INVESTMENT WEAKNESS

New Zealand Herald, Volume LXXII, Issue 22231, 4 October 1935, Page 7

INVESTMENT WEAKNESS

SHAKE PRICES REDUCED GENERAL MARKING DOWN BANKS AND STATE LOANS J5 The serious turn of events in the Abyssinian situation resulted in a sharp setback to values on the Auckland Stock Exchango yesterday. Prices in all sections, were marked down, extreme weakness boing shown in banks and Government loans. The news of the reported invasion of Abyssinia was announced at tho noon call o-i the Exchango, causing an immediate readjustment of values. In addition, heavy selling orders wore received by brokers from Australia. In Government loans practically all issues lost ground, due to buyers lowering their limits. Offers for the longerterm issues, which are carrying most premium, were reduced by £1 and £2 ss. Sellers moved off the market. The drift in banks was almost equally pronounced. Bidding was irregular, but with one or two exceptions all levels declined. Among the industrials, tho Now Zealand issues were fairly steady. However, Australians were practically unsupported and selling concessions were general. SYDNEY EXCHANGE A HESITANT TONE LOWER PRICES RULE (Received October 3, 8.25 p.m.) SYDNEY, Oct. 3 On the Sydney Stock Exchange today there was a hesitant tone and a' lack of buying support for general investments resulted in a long list of price reductions. The only section to display strength was that for Commonwealth bonds. This morning's sales included:—Commonwealth 4 per cent bonds, 1950, £lO4. Tooth's Brewery, 545; Anthony Hordern, 18s; ditto, preference, 22s 6d; Associated News, 23s 3d; ditto, preference, 23s 7Jd; Australian Glass, 79s 3d; Broken Hill Proprietary (cum rights), 64s 3d; ditto, rights, 20s 3d; Colonial Sugar, £43; Dunlop-Perdriau, 15s 7jd; Goldsbrough-Mort, 30s 3d; James Stedman, 17s; Mcggitts, 225; "VVilcox-Mofflin, 9s 6d. Later sales included: —Bank of New South Wales, £32; Commercial Bank of Sydney, £18; Howard Smith, 17s 6d; Australian Gas, A shares, £7 13s 6d; British Tobacco, 37s 10£ d; Tooth's Brewery, 53s 9d; Beard Watson, 17s 3d; Claude Neon, New Zealand delivery, 47s 6d; Mark Foy, 18s 9d; United Provisions. 10s sd; ditto preference, 24s 9d; Sargents, 21s; Drug Houses of Australia, 275; Australian Iron and Steel, preference, 245; Dun-lop-Perdriau,, 15s 6d; GoldsbroughMort, 29s 101 d; Wilcox-Mofflin, 9s 6d; Electrolytic Zinc, 29s 6d; Mount Morgan, 35s 6d; Mount Lyell, 18s 4Jd; Broken Hill Proprietary (cum rights), 63s 3d; ditto (ex rights), 535; Placer Development, £5; Loloma, 365; Tavna, 6s 9d; Mataki, 3s lOd; Mount Kasi, 19s 3d. Melbourne sales included: —Commercial Bank of Australia, 16s 4d; ditto, preference, £9 10s; Commercial Bank of Sydney, £l7 15s; Australian Glass, 795; Goldsbrough-Mort, 30s 3d; Herald and Weekly Times, 595; Enterprise, 87s 6d; Loloma, 365; New Morobe, £7; Emperor, 235. FOREIGN EXCHANGES STEADINESS OF FRANC British Wireless KUGBY. Oct. 2 The following rates on foreign exchanges are current, compared with the cabled quotations on October 1 and par: — Oct. 2 Oct. 1 Par Montreal, dol. .. 4.90/4 4.96% 4.80G New York, dol. . 4.90 I / 1# 4.90 l 5 4.BGG Paris, fr. .. 74% 74% 124.21 Brussels, belga . 29.02% 29.05 85.00 Geneva, fr. .. 15.0(5 15.08 25.22 Amsterdam, fi. . 7.25 7.25 12.10 Milan, lire .. 60% 60% 92.4 C Berlin, r.m. .. 12.19 12.18 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, sch. 26 26 34.585 Prague, kr. . . USVS HS>io 161.25 Helsingfors, mark 226% 226% 129.23' Madrid, pes. . . 35 59-64 35"/i 6 25.221 Lisbon, escu. .. 110% 110% 110 Athens, dr. . . 515* 515* 375.00 Bucharest, lei. . 623* 624 * 813.6 RiodeJaneiro.mil. 4%d* 4%d* 5.899 d Buenos Aires, dol. 35d* 35d* 47.b19d Montevideo, dol. 39 13 /i«d* 39% d* 51d Bombay, rupee . 18% d 18% d 18d Shanghai, dol. . 18/4»d 18% d Hongkong, dol. . 24% d 24% d Yokohama, yen . 14Vt B d 14% 3 d 24.58 d Batavia. fl. .. 7.24% 7.24% 12 10 Belgrade, din. •. 214 215 276.31 •Sellers. NEW ZEALAND QUOTATIONS Tho Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday, on a New Zealand currency basis, subject to alteration without notice: — Selling: United Btates Canada T.i .. .. 3.92% 3.98% On demand .. 3.93% 3.98% Buying: On demand .. 3.97% 4.03% 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 Sellina Buying Soiling U.S.A.. dol. .. 3.92% 3.97% 3.93 Canada, dol. .. 3.97% 4.02% 3.08/& France, fr. .. 59.16 60.76 59.21 Noumea, fr. . • 58.41 61.81 58.46 Papeete, fs& • • 58.41 61.81 58.46 Belgium, belga .. 23.010 Germany, r.m .. 9.582 9™ 2Z Jtaly lire •• 47.74 Switzerland, fr. .. 11.920 12.395 11.930 -Holland, fl. .. 5.710 6.010 5.7 4 Java, fl 5.706- 5.981 5.710 Sweden, kr. .. 15.459 15.829 15.409 Norway, kr. .. 15.870 16.240 15.880 Denmark, kr. .. 17.878 18.248 Austria, sch. _ .. 20.42 Czecho-Slovakia, cr. 94.85 ;S&r~. to ... »* - Shanghai, dol. .. 23®% a 22% nija/? 4 India, rupee .. 22 /p 22 A, Ceylon, rupee .. 22 a % 3 Hongkong, dol. .. 31% s 'pA . Singapore,. dol. .. 35'% a 34 A 3oAa The cost in New Zealand currency of the pound sterling, and of tho 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 Fiji, pound .. .. 22 5.66 20 0.00 New dollar .. 6 0.91 4 1.31 Montreal, dollar .. 5 0.08 4 1.31 Paris franc .. •• 0 4.01 0 1.98 Berlin, reichmark .. 2 0.49 0 11.74 Copenhagen, krone .. 1 1.33 1 l.jU Yokohama, yen .. .. 1 5.43 2 0.58 CUSTOMS EXCHANGE RATES Rates of exchange ruling at tho announced dates of departure of vessels named are shown in the following table. They are subject to confirmation by tho Customs Department when tho exact time of departure is learned on arrival of tho vessel in Now Zealand. Finally declared rates are marked*: — Sydney Maru. Japan, yen .. .. 14%»d Canadian Conqueror,. Canada, dol. 4.96/ i City of Tokio.- America, dollars .. 4.93 / le Cf*pe York, Canada, dollars .. *4.99 Cape York, America, dollars .. 4.95 Mariposa, Arnorica, dollars ~ i.im/ui PROPERTY AUCTION Neville Newcomb, Limited, will offer by auction at its rooms, 4 Wyndham Street, at noon to-day, farm property of 714 acres a. East Tamaki.