BRITISH MARKETS

New Zealand Herald, Volume LXXIII, Issue 22392, 13 April 1936, Page 5

BRITISH MARKETS

EXCHANGE CONFIDENT LESS POLITICAL ANXIETY NEW CAPITAL ISSUES (Received April 12, 5.5 p.m.) LONDON. April 11 The stock markets finished for the holidays quietly confident. Speculative interest naturally was restricted, but the previous week's indications that the market was shedding its political anxiety were broadly confirmed, lnvestors seemed tired of the international crises about which the City argued so endlessly. They have ceased to allow these disturbances to upset the belief in a continuance of the domestic revival, whether the latest news from Geneva will lead to selling after the holidays remains to lie seen. The most interesting feature of recent weeks has been the rapidity with which investors have turned to quick operators, snapping up new issues. Underwriters contrast conditions with a short time ago, when the market was overloaded. Investors have now little fear. The yields of most industrials are at present so small that they are keen to find more attractive propositions. Gilt-edged stocks remained consistently firm.

BRITISH BACON TRADE SHORTAGE OF SUPPLIES marketing act criticised The difficulties in the British bacon industry were recently placed before the British Government by representatives of the" provision trades. They urged the Government to widen the bacon import quota and to introduce as early as possible the levy-subsidy scheme foreshadowed by Mr. W. " Elliot, Minister of Agriculture, last year. They also advocated the adoption of new methods for maintaining and expanding the bacon industry .of Britain. It was recently stated that the bacon shortage was so acute in London that the Board of Trade permitted tlit* importation of 1000 tons from foreign countries, in addition to quota shipments. Otf the other hand, bacon production in Britain increased by 36 per cent last year, and both the Pigs and Bacon Marketing Boards complained to the Government of over-importation. London provision dealers expressed the opinion that the cause of the difficulties was the Agricultural Marketing Act, which was a "producer"' Act, and the producers' idea was to restrict control and raise prices. More elastic conditions were required to allow the trade to take advantage of the vast field for expansion. One of the difficulties of the English producer, it is said, is his inability to produce the right type of pig in any large quantity. In addition the open pork market tempts him. It is felt that the boards must either relate the pork market to . the baCon market in some way, or provide an inducement to the producer which he can obtain only by contract--5 ing with the bacon factory.

FOREIGN EXCHANGES FRAIsJC REMAINS STEADY (Received April 12, 6.45 p.m.) British Wireless RUGBY, April 11 The following rates on foreign exchanges are.current, compared with the cabled quotations on April 8 and par:— April 11 April 8 Par Montreal, dol. .. 4.96% 4.96% 4.866 New York, dol. v 4.94% s 4.94% 4.866 Paris, fr. ..IS 75 124.21 Brussels, belga .■ 2!).20% ' 29.20% 35-00 Genera, fr. .. 15.15% 15.17% 25.22 Amsterdam, fl. 7.27% 7.27% 12.10 Milan, lire .. 62% 62% 92.46 Berlin, r.m. .. 12.27 12.28% 20.43 Stockholm,' kr. . 19.39% 19.39% 18.159 Copenhagen, kr. . 23.37% 23.37% 18.159 Oslo, kr. .. 19.90% 19.90% 18.159 Vienna, sch. .. 20% 26% 34.585 Prague, kr. .. 119%« 119% 164.25 Helsingfors, mark 227 227 193.23 Madrid, pes. .. 36 11-64 36 11-64 25.221 Lisbon, escu. ... 108% 108% 110 Athens, dr. . . 520* ' 520* 375.00 Bucharest, lei. . 670* '669 * 813.6 Kiode Janeiro, mil. 4'/id . 4%d 5.899 d Buenos Aires, dol. 35d 35d 47.619 d Montevideo, dol. 39% d* 39% d* 51d Bombay, rupee . 18% d 18% d 18d Shanghai, / dol. . 14% d 14% d Hongkong,' dol. 15 l % B d — Yokohama, yen 14% 2 d 14% 2 d 24.58 d Batavia, fl. .. 7.24% 7.24 12.10 Belgrade, din. .. 217 217 276.31 •Sellers. NEW ZEALAND QUOTATIONS The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates last week,_ on a New Zealand currency basis, subject to alteration without notice: — Selling: // United States Canada On demand . . 3.96% 3.93% T.T 3.96% 3.98 1 /, Buying: On demand .. 4.01% 4.03% Following are the latest rates for purchases and sales of foreign exchange quoted by the Bank of New _ South WaleSj Auckland. They are subject to alteration without notice: — T.T. On Demand To £1 N.Z,/Currency Selling Buying Selling . U.S.A., dol/ .. 3.96% 4.01% 3.96% Canada, dol. .. 3.98% 4.02% 3.98% Austria, sch. .. 20.82 Belgium, belga . . 23.325 Czechoslovalia, cr. 95.05 Denmark, kr. .. 17.893 18.263 17.903 France, fr .. 59.93 61.21 59.97 Oermany, r.m. .. 9.801 Holland, fl. .. 5.795 6.005 5.799 Java, fl. !/.. .. 5.757 6.977 6.761 Norway, Itr. .. 15.892 16.242 15.902 Sweden. kr. .. 15.489 1 5.844 1 5.499 Switzerland, fr .. 12.093 12.4(58 12.098 Noumea - , fr. .. 58.56 63.01 58.62 Papeete, fr. .. 58.71 63.01 63.77 Z. pence to—- ■ Hongkong, del. .. 20 25-64 18 51-64 20 23-64 India, rupee .. 22 S9 / 33 22% a 22 57-64 Ceylon, rupee ..22 2 22% 2 22 57-64 Japan, yen/ .. 17 39-64 Shanghai, dol. .. 18 41-64 17 5-64 18% Singapore, dol. .. 35 31-64 34 15-64 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 pd b d Australia, pound .. 19 10.81 20 0.00 London, pound ~ 24 10.G5 20 0.00 ' fiii. pound .. .. 22 5.f»G 20 0.00 New York, dollar .. 5 0.33 4 1.31 Montreal, dollar .. 5 0.09 4 1.31 . J 8 "?, franc .. .. 0 3.98 0 1.98 Berlin, reichniark .. 2 0.33 0 11.71 Copenhagen, krone .. 1 1.33 1 1.22 Yokohama, yen . . . . 1 5.45 2 0.58 CUSTOMS EXCHANGE RATES Kates of exchange ruling at the .announced dates of departure of vessels flamed are shown in tho following table. They are subject to confirmation by the Customs Department when the exact time of departure is learned, ■finally declared rates are marked*: — Canadian Victor. Canada, dollars *4.99 Canadian Victor. America, dollars *4.99 of Canberra. Canada, dollars *4.98 of Canberra. America, dollars *4.90 •wmerick, America, dollars .. .. 4.95 Aorangi, Canada, dollars .. .. *4.97 Aorangi, America, dollars .. .. *4.97 riposa, America, dollars .. .. 4.95% h GOLD PRICE UNALTERED I(Kcceived April 12, 5.5 p.m.) , LONDON, April 11 - Gold is quoted to-day at £7 0s 10Jd, fcune as on Thursday.