SYDNEY EXCHANGE

New Zealand Herald, Volume LXXIII, Issue 22434, 2 June 1936, Page 5

SYDNEY EXCHANGE

INDUSTRIAL SHARES FIRM

BROKEN HILL'S HIGH LEVEL

(Received June 1, 7.20 p.m.) SYDNEY, June 1

On the Sydney Stork Exchange today leading industrials met a strong market. Broken Hill Proprietary scrip advanced to a new hif.h record level. Sales included: £ a d

BRITISH STOCK MARKETS GILT-EDGED STILL WEAK IRON AND STEEL DEARER LONDON, May 81 Interest in the stock markets is negligible, owing to the Derby and to Whitsuntide. (Jilt-edged remain weak. Industrials are barely supported. Australians are affected with the current dullness, but n lending firm of stockbrokers draws attention to the discrepancy between Australian and New Zealand issues. For instance, New Zealand threes are at 99 and Australian at 94. The firm points out Australia has a record for conservative finance and shows a satisfactory export surplus, while New Zealand has nationalised its Beserve Bank and seems resolved on financial dictatorship. For the first time in seven years a wide range of iron and steol products increased prices an average of 5 per cent. The industry justifies the rise on the ground of higher costs of raw materials, especially pig iron and coke. The increases will considerably increase the cost of Britain's rearmament programme, which the Economist points out already totals 4} per cent of the national income, the highest percentage in history. It is likely to reach 6 per cent in two vears. Steel shares improved simultaneously..

ATTACK ON GOLD FRANC AGAIN WEAKER MILD DEVALUATION PROBABLE LONDON, May 31 The attack on gold currencies has recommenced. The Dutch authorities, alarmed at the resumption of the gold drain, acted with their usual promptness and raised the bank rate, with favourable results. It is generally recognised, however, that tile Dutch and Swiss currencies stand or fall with the franc, which developed fresh weakness, which only the intervention of London control kept within reasonable limits. It is rtotf- considered certain that M. Blum's Government will shortly propose to Parliament mild devaluation. It is committed to a large public works programme, for which it relies partly on the expansion of credit through the Bank of France and partly on public loans. it would not be surprising if the devaluation were accepted without panic. Great financial interests have long been prepared and therefore are now covertly advocating it. The Bourse is firmer, despite strikes.

FOREIGN EXCHANGES NEW ZEALAND QUOTATIONS The 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 States Canada On demand . . 4.01% 4.01% T.T. . . 4.00% 4.01 V; Buying: # On demand . . 4.0514 4.OGV* Following are the latest rates for purchases and sales of foreign exchange quoted by the Bank of New South Wales, Auckland. Thev are subject to alteration without notice: —

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 L'ar bd s d Australia, pound . ■ If 10.81 20 0.00 London, pound -■ . . 24 10.R5 20 0.00 Fiji, pciiiid . . • • 22 5.G8 20 0.00 New i'ork. dollar . . 4 11.7G 4 1.31 Montreal, dollar 4 11,67 4 1.31 Paris, franc 0 3.91 0 l.fls Berlin, reirhmark . 2 0.02 0 11./4 Copenhagen, krone 1 1.33 I 1 Yokohama yen 1 fi.fiv ' ".a.

CUSTOMS EXCHANGE RATES Hates 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*:— Canadiun'Britisher, America, dollars *4.91 Canadian Britisher, Canada, dollars *4.fin Melbourne Mam, Japan, yen . . 14 d Aorangi, Canada, dollars . . .. 4.98 Aotangi, America, dollars .. .. 4.98 Mariposa, America, dollars . . . .

CALL AND DIVIDEND LIST

Rank Australasia 12 2 0 Rank New South Wales . . 33 0 0 Carlton Brewery 2 17 6 Toohoy's 1 11 3 Tooth's 2 12 3 Ditto 2 12 6 Anthony Horderu 0 18 10i Associated News 1 2 U Ditto 1 3 44 British Tobacco . . • 2 1 0 Broken Hill Proprietary 3 7 0 Ditto (new) 2 3 3 Colonial Stmar 42 0 0 Dunlop-Perdrinu 0 18 0 G. .T. Coles 4 0 0 General Industries 0 10 71 Howard Smith 0 10 0 Ditlo 0 18 101 .Tanies Stedmnn 0 18 0 Lustre ! 5 3 Wilcox MofTlin 0 11 0 WoolwortliR (2nd prof.) 1 6 (> Broken Hill South 5 13 0 Emperor 0 12 0 Koroere 0 4 10 Mount Knsi 0 11 0 Mount Morgan 0 M 7 Rnwnnjr Tin 0 0 0 Commonwealth Bonds.—4 per cent, 1038. £102 15s; 1011. .£101 5s. MELBOURNE EXCHANGE National Bank (£'5 paid) 7 6 0 Dunlon-Perdriau 0 18 3 Herald and Weekly Times 3 8 9

J'.T. On Demand To £ 1 N.Z Currency Selling Buying Selling U.S.A.. dol. 4.00% 4.05% 4.01 Canada, dol. 4.my 8 4.05/8 4.0!% Austria, sell. '20.97 — 20.99 Belgium, belga 23.018 — 23.629 Czechoslovakia, ci. 96.02 — 96.07 Denmark, kr. 17.873 18.263 17.883 France, fr. 4)0.73 — 60.77 Gerrnuny, r.ia. 9.002 — 9.907 Holland, fl. 5.897 — 5.901 Java. fl. 5.857 — 5.861 Norway, kr. 15.892 16.242 15.902 Sweden, kr. 15.-187 15.842 15.497 Switzerland, ;'r. . . 12.317 — 12.352 Noumea, fr. . . 50.36 — 59.42 Papeete, fr. 59.51 — 59.57 N.Z. pence io— Hongkong, dol 20 3-04 18 29-6-1 20 1-64 India, rupee 22'%, 22/3 2 22 57-04 Ceylon, rupee . . 22" 22%, 22 57-04 Japan, yen 17 45-64 — 17"'',,. 'Shanghai, dol. . . 18%, 17 18 35-64 Singapore, dol. . . 35 31-0! 34 15-64 35' % v

Dividends— Due Rotoiti Timber—pref., u p.c. lor Juno 5 7 ycais . . . • - • • N.Z. Perpetual Forests—final, 4 P.c. Peters Ice—(> p.c. . . June 8 June 9 N.Z. Breweries—final, 4 p.c, . . June 10 Waihi Junction —Id a shore . . June 12 Bank New Zealand—final, ord.. June 12 6 p.c.; D mort., 33 p.c. .. Broken Hill South—2s fid a share June 13 Oamaru Woollen —int.. p.c. . . June 15 Notional Timber —final, 2S p.c. .. June 15 Gisborne Gns —1J p.c. June 17 Juno 18 Robinson Ice—6 p.c. . . Mt. Lyeil—int.. Gd a share . . Junt? 22 Australian (lines—final, pre!., 4j p.c. -, ord., 10 p.c. . . Juno 24 Farmers Trading—final, ord., 5 NorU| C Broki n Hill—div.. 2s Od a June '25 June W slinre; bonus. Is a share .. Morns I-Iedstrom — final, ord., 24 June 30 Hntfsh Tobacco— int.. quarterly, 15 p.c. . . •••.•• National Mortgrase—int.. 5 p.c. p.a. June 30 July 1 Bulolo—int., 1 dollar 40 cents . . July 2 Placer—int.. 50 cents July 2 National Bank N.Z. —final, 2 p.c., July in sterling, free of tax