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GOLD INDUSTRY

APM!OACH TO GOVERNMENT MEETING WITH THE CABINET REVIEW OF TAXATION NEEDED Matters affecting the gohlmining industry in New Zealand wore discussed in Wellington last week between members of the Cabinet and tho executive council of tbe New Zealand Gold Producers' Association. Air. 1?. T. Tosswill, of Christehurch, president of tho association, said subsequently that the delegation was satisfied that the Government would use its best endeavours to place the industry in New Zealand on a satisfactory basis. Tho meeting was a private one and 110 information regarding the association's proposals is available. However, it is evident that thero is a better feeling among mining men regarding the possibilities of Government recognition of the industry's claims. There are many mines in the Dominion which are finding it difficult to reach a profitable basis under the present method of taxation. The gold export duty of 12s 6d an ounce is one of the main points of criticism. Tho National Government refused to lift the gold tax, which produces about £'loo,ooo a year, on the ground that the revenue was needed. The gold market on the Stock Exchange is very dull at present, partly due to the failure of several ventures and partly to quiet conditions overseas. A review of taxation would give gold shares a much-needed fillip. SYDNEY EXCHANGESATURDAY'S BUSINESS SYDNEY. Feb. 22 Sales on the Sydney Stock Exchange to-day included: —Commonwealth bonds, 3 per cent, 1948, £94 2s 6d; 3$ per sent, 1949, £9B 15s; 3J per cent, 1942, £IOO 17s 6d; 4 per cent, 1938, £lOl los; 1044, £104; 1950, £lO3 ss; 1053, £lO3 2s 6d; 1955, £lO3 12s 6d; 1959, £lO4 ss; 1961, £lO5. Commercial Bank of Sydney, £2l 7s; Commercial Bank of Australia," 20s 3d; National Bank of Australasia (£5 paid), £7 14s; Tooth's, 565; Associated News (preference), 24s 3d; British Tobacco, 435; Broken Hill Proprietary (5s paid), 30s 7id; Duulop-Perdriap. 15s 7id; Henry Jones, 41s 3d; Howard Smith, 18s 6d; Lustre (preference), 28s; Morris Hedstrom, 20s 6d. FOREIGN EXCHANGES DOLLAR RATHER EASIER British Wireless RUGBY, Feb. 22 The following rates on foreign exchanges are current, compared with the cabled quotations on February 20 and par:— Feb. 22 Feb. 20 Par Montreal, dol. . . 4.98 1 /, 4.98% 4.8G6 New York, dol .. 4.99/ i» 4.96/4 4.8t>6 Paris, fr 74 3 / 74 u /„ 124.21 Brussels, belga .. 29.29% 29.27% 35.00 Geneva.fr. .. 15.10% 15.10 25.22 Amsterdam, fl. .. 7.27 7.26% 12.10 Milan, lire . . 62% 62V1« 92.46 Berlin, r.m. .. 12.28% 12.28 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. .. 119 118% 164.25 Helsingfors. mark 227 227 193.23 Madrid, pes. . . 36 5-64 36%, 25.221 Lisbon, escu. .. 110% 110% 110 Athens, dr. ■ . . 515* 515* 375.00 Bucharest, lei. . . 668* 668* 813.6 Rio de Janeiro, mil. 4%d iV.d 5.89!) d Buenos, Aires, dol. 35d 35d 47.619 d Montevideo, col. •. 39% d 39% d old Bombay, rupee . . 18% d 18% d 18d Shanghai, dol. . . 14% d 14% d Hongkong, dol. . . lo 3 /, d 15% d Yokohama, yen .. 14%zd 14V 32 d 24.58 d Batavin, fl. . . 7.23% 7.22% 12.10 Belgrade, din. .. 217 217 276.31 'Sellers. (Received February 23, 5,5 p.m.) LONDON. Feb. 22 On the foreign exchange market today the following quotations ruled: — New York, 4.99 dollars; Paris, 742 francs. 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: — Belling: United States Canada T.T 3.99% 3.99% On demand •. 4.00% 4.00 Buying: On demand .. 4.04% 4.04% Following are the lat-est 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. .. 3.99% 4.04% 4.00% Canada, dol. .. 3.99% 4.04% 4.00 Austria, sch. .. 20.72 Belgium, belga ~ 23,397 Czechoslovakia, cr. 91.57 Denmark, kr. .. 17.893 18.263 17.9133 France, fr. .. 59.75 61.03 59.79 Germany, r.m. .. 9.801 Holland, fl. .. 5.791 6.001 5.795 Java, fl 5.753 5.973 5.757 Norway, kr. • • 15.895 1(>.240 15.905 Sweden, kr. .. 15.480 1 5,844 };>.499 Switzerland, fr. .. 12.038 12.413 12.043 Noumea, fr. .. 58.38 52'?!! • Papeete, fr. •. 58.53 62.83 58.59 Hongkong dol. .. 20'% 2 IS'%, 20%, ■ India, rupee .. 22 A a 22/aj 22 07-64 Ceylon, rupee .. 22 /33 2Z /32 s»I o-i Japan, yen .. l'/e Shanghai, dol. .. 18 Singapore, dol. . . 3a /31 34/ ib 3j 29-64 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^ I 8:8 Fi round .. .. 22 5.66 20 0.00 New York, dollar .. 4 11.80 4 1.31 Montreal, dollar .. 4 11.90 • •• Paris, franc .. •• " ° j Berlin, reichmark .. 2 0.30 0 11./4 Copenhagen, krone . • 1 J Yokohama, yen . . 1 5-4" 2 °-° 8 CUSTOiMS EXCHANGE RATES Bates 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 tho vessel in New Zealand. Finally declared rates are marked Cape York, America, dollars . . *5.01 Cape York. Canada, dollars .. 4.90 Port Brisbane, Canada, dollars . . 4.95 Port Brisbane, America, dollars . . 6.UJ Golden State, America, dollars . . 5.02 Melbourne Maru Japan, yen .. 14d Canadian Scottish, Canada, dollars 4.9W* WHOLESALE EGG PRICES Wholesale egg prices are unchanged, as follows:—Hen, first grade, Is 7jd a dozen; B grade, Is 4Jd; C grade, ll*d; duck, Is 6icl, Is 5Jd, Is lsd. COTTON, RUBBER, JUTE, ETC. LONDON, Feb. 22 (Quotations on February 15 in parentheses.) Cotton. —Spot, 6.17 d (6.21 d) a lb.j March delivery, 5.88 d (5.95 d). Rubber. —Para, Sid (Bid) jx lb.; plantation and smoked, 7jd (7j|d). Jute. —February-March shipments, £lB 17s Cd (£lB 15s to £lB 16s 3d) a ton. Copra.—March - April shipments, South Sea. sun-dried, £l4 to London and Rotterdam (£l3 15s) a ton; South Sea, smoked, £l3 5s to Marseilles and Genoa (£13); plantation, Rabaul, hot air dried, £l4 17s 6d to London and Rotterdam (£l4 15s). Linseed Oil.—£2B los (£2B 15s) a ton. Turpentine.—43s 9d (44s 3d) a cwt.

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https://paperspast.natlib.govt.nz/newspapers/NZH19360224.2.13

Bibliographic details

New Zealand Herald, Volume LXXIII, Issue 22351, 24 February 1936, Page 5

Word Count
1,020

GOLD INDUSTRY New Zealand Herald, Volume LXXIII, Issue 22351, 24 February 1936, Page 5

GOLD INDUSTRY New Zealand Herald, Volume LXXIII, Issue 22351, 24 February 1936, Page 5