MORTGAGE FINANCE

New Zealand Herald, Volume LXXII, Issue 22209, 9 September 1935, Page 5

MORTGAGE FINANCE

FIRST DEBENTURE ISSUE LISTS CLOSE TO-MORROW QUESTION OF THE RESPONSE A report from Christchurch states that it is believed that the Mortgage Corporation's first debenture issue of £500,000 at 33 per cent was applied for in full two days after it was placed on the market. It is stated that sovera! of the larger organisations, such as stock and station agencies, wore very interested in the issue, and it is not unlikely that large amounts have been mentioned in applications from such concerns. The lists for subscription do not close until to-morrow. It is difficult to gather what the response has been. Sharebrokers in Auckland have not handled a large number of applications, but this is an indication of the attitude only of the comparatively small investor. It was hardly to bo expected that the issue would appeal to that class. Application* made by large concerns would probably be sent direct to the corporation.

On the foreign exchange market today the following quotations ruled: — New York, 7.93 dollars; Paris, 74 13-16 francs; Batavia, 7.28J 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: — Selling: . United States Cannda T.T 3.95% 3.90% On demand .. 3.95% 3.97Ve Buying: On demand .. 4.00VS 4.0^ 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 Soiling Buying Selling U.S.A., dol. .. 3.95% 4.00% 3.95% Canada, dol. . . 3.96% 4.01% 3.97 France, fr. .. 59.51 61.11 69.0G Noumea, fr. .. 55.76 62.16 68.81 Papeete, fr. .. 58.76 62.16 58.81 Belgium, belga .. 23.271 H 3/-? 6 Germany, r.m. .. 9.MS Italy, lire .. . • 47.96 Switzerland, fr. .. 12.013 12.488 Holland, fl. .. 5.752 6.052 5.756 Java, fl. •• •• 5.738 6.013 6.*42 Sweden, Kr. .. 15.459 Norway, kr. .. 15.867 16.237 Denmark, kr. .. 17.878 18.248 In - ??® Austria, sch. _ .. 20.59 Czecho-Slovakia, cr. 95.57 Shanghai, dol. .. 23/ia 21 /» noai 1 / India, rupee .. 22/33 22/ 33 22 Ceylon, rupee .. 22 . 33 ®,/ M Hongkong, dol. .. 30/« 29 % a 30 Singapore, dol. .. 3a,33 34/ 33 00/33

The cost in New Zealand currency of the pound sterling, and of the principal overseas units, on the latest quotations, is as follows: — _ . Presentence Australia, pound . • 19 10.81 20 0.00 London, pound .. 24 10.05 20 0.00 Fiji, pound .. •• 22 o.fifi 20 0.00 New York, dollar •• • 5 0.40 4 1.31 Montreal, dollar .. 5 0.30 4 1.31 Pans, franc .. .. 0 3.oft 0 1.9? Berlin, reichmark .. 2 0.32 0 11.74 Copenhagen, krone .. 1 1-33 1 Yokohama, yen .. .. 1 5.07 2 0.58

CUSTOMS EXCHANGE RATES Rates of exchange ruling at the announced dates of departure of vessels named are shown in following table. 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 are marked*: Narbada. Straits Settlements, dol. *2Bd Narbada, India, rupee . . . Melbourne Maru. Japan, yen .. H -,* d Canadian Planter. Canada, dollars 4.9G4 Sheaf Holme. America dollars .. 4.9G/ 8 Monterey. America, dollars . 4.98/,, Australind. dollars 4.»7 At SYDNEY EXCHANGE SATURDAY'S BUSINESS SYDNEY, Sept. 7 Sales on the Sydney Stock Exchange to-day included: Commonwealth bonds, 3 per cent, 1943, £94 10s; 3J per cent, 1942, £IOO ss; 4 per cent, 1938, £lOl 15s; 1941, £lOl 17s 6d; 1944, £lO2 12s 6d; 1947, £103.10s; 1950, £lO2 10s; 1953, £lO2 ss; 1955, £102; 1957, £lO2 17s 6d; 1959, £lO3 7s 6d; 1961, £lO4 2s 6d. Toohey's Brewery, 295; Associated News, preference, 235; DunlopPerdriau, 15s 6d; Meggitts, 21s 4id; Wilcox Mofflin, lis 2d. PRICES OF METALS A FIRMER TENDENCY (Received September 8, 5.5 p.m.) LONDON, Sept. 7 Following were yesterday's quotations on the London metal market compared with those of September s: Sept. G Sept. 5 Per ton Per ton £sd £ b d Copper, stan., *pot .. 33 8 11 33 5 0 Copper, stan.. 3 mos. 33 16 101 83 13 li Copper, electrolytic .. 37 0 0 3b 15 0 to to 37 10 0 37 5 0 Copper, elec., wire bars 37 10 0 87 5 0 Lead, soft, spot . . 1512 6 15 13 9 Lead, soft, forward.. 15 15 0 15 12 G Spelter, spot .. • • 15 - 6 15 0 0 Spelter, forward .. 15 8 9 15 6 3 Tin stall spot • • 220 17 6 2-0 2 G Tin! fltan., 3 mos. .. 209 2 6 208 7 0

Quotations for other metals, with prices on August 24 in parentheses, nre —pier iron: Home trade, £3 is 6d (£3 7s (3d); export, £3 2s 6(J (£3 2s 6d). Antimony: British, £74 10s (£74 10s); foreign, £45 (£44 7s 6d). Molybdenite, £1 14s 6d (£1 14s 6d) a unit. Wolfram, £1 12s 6d (£1 13s) a unit.

FOREIGN EXCHANGES DEPRECIATION OF STERLING (Received September 8, 5.5 p.m.) British Wireless RUGBY, Sept. 7 The following rates on foreign exchanges were current ; vesterday , compared with the cabled quotations on September 5 and par:— - Sept. 6 Sept. 5 Par Montreal, dol. . . 4.95 4.96% 4.866 New York. dol. 4.93"/ 18 4.96% • 4.866 Paris, fr. 74 "io 75 124.21 Brussels, belga . 29.36 29.41 35.00 Geneva, fr. io. nv 4 15.19% 25.22 Amsterdam, fl. . 7.;ioy t 7.31 % 12.10 Milan, lire c>o%. 60% 92.46 Berlin, r.m. 1'2.27% 12.29 20.43 Stockholm, kr. . 19.39% 19.39% 18.159 Copenhagen, kr. . 23.39% 23.39% 18.159 Oslo, kr. 19.90% 19.90% 18.159 Vienna, sell. . . 20i% 26% 34.5S5 Prague, kr. 119% 11% 164.25 Helsingfors, mark 2267. 226% 129.23 Madrid, pes. 36% 36 3 / 1# 25.221 Lisbon, escu. . . 110% noy. 110 Athens, dr. 517* 517* 375.00 Bucharest, lei. . 625* 685* 813.6 R io de Janeiro, mil. 4%d* 4V<d* 5.899d Buenos Aires, dol. 35d" 35d* 47.619d Montevideo, dol. 39'id 39%d 51d Bombay, rupeo . 18%d IS/ad 18d Shanghai, dol. . 17% a d 17»/ xe d — Hongkong, dol. . Yokohama, yen . 23 3 % a d 2td — 11 Vad 14-y.ad 24.58d Batavia, fl. 7.29% 7.30% 12.10 Belgrade, din. .. 217 217 276.31 Warsaw, zloty . . — 26.28 43.38 Sellers. (Received September 8, 5,5 p.m.) LONDON, Sept. 7