TRADE NEGOTIATIONS

New Zealand Herald, Volume LXXIII, Issue 22398, 20 April 1936, Page 5

TRADE NEGOTIATIONS

BRITAIN AND DENMARK ENGLISH EXPORTERS' CLAIMS RESTRICTION ON PURCHASES The negotiations for a new AngloDanish trade agreement, to replace that due to expire on Juno 20, are being watched very closely by British industrial and trado organisations, states tho London Times. Memoranda have been submitted to tho Board of Trade by tho Federation of British Industries, tho London Chamber of Commerce, and a number of provincial chambers and separate trado organisations. These urge that there should be an immediate removal of tho Danish import restrictions, especially 011 goods ordered by Danish agents from Britain, and that in any further agreement, temporary or more permanent, provision should bo made for reducing still further the big gap that remains in the trade balance between tho two countries. While admitting that under the present agreement Denmark has improved her purchases from Britain, they claim that a much higher percentage of tho large credits that Danish exporters obtain in the British market bv tho sale of their agriculturaLproduce could be devoted to tho purchase of British manufactures.

Tho Dominion Governments arc known to be keenly interested in tho present negotiations, because their own exporters of agricultural produce desire, when the Ottawa agreements come to be reviewed next year, to get, in common with British farmers, a larger share of the United Kingdom market at the expense of those foreign countries that buy proportionately loss manufactures from Britain than their own people do. On the part of the Danes there is a realisation that the introduction of these issues may involve long negotiations extending through the greater part of this year. The severe restrictions imposed on the entry of British goods into Denmark this year, according to opinion in some British commercial circles, have been applied less out of exchange necessity than from a desire to retain a bargaining counter for use in tho coming negotiations. The Federation of British Industries hold the view that the paragraph in the treaty of 1933 providing that "in administering the provisions of the agreement, tho contracting Governments will keep in view the balance of trade between the two countries" meant that the Danes agreed that they would use their import licence system to direct trade toward England by the purchase of greater quantities of British manufactures. For the first two years or more all went well, and the "balance of trade was improved appreciably. The adverse balance fell from £23,000.000* in 1933 to about £18,500,000 in 1934 and to approximately £17,500,000 in 1935. FOREIGN EXCHANGES MINOR FLUCTUATIONS (Received April 19. 5.5 p.m.) British Wireless RUGBY, April 18 The following rates on foreign exchanges were current yesterday, compared with the cabled quotations on April 16 and par:—

(Received April 19, 5.5 p.m.) LONDON, April 28 On the foreign exchange market today the following quotations ruled: — New York, 4.94 dollars; Paris, 74 29-32 francs; Batavia, 7.24Jr 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 Canada On demand . . 3.96% 3.99 T.T 3.9G S.OS'/a Buying: On demand .. 4.00/ a 4.03/4

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 b d Australia, pound .. 10 10.81 20 0.00 London, pound .. 24 10.(15 '2O 0.00 Fiji, pound .. .. 22 20 0.00 New York, dollar .. 5 0.12 4 1.31 Montreal, dollar .. 6 O.OH 4 1.31 Paris, franc .. 0 8.98 0 1.98 Berlin, reichmark .. 2 0.31 0 11.74 Copenhagen, krone .. 1 J. 33 1 1.22 Yokohama, yen . . .. 1 5.45 2 0.58 CUSTOMS EXCHANGE RATES Rates 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. Finally declared rates are marked*:— Canadian Victor, Canada, dollars ~,*4,99 Canadian Victor. America, dollars . t' *4.99 City of Canberra, Canada, dollars . . *4.98 City of Canberra, America,, dollars .. *4.96 Canadian Highlander, Canada, dol. *4.98 Limerick, America, dollars .. ~ 4.95 Bnsbane Maru, Japan, yen .. 14 l {, a d Manju Maru, Japan, yen ~ ~ 14d Benholm, America, dollars .. .. 4.94VU BRITISH TREASURY BILLS (Received April 39, 5.5 p.m.) British Wireless RUGBY, April 18 The total amount applied for this week in tenders for £45,000,000 worth of Treasury bills was £74,100,000. Tho average rate per cent for bills at three months was 10s 6.85 d, against 10s i 7.13 d last week.

April 17 April 16 Par Montreal, dol. .. 4.97/4 4.97% 4.860 New York, dol. . 4.94Vi 4.94% 4.866 Paris, fr. 75 75 124.21 Brussels, belga . 2!).21 29.21 35.00 Geneva, fr. 15.15% 15.16% 25.22 Amsterdam, £L . 7.2S 7.28 12.10 Milan, lire 6'2 ll /» 62'Vio 92.46 Berlin, r.m. 12.28 12.28 20.43 Stockholm, kr. . 19.39% 19.39% 18.159 Copenhagen, kr. . 2:3.37% 23.37% 18.159 Oslo. kr. 19.90% 19.90% 18.159 Vienna, sch. 2(1% 26% 34.585 Prague, kr. 119 '/„ 119% 164.25 Helsingfors, mark 227 227 193.23 Madrid, pes. 36 11-64 36y 18 25.221 Lisbon, escu. .. 108% 108% 110 Athens, dr 519* 520* 375.00 Bucharest, lei. . 670* 670* 813.6 Rio de Janeiro, mil. 4'/id 4%d 5.899d Buenos Aires, dol. 35d 35 d 47.619d Montevideo, dol. 3!) Vid* 39%d* 61d Bombay, rupee . lfiV 8 d 18%d 18d Shanghai, dol. . 14%d 14%d — Hongkong, dol. . 15 13 /it.d 15"/ 18 d 24.5?d Yokohama, yen . M'/axd 14% 2 d Bfitavia, fl. 7.24% 7.24% 12.10 Belgrade, din . . 217 217 276.31 Warsaw, zloty .. 'Sellers. 26.25 43.33

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 'Selling Buying Selling U.S.A., clol. 3.00 4.00% 3.96'/ a Canada, clol. 3.98'/ a 4.03'/i 3.99 Austria, sch 20.72 — 20.74 Belgium, belga, .. 23.329 — 23.340 Czechoslovakia, cr. 95.05 — 95.10 Denmark, kr. 17.893 18.263 17.903 France, fr. 59.91 61.19 59.95 Germany, r.m. .. 9.797 — 9 $09 Holland, fl. 5.709 6.009 5.803 Java, fl. . . .. 5.761 5.081 5.765 Norway, kr. 15.802 10.242 15.902 Sweden, kr. 15.489 15.8-14 15.499 Switzerland, fr. .. 12.083 12.458 12.088 Noumea, fr. 58.54 02.99 58.60 Papeete, fr. 58.(30 62.99 58.75 N.Z. pence 1o— Hongkong, dol. . . 20 25-64 18 51-64 20 23-64 India, rupee 22 a %a 22 i0 /3, 22'/, a 22 57-64 Ceylon, rupee 22 Via 22 57-64 Japan, yen . . •j 75/ — 17 39-64 Shanghai, dol. 18 4" -54 17 5-64 18% Singapore, dol. . . :35 31-04 34 15-64 3o 1 V 3 ,