a financial journal. There still seems little enthusiasm for this attempt to divide the product of industry more equitably. Employers introduce schemes in order to increase loyalty to a firm and interest in its success, but employees for the most part prefer the benefits, more tangible and more stable, of higher wages and shorter hours. FOREIGN EXCHANGES MINOR FLUCTUATIONS (Received August 25, 5.5 p.m.) British Wireless .RUGBY, Aug. 24 The following rates on foreign exchanges were current yesterday, compared with the cabled quotations on August 22 and par: Aug. 23 Aug. 22 Par Montreal, del. . . 4.97*4 4.95/8 4.866 New York, dol. . 4.9G/4 4.95/ i» 4.866 Pans, fr. . . 75V la 75' a 124.21 Brussels, belga . 29.49 29.49 35.00 Geneva, fr. . . 15.21 15.21 25.22 Amsterdam, fl. . 7.33'/i 7.33% 12.10 Milan, lire .. 60',« 60M S 92.46 Berlin, r.m. . . 12.34% 12.34 20.43 Stockholm, kr. . 19.39'/, 19.39 V, 18.159 Copenhagen, kr. . 23.39'/, 23.39'/, 15.159 Oslo. kr. . . 19.90 V, 19.90'/, 18.159 Vienna, sch. .. 26V, 26'/, 34.585 Prague, kr. 119'.', 119 5 s 164.25 Helstngfors, mark 226% 22634 129.23 Madrid, pes. . . 36'\ 36%, 25.221 Lisbon, escu. .. 110% 110% 110 Athens, dr. . 51s* 518" 3i5.1K) Bucharest, lei. . 626* 626* 813.6 RiodeJaneiro.mil. 4Vid* 5.899 d Buenos Aires, dol. 35d* 35d* 4i.019d Montevideo, dol. 39", d* 39% d* 51d Bombay, rupee . 18/ id 18% d 18d Shanghai, dol. . 17'Vmd 17 3 ;d Hongkong, dol. . 23% d 23% d ~ j Yokohama, yen . 14%« d 14' ln d -l.oSd Batavia, fl. .. 7.31% 7.33% J.: - , I ®, Belgrade, din. . . 217 217 .'6.31 Warsaw, zloty . . •Sellers. (Received August 25. 5.5 p.m.) LONDON, Aug. 24 On the foreign exchange market today the following quotations ruled >- New York, 4.97 i dollars; Paris, 75£ francs; Batavia, 7.33-i florins. NEW ZEALAND QUOTATIONS The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates on Saturday, on a New Zealand currency basis, subject to alteration without notice: — Sellin"- United States Canada T.T 3.98% 3.99' i On demand .. 3.99 3.99' 4 Buying: On demand . . 4.03% 4.04% 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. j On Demand To £1 N.Z. Currency Selling Buying Selling U.S.A., dol. .. 3.a5% 4.03% 3.98% Canada, dol. .. 3.99% 4.04% 3.99% France, fr. .. 59.69 61.29 59.74 Noumea, fr. . . 58.94 62.3-1 58.99 Papeete, fr. . • 58.94 62.34 58.99 Belgium, belga .. 23.380 Germany, r.m. .. 9.702 Italy, lire . . .. 47.99 Switzerland, fr. .. 12.049 12.524 12.059 Holland, fl. .. 5.780 6.080 5.784 Java, fl 5.762 6.037 5.766 Sweden, kr. . . 15.459 15.829 15.469 Norway, kr. .. 15.867 16.237 15.877 Denmark, kr. .. 17.878 18.248 17.888 Austria, sch. .. 20.57 Czecho-Slovakia, cr. 95.65 N.Z. pence to Japan, yen .. 1"% Shanghai, doL .. 23%, 21% 23%, India, rupee .. 22"/ 3J 22%, 22"%, Ceylon, rupee . . 22"/ 3 , 22%, 22 a %, Hongkong, dol. .. 30* Via 29'%, 80'%, Singapore, dol. .. 35% 3 34'/ 18 35%, 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 10.91 20 0.00 London, pound .. 24 1 0.65 20 0.00 Fiji, pound . .. 22 5.66 20 0.00 New York, dollar .. 5 0.09 4 1.31 Montreal, dollar .. 4 11.97 4 1.31 Paris, franc .. .. 0 3.93 0 1.98 Berlin, reichmark .. 2 0.18 0 11.74 Copenhagen, krone .. 1 1.33 1 1.22 Yokohama, yen . . . . 1 5.6-1 2 0.58 CUSTOMS EXCHANGE RATES Rates of exchange ruling at the announced dates of departure of vessels named aro shown in the followinc table. They aro 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 are marked*:— Anglo Canadian. America, dollars 4.95%, Narbada, India, rupee .. .. 18% d Melbourne Mara, Japan, yen .. 14%, d Canadian Planter. Canada, dollars 4.96*4 Sheaf Holme, America, dollars .. 4.96% GOLD AND SILVER QUOTATIONS IN LONDON (Received August 25, 5.5 p.m.) LONDON, Aug. 24 Fine gold is quoted to-day at £6 19s 11 id an oz., compared with £7 Os lid yesterday, and £7 on Thursday. The quotation for silver at per fine oz. is 313 d, compared with 31 5-16 d on Thursday. COTTON, RUBBER, JUTE, ETC. (Received August 25, 5.5 p.m.) LONDON, Aug. 24 (Quotations on August 17 in parentheses) Cotton.—Spot, 6.33 d (6.56 d), lb.; September delivery, (5.1 od (6.10 d). Rubber.—Para, 4Jd (4Jd) a lb.; plantation and smoked. 5Jd (ojd). Jute.—August-September shipments, £l7 15s (£l7 15s) a ton. Copra.—September - October shipments, South Sea, sun-dried, £9 los to London and Rotterdam (£9 10s August-September) a ton; South Sea, smoked, £9 10s to Marseilles and Genoa (£9 10s); plantation, Rabaul, hot air dried £lO los to London and Rotterdam (£lO 15s). Linseed 0i1.—£24 15s (£24 ss) a ton. Turpentine.—l3s 9d (44s 6d) a cwt,